Two of the main concerns I hear over and over is from people telling me they don’t have time for marketing, and that they are frustrated because they aren’t converting interest into paying business. The good news is, the ‘Marketing Funnel’ can help you solve both problems.
So what exactly is a ‘Marketing Funnel’? If you picture a funnel, you know it’s wide and open at the top, and tiny and narrow at the bottom. As prospects go through the stages from ‘I want to know more about you’ to ‘You’re hired’ they effectively move through the marketing funnel.
Now lots of people make the mistake of offering something free at the top of their marketing funnel, and then having their key product or service such as bespoke training, one-on-one coaching, or consulting package at the bottom of their marketing funnel, but nothing in between. I should know, it’s a mistake I made myself for some time.
The trouble with this is, it’s asking your prospects to make too big a jump in just one go. When you are selling any form of ‘change’ that training, coaching, therapy or consulting provide, the risk prospects face in taking us on is not only a financial risk, but an emotional one too.
So the marketing funnel is a great business model. It helps you make your core proposition available at different price points, thus lowering the emotional and financial risk for your clients as they move further down the funnel.
The funnel system of marketing says that you offer your prospects and customers ever more elaborate products and services – and ever more intensive access to you – at ever increasing prices. In other words always offering people ways to spend more money with you. And whether you are selling training programmes to corporations, or personalised coaching to individuals, the theory still applies.
In a nutshell the funnel system says: attract new clients and prospects into your funnel, then find ways to add more and more value to them – and as the value increases, so does the price!
An example of the Marketing Funnel:
Top of Funnel
Free newsletter with valuable and usable content
Middle of Funnel
Home study programme £250-500
Live Workshop £295-£1997
Bottom of Funnel
One-to-one coaching £3000-5000
Business Consulting Programme £10,000 and up
The ideal marketing funnel should be a win for you and your clients. Many people who would not otherwise be able to afford your services get access to your expertise for a lower fee than hiring you one-on-one. The benefit to you is that the marketing funnel really helps you leverage your time earning much, much more money per hour.
First it radically cuts down your one-to-one selling time. Clients move through the funnel at their own pace. (As long as you have a system in place for encouraging through the funnel. And of course you can automate this. (My upcoming Launch Your Information Empire DVD package shows you how)
This way, by the time someone is considering your higher priced programmes they have already bought and used several of your products or services. All that huffing and puffing, convincing and persuading, proving and demonstrating, pleading and begging that currently drains so much of your precious time and energy – gone! There is no selling or persuading to be done. They already recognise the value you have to offer. They are effectively ‘pre-sold’.
The other advantage of the marketing funnel is that it helps prospects become paying clients much earlier in the process. Your income increases, and this new income comes from largely passive sources such as books, audio programmes or home study courses.
The Marketing Funnel Can Work For You Too
Take a moment or two to draw YOUR marketing funnel. See where the gaps are, and start thinking about what products you can add to make it easier for your prospects to sample your expertise and take a lower risk step to being a paying client.
Offering something for free – a newsletter like this, or a free report is the ideal way to get people into your funnel initially. Then you need to create some basic solutions that can help clients start benefiting from your expertise in a low cost/low risk way.
And if you want some real life examples, then check out my Marketing Mastermind group that’s full of people like you who are making the marketing funnel work for them. You’ll be inspired by the real life examples and it will open you eyes to the possibilities. Get all the details and join us today.
This is, without a doubt, the BEST VALUE programme I have ever offered, and members of this group are making rapid progress in the development of their businesses. The networking alone is worth the price of admission. Get all the details and join us today.
(c) Bernadette Doyle, 2008. Reprints welcome so long as by-line and article are published intact and all links made live.
About The Author:
Bernadette Doyle, formerly a full-time training consultant with an impressive client list, created Client Magnets Ltd to help the self-employed solve one of their biggest business problems: attracting a steady stream of clients. She is now an information marketer and has attracted a loyal following who praise her down to earth yet inspiring approach.
If you liked this article, then you’ll LOVE my Marketing Mastermind group for regular intense spoonfeeds of my personal marketing and success strategies. Click here to find out more and join today