Sale Funnel Explained
Sales funnel is a great way of measuring your company’s health. It delivers a clear view of current available sale opportunities to your sales team and shows you the probable revenues in the coming months. A well-managed sales funnel will maximize all your sales effort and make you in control of the sales result.
Sale Funnel’s Basic Structure
Sales funnel starts through capturing the prospect customer’s attention. Some prospects are persuaded to become buyers who buy products on the entry level, showing that they are in need of the offered product and are willing to invest on it. Sale funnels continues to support and nurture the company’s best customers, refining the target customer and filtering out those mismatches, offering them specialized service and products, oftentimes at higher costs.
In the end of the process, the funnel has already identified ultra-responsive customers who buy every product or service on offer and experience the satisfaction and most value from each purchase made. This is where the mainstream profit came from.
The Biggest Mistake
Although Sale Funnels delivers great help to the company’s marketing success, numerous online marketers still fails to maximize its effectivity. This is because of committing the biggest mistake in the field, which is selling a product to a customer one at a time and then moving on to other customer.
This method ignores the significant concept of LTV or the Lifetime Value of a customer. Increasing your Customers average LTV must be marketer’s primary objective since this is the best way of growing your online business and increasing your long-term profits.
How to Succeed?
Squeeze Page: the Beginning
This can be initially used to promote your product through offering giveaways. This will serve as the door to the sales funnel. Once you attract your prospect customer through this giveaways and in exchange gave you their contact information and email address, the next thing you have to focus in is how to convert that person from being a prospect to a paying customer. This can be done through immediately offering your first offer or the Lead product.
Offer Enticing Lead Products
Your lead product needs to be something enticing to your prospect. It must portray higher perceived worth than your bonuses or giveaways and be offered with a price that is irresistible. Your goal is to keep customers who have shown interest on the product and as much as possible makes them stay with you as long as possible.
Exploiting “Buying Mood”
Once your prospect customer decided to buy your Lead product or in the “buying Mood”, then they are more likely to entertain and buy additional products. If you succeeded in persuading them to purchase your upsell, you will not just acquire additional profit but will also increase their LTV.
Conversely, once they decline your offer, you can try recapturing them through offering a downsell, which is typically a modified version of the lead product or offer with a discounted price.
Recapture Lost Customers
Downsells is your backup once a prospect declines an offer and so you still can successfully let them stay in the sales funnel.