A product funnel is essential for monetizing your clients and customers. It’s a process whereby you attract people to your webpage and build relationships. If they like and trust you, they will come back and pay for your more expensive products.
It works like this:
You create something they can get at your webpage for free, also known as a “freemium.” You promote whatever that is on social media, on other people’s blogs, and anywhere else you can find to mention it. People who want to get that free product come to your site, enter their name and email in your registration box and receive the free product via the autoresponder you set up as one of your business systems (we’ll get to this in a future article).
Your freemium can be a report, a checklist, a survey, a video, an audio, an ebook, you can even give away someone else’s work that you have rights to or ask them to participate in a poll. Be creative and make it relative to your business because you are trying to create a buzz about yourself and capture people’s names and email addresses.
You may want to create a second free product as an introduction to a new product or low priced program you are preparing to release. That could be a report, a PDF tool that relates to your new product, a teleseminar or webinar.
When you have prospects in your funnel, you need to find ways to give them more valuable content at increasingly higher prices as they go through the funnel.
Once you’ve sent them some really great content they’ll trust that you do in fact know what you’re talking about, and if you have related products that you are selling, you can make an offer to them. If they buy… great! Send them onto another list that is for buyers and start promoting more products that will further enhance their lives. If they are not buyers, simply continue to offer free information and improve their lives regardless. The ultimate goal is simply to ensure that you are enriching the lives of those people who have trusted you with their name and email address.
The first product you ask people to pay for should be a low priced item such as an ebook, an audio book, a teleseminar or webinar. The price range should be between $10 – $50.
The second product or program you create should be within the $50 – $200 price range. Again, it can be a webinar, teleseminar, telesummit, home study program or anything else that fits your business and addresses your customers’/clients’ issues and needs.
By this time, your community has come to trust you or they wouldn’t still be around. The fourth level price range should be $200 – $500. You might offer a boot camp for $347, and the fifth level might offer your one-on-one services for $500.
Get the picture? By the way, when you offer your products and services at different price points, you are lowering the financial and emotional risk for your prospects. You are essentially making it impossible for them not to buy from you!
What’s in your product funnel?
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