The Top 3 Sales Funnel Myths
The Top 3 Sales Funnel Myths
A sales funnel is the journey a potential customer makes from the time they first become aware of you to the purchase of your core offer, and beyond. The offers you include in your sales funnel will determine its success. Each offer allows you to build a relationship with your audience and move them further through the funnel, qualifying them for the purchase of your core offer.
If done right, they can be highly effective in driving sales. Here are some of the biggest myths about sales funnels.
Sales Funnels Must Go from Low to High
The myth that sales funnels must go from low to high is not entirely accurate.
When most people imagine a sales funnel, they picture free or low-priced offers at the front end and gradually rising price tags as you move to the core offer. But this is not always the way an offer funnel works.
What’s more important than the price tag is the placement of offers in the funnel and how your audience will react. At the entry point of your sales funnel, people are just learning about the value you offer.
Offers presented in the middle of your funnel, whether they’re freebies, low-ticket, one-time offers, or even high-ticket offers, help you learn about your customers and determine whether or not they’ll buy the core offer. The key to success is putting the right offer at the right stage.
While it's true that many sales funnels follow a typical pattern of starting with low-priced products or services and moving up to higher-priced ones, this isn't a hard and fast rule.
In fact, some businesses may find that their sales funnel is more effective when it goes from high to low. For example, a high-end luxury car dealership might start by showcasing its most expensive and exclusive models to create a sense of exclusivity and prestige before presenting lower-priced models to potential buyers.
Alternatively, some businesses may find that their sales funnel doesn't follow a traditional low-to-high or high-to-low model at all. Instead, they may use a "side-to-side" approach that presents multiple options to customers at different price points or stages of the buying process.
Ultimately, the key to creating an effective sales funnel is understanding your target audience and their buying habits. By identifying what your customers want and need at each stage of the funnel, you can create a sales strategy that's tailored to their specific needs and preferences, regardless of whether it follows a low-to-high or high-to-low model.
People Only Want to Pay for the Core Offer
The myth that people only want to pay for the core offer in the sales funnel is not entirely accurate.
Another common myth is that most of the offers in your funnel should be free. The idea is that people won’t pay for small offers along the way, and you want to prime them for making a big purchase at the end. But offering products at various prices as they move through your funnel qualifies them by separating buyers from non-buyers. It also allows you to segment your audience and customize how you eventually get them to your core offer.
A certain percentage of the people who come into your funnel is freebie chasers. They opted into the free lead magnet, and they’ll happily take any of your free offers, but they will never buy – even at a low price. Adding paid offers, even low-ticket ones, will help you separate the freebie-seekers from the serious buyers.
While some customers may only be interested in the core offer, others may be willing to pay for additional products or services that complement or enhance the core offer.
In fact, offering upsells and add-ons can be an effective way to increase the value of the core offer and provide customers with a more personalized and tailored experience. For example, a company that sells fitness equipment may offer a package that includes a gym membership, nutrition coaching, or personal training sessions as add-ons to the core product.
Additionally, offering different pricing tiers or packages that include additional features or benefits can appeal to customers with different budgets or preferences. For example, a software company may offer a basic package with limited features at a lower price point, as well as a premium package with more advanced features at a higher price point.
Ultimately, the key to offering upsells and add-ons is to make sure they are relevant, valuable, and complementary to the core offer. By providing customers with additional options that meet their needs and preferences, businesses can increase sales and customer satisfaction.
Losing People Is a Disaster
The myth that losing people in a sales funnel is a disaster is not entirely accurate.
When people don’t buy or drop out of your sales funnel, it’s not the end of the world. You can still benefit from the work you’ve done.
It’s worth maintaining the relationship you’ve built, even if they aren’t interested in your core offer. They might buy something from you later on or elsewhere. When people don’t buy, it just means that the offer is not for them at this time.
People dropping out also provides valuable feedback. If you’re losing people at a particular point in your funnel, this signals the need for improvement. Either the offer doesn’t resonate with your audience, you’ve priced it too high or too low, or it’s in the wrong place.
While it's true that losing potential customers at any stage of the sales funnel can be disappointing, it's not always a sign of failure or a disaster.
In fact, losing people in a sales funnel can be a natural part of the sales process. Not everyone who enters the funnel will be a good fit for the product or service being offered, and some may simply be browsing or not ready to make a purchase at the time.
Additionally, losing people in the sales funnel can provide valuable information and insights for businesses. By analyzing where people drop off in the funnel, businesses can identify areas that may need improvement, such as messaging, pricing, or user experience.
Furthermore, losing people in the sales funnel can be an opportunity to build relationships and nurture leads over time. By providing valuable content, offering personalized recommendations, and staying in touch with potential customers, businesses can increase the likelihood of conversion in the future.
Ultimately, while it's important to strive for a high conversion rate in the sales funnel, losing people is not necessarily a disaster. By viewing it as a natural part of the sales process and an opportunity to learn and improve, businesses can continue to grow and succeed.
How to Create an Effective Sales Funnel
Creating an effective sales funnel involves several steps that can help businesses attract, engage, and convert potential customers. Here are the key steps to follow:
Define your target audience: Understanding your target audience is essential to creating a sales funnel that resonates with potential customers. Define your ideal customer by identifying their demographics, interests, and pain points.
Create a lead magnet: Offer something of value to potential customers in exchange for their contact information, such as a free e-book, webinar, or consultation. This helps you capture leads and start building relationships with potential customers.
Build a landing page: Create a landing page that focuses on the lead magnet and encourages visitors to sign up. Use clear and concise messaging, strong visuals, and a call to action to entice visitors to take the next step.
Develop a nurture sequence: Once you have captured leads, it's important to nurture them with targeted content and communications. Develop a sequence of emails or other marketing materials that address the needs and pain points of your potential customers.
Offer a core product or service: Once you have built a relationship with potential customers, it's time to offer a core product or service that meets their needs and solves their pain points. Make it easy for them to purchase with clear pricing, features, and benefits.
Offer upsells and add-ons: To increase the value of the core product or service, offer additional products or services that complement or enhance the customer's experience. These can be offered at the point of sale or later in the customer journey.
Follow up and retain: Finally, it's important to follow up with customers after the sale to ensure they are satisfied and retain their business over time. Offer ongoing support, communication, and value to keep customers engaged and loyal.
By following these steps, businesses can create an effective sales funnel that attracts, engages, and converts potential customers into loyal customers over time.
How do you create an effective sales funnel? It takes some planning and perseverance, but through trial and error, you’ll start to see results and quickly learn what works – and what doesn’t.
Want to learn more about how you can avoid these mistakes?
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