I’ve been answering questions that came up from a recent survey of my subscribers. One was:
How do I simplify the “sales funnel?”
Every online business owner who sells products needs to have a funnel. What this means is that you need a least one free product, a low-cost product, a mid-priced product, and a high-end product.
An optional part of the funnel is a very low-priced product that you offer new subscribers, right after they sign up. This is a “tip over” offer that tips new subscribers into becoming customers. It generally costs from $1 to $7.
Every business will have a different funnel. You may have several funnels, which are multiple streams of income. They can be related or even separate businesses.
Here I’ll describe part of what I have. I’m revealing the back end of my business for you.
My free product
My first free product was 13 Steps to Create a Successful Internet Business. It was a short document that I created in PowerPoint. I got great feedback from it. Here’s a comment I received:
“I love your work. I became a fan after receiving your “13 Steps to Create a Successful Internet Business.” It was the first time everything clicked and I could understand everything clearly.” – Ruth Foote
But it was mostly for beginners and as my business matured, so did my subscribers, so I knew I needed something for intermediate and advanced online entrepreneurs.
So I added 4 videos from webinars that I did:
- Get More Traffic
- Grow a Massive List
- Write and Sell an E-book
- Profit with Webinars
These cover the 4 areas that I think are essential to a successful online business.
My very low-cost product
I wanted something for $1 because I heard that it works best, although I know entrepreneurs who are happy with products that are $7 or even higher. So I created PDFs for the videos, because I know that some people don’t want to take the time to watch videos. PDFs contain the same information and are quicker to scan. This makes some sales for me but mostly, it helps people to get to know me and my expertise better.
My low-cost products
I have a number of low-cost products, maybe too many. I have e-books and short reports. These range from $7 to $20. I offer these in autoresponders after people subscribe and in periodic promotions. You can scan them over on my Products page.
My mid-priced products
I have a bunch of these, too. Yes, I’ve been a veritable product creation machine. I started out as an author and have been writing every since. I create video products, too.
One is my Reach the Stars Club, which is $97 per month, but I give new subscribers a discount on the first month so that it starts at $27. By the way, Reach the Stars Club is an awesome value.
Other mid-range products from $47 to $497, although at that higher end, I include some coaching. You can see these on my Products page, too.
My high-priced products
You should have a high-priced product even if you don’t believe anyone will buy it. You never know! For me, these are coaching products and you can see them on my Coaching page. They range from $197 for a 1-hour consultation to my VIP Day for $1997.
A funnel is a process
A funnel isn’t just a bunch of products at various prices. You need to move people up the ladder, so to speak. Not everyone will start on the low end. Someone might lurk on your list and then decide to take you up on a VIP Day.
Others will start with low-priced products and stay there. Some people spend thousands of dollars on low-priced products because they never feel comfortable spending more than $97. At the end, they don’t have much to show, because they’re really overwhelmed and the products are a piecemeal approach.
The really smart people will check you out with low-priced products and move through to coaching when they’re ready to make the commitment to get solid results.
You move people through the funnel with autoresponders, regular promotions, and webinars.
Where to start?
One way to start is to identify the areas you need to work on and focus on those. Then look through available products and services. Feel free to ask a question via email or messaging. Then make a choice.
Where are you as an entrepreneur? As a consumer?
How is your funnel? What type of consumer of products are you? Leave a comment! And please be sure to share using the Share buttons below so your friends, colleagues and clients will benefit as well.