So you outlined your funnel, and it's ready to go. What could go wrong?
(Image source Mediamodifier on Pixabay)
There are so many temptations in business and marketing that sound like great ideas. Until you put them into practice and they become overwhelming, that is.
A Huge Mistake
The technique of using offers to sell more offers is tempting to continue indefinitely. The ebook strategy is one that in theory could continue forever. One free report can easily lead to a series of ebooks, each one interconnected to sell the others in a fashion. The problem is, after a certain point you (or your company) will run out of resources. You may be thinking that if each step makes a little more money, that's not possible. However, money isn't the only resource.
If you're setting up an indefinite funnel as a sole proprietor, the resource of your time is valuable; there needs to be a limit for your customers because there is a limit to how much you can realistically do. Creating your business model as an infinite string of impulse buys may be effective, if you could churn them out fast enough. Unfortunately, one person can only do so much.
That mindset could lead you to turn to outsourcing, which is definitely an option others have taken. If your brand is built around your personal experiences and knowledge, that might create a conflict of integrity. Also, outsourcing takes time to find quality freelancers (they're not all good at what they do). So unless you've set up your funnel to guide customers to buying more expensive products (a course that includes your ebooks, perhaps?), it's likely you'll use more resources in the process.
Most Won't Make It
Remember the shape of the funnel? At the top it is wide, and at the bottom it's narrow. This means the number of people that make it to the bottom won't be nearly as big as those that enter the top. Trying to make your end offer too affordable or too available widens that bottom part, which defeats the purpose of the funnel concept.
Study what other companies do. They often have a free offer, a sale, a newsletter, or some other freebie that requests your email in exchange. The emails you get continue the theme, offering some low level products (that are still valuable, but bite sized). Eventually, they will pitch the big offer, and it's usually much more expensive. The limitation of price weeds out a number of potential customers. This is the funnel at work.
But wait! You might be thinking that you hardly ever buy that big offer when it's presented to you. Exactly. You will only make it through the end of a funnel that solves a major problem of yours, with a business that has gained your trust. That's precisely what you're looking for from your own funnels: to build trust with those ideal customers and guide them along to the offer that solves a major problem in their life.
You're not looking for everyone in the world to buy your product. That comes much, much later when your business has grown enough to offer something that is capable of solving universally major issues (and can keep up with marketing them). Expanding your business into other markets cannot happen until you have a solid foundation with your ideal customers first.
A Bit Of Experience
This has been an enlightening 8 weeks for me, and I hope it has for you as well. I've learned so much, and yet I have so far to go to be even moderately successful at any of this! The last few weeks, I really pushed to get this information together for people reading this blog. Now it's time for action.
So far, I've presented the information without putting it into practice myself. It's difficult to learn something and apply it at the same time. Next week (and for the foreseeable future), I'll begin a new category: My Journey. It's time I started really using these lessons for myself - and you can benefit! What I do, I'll post in here along with my results and struggles. That way, you can watch me and learn from my example (even if only what not to do!).
Along the way, I hope you'll chime in and offer your thoughts as well. We're all trying to figure out this entrepreneur thing, so let's do it together! See you at 9a Monday!
As I begin this anew, I know only one thing: that I know nothing. Learn with me, and together we will figure this out.
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