Sales Funnels Pros:
Increase (optimize) your conversion rate
As prospects move down your sales funnel, some of them will exit the funnel. There's nothing wrong with that, it's actually good. The people moving along in your funnel are more likely and more willing to pay for your more expensive products as they move along. Window shoppers will be filtered out in the sales funnel and you don't have to waste time, effort and more importantly money on them.
The ones that stay with you in the sales funnel will most likely buy more along the way, and this will increase your conversions!
Focus your efforts on those people and give them what they need, and you will sell also high ticket products. Do A/B testing on your pages within the funnel to try get more to stay with it, optimize your funnel pages. You can check your page statistics to see where more people are exiting, do testing on those pages to try reduce the exits.
Increase (optimize) your sales revenue
One method is to sell something with a lower price to get them in the funnel. The advantage of this is you'll only have proven buyers in your funnel.
Let’s say you have a report you sell for $7. If you sell 500 copies you would make $3500 in sales revenue. But do you think some of them would also buy a related product for $27 or even $147? For sure some would, it's called "up-selling" and it works, almost all successful businesses do it. In the online home based business marketplace it's commonly called an OTO, or One Time Offer, that's only available in your funnel.
A second method is to give something free to get prospects into your sales funnel. This is very popular, you've probably seen a million free report ads on Facebook, these are all to get you into a funnel.
You'll definitely get more prospects into the funnel but a lot will never buy, they just want the free stuff. But, there's also a lot of people that want the free stuff first, they want to see if your credible & trustworthy before they buy from you. Give something with quality away so you start to earn their trust.
So personally I think it's actually crazy to not have a sales funnel setup for your home based business.
NOTE: It may sound like a lot of work to setup and get going but in reality you don’t need everything setup from the beginning, just get your landing page built where you'll give the free item or sell a low value item to get started collecting prospects emails for your funnel. Once you're up and running you can start rolling out the rest of the pages.
Predict (forecast) your sales volume
Marketing your home based business is a numbers game. With each page of your sales funnel you can see the number of perspective customers, and use that data to predict the percentage of people who will buy your products or services.
As an example, let’s say you track your funnel landing page for 3 months and find that you get 5000 visitors to your landing page each month. If you got 40% of them sign up for your free offer you have 2000 new subscribers, if 5% of them purchased one or more products or services from your sales funnel you will have detailed statistics showing the number of people buying and at which stage in your sales funnel. With these stats you can predict how much money you can make with your sales funnel.
NOTE: Using these stats from your sales funnel ties in with optimizing, you can see where you need to optimize your sales funnel and increase your sales volume.
Know what sells & what doesn't
With the stats you get you can also identify which products or services are selling and those that aren't so you can quit wasting your time. You can make adjustments, improve the products, or just remove or replace existing products that aren't selling.
"That’s why it’s always important to track everything you do in your funnel."
Sales Funnels Cons
Easy to get carried away (too complicated)
While people are moving down your sales funnel, the number of them will decrease, but, and this is more important, the people staying in the funnel most likely are more willing to pay for your related more expensive products. So non targeted people will be filtered out in the sales funnel. And the ones who stay, will buy more, and this will increase your conversions! Focus your efforts on those people and give them what they need, and you will sell also high ticket products.
Monitoring required (check stats)
Let’s say you have a report you sell for $17. You can sell it 300 times, so you would make $5100 in sales. But do you think some of them would also buy a related product for $37 or even $197? I bet some would! So it’s is actually crazy to not have a sales funnel in place for your online business. You don’t need all pages up and running from the beginning, but at least plan to have them.
Writing copy (the words & images)
Online marketing is a numbers game. And with each marketing phase you can quantify the number of perspective customers, and then take the data to predict the percentage of people who will buy your products. As an example, let’s say Paul tracks his website traffic for 10 weeks and finds that he gets 10’000 visitors to his page each month. 40% of them sign up for the free offer (4000 subscribers), and 5% of them will purchase one or even more products. After some weeks Paul will have detailed stats about how many people buy at which stage in the sales funnel. And with those numbers Paul can predict how much money he can make with his sales funnel.
Sales Funnels Conclusions:
When setup and used correctly sales funnels can be your secret weapon. You can increase your conversion rates dramatically while keeping your ad spend the same. You'll be able to screen out prospects who aren't really interested in your products or services and just focus your time and money on prospects with potential.
#1: ClickFunnels... by Russell Brunson
#2: Thrive Themes... Save Money
The Best WP Theme for Funnels
Thrive Themes is a full wordpress theme that comes easily allows people to build their own beautiful websites and sales funnels. Using Thrive Architect, which is included with the theme it's a breeze creating funnels using the templates provided.
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