Do you have a marketing funnel for your business?
It can be any business, e-commerce, service-based, or even blogging. If not, then you are leaving a lot of money on the table. Yes, and not only money but an opportunity to grow your business potential. You must always have something to sell to your audience. It can be either your products, your content, or affiliate products.
The stages of the marketing funnel are Awareness, Engagement, and Conversion. All these stages are applied in each offer that you will give to your prospect. This means that each offer that you will give, you will first make them aware, then engage with them about the offer and finally convert them for that offer.
In this article, I am going to tell you about the 5 types of offers that you must have at each stage of the marketing funnel. If you have all these offers then your sales are going to increase if you implement them correctly.
Know your Product-Market fit first
Ask yourself, do your prospects really want what you are offering? If you are giving something that people don’t want then there is no use of creating a marketing funnel. Most of us have got this right. But, if not then this is the first thing to do.
Good marketing is talking to your prospects before state and convincing them that your product can take them to the ideal after state.
Product market fit can be found out by doing a beta test of your product/service. If people are ready to pay for it then you are good to go.
1. Lead magnet
A lead magnet is a specific chunk of value that solves a specific problem for a specific market that is offered, in exchange for an opt-in.
The keyword here is ‘specific’. Yes, because if it is not specific then people will not relate to it and they won’t opt-in. If they don’t opt-in then how can they be taken down your funnel so that your sales increase?
For example, a lead magnet offer like “How to make compost at your home in 1ft by 1ft space ” is specific. Comparing this to “How to make compost at home” the former one will have a high opt-in rate.
Did you understand the meaning of specific?
This is the offer that you must use to convert prospects into customers.
Tripwire offer is a very low-value offer. Prospects become customers hereby paying you a small amount for a small product or a service or they pay you in their time.
People who buy your Tripwire offer show commitment towards your business. This offer will not make you rich but it gets the ball rolling.
For example, if you offering a waste management service, then your tripwire can be “A free/paid webinar on waste management at society level” or “Offering composting products like cocopeat, culture to individuals/societies” or “ For a small amount of money conduct a dry waste pickup drive in a society”
3. Core offer
The core offer is where you should break even or make your profit. A core offer is your main product/ service. Give this to all the people who converted in your tripwire offer. Sometimes you can even advertise your core offer in your blog posts or while giving your tripwire offer, without expecting any sales from it.
Build trust with tripwire and then offer your core product.
4. Profit maximizer
Now, if you are thinking that since you offered your core product now what else can you offer.
Well, the profit maximizer as the name suggests is to maximize your profits.
You can bundle your product/ services or make a subscription-based model for your product/service. Also, once you offer your core product, then you immediately upsell them.
For example, the profit maximizer for a waste management company can be bundling their dry waste and wet waste management service, upselling them products made out of recycling materials, make a recurring billing for the maintenance of the waste management system, etc
5. Return path
Most people will ignore this part. You must never forget that it is cheaper to maintain a customer rather than acquiring a new one.
Return Path means keep offering them something or the other even after they have bought your core product or profit maximizer. But, always remember to give them a lot of free value in the form of content, free gifts at their birthdays, anniversary, etc and sell them sometimes in between.
4 free valuable things and 1 selling offer is a good ratio to maintain. Read this article to learn how you can architect a return path and keep people buying from you.
These types of offers are a must in your stages of marketing funnel if you want to increase your sales. What do you think? When people go through each of these stages, their trust towards your brand starts increasing and hence sales too.
You have to make a spreadsheet and write down in it what will be your offer for the different stages of marketing funnel. Once you write it down you will have a better picture of your business and it’s future growth.
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