The path you take after your consumer makes their first purchase of your initial goods or services is known as the Profit Funnel.
Getting a new visitor is the best thing that can happen to a sales person. A core commodity or service that is of high quality and offered at a reasonable cost often helps you land that new customer journey.
Even while you might not earn much money off that initial offer, you will undoubtedly have the opportunity to expand on your relationship with your new visitor and engage in the practice known to many salespeople as “up-selling.”
The Profit Funnel Plan
After that first connection is made, you may strengthen that connection by assessing your client’s needs and finding more products or services that will also be helpful to them.
Your profit margin will rise when you are successful in introducing, enticing, and ultimately selling more things to your consumer that are often more expensive.
The Profit Funnel business concept is effective whether you are running in a physical location or relying only on the internet.
In both situations, the task at hand entails gaining the prospect’s trust, finding entry-level products or services that will be of interest to the prospect, persuading the prospect to buy the goods or services, and then continuing to offer more products or enhancements that will make the life of the former prospect who is now your customer even simpler.
Nothing speaks louder when it comes to gaining a prospect’s trust than an excellent offer. People who oversee obtaining products and services for their employers are always looking for ways to reduce costs.
It improves his or her standing among the owners and officers. However, nobody wants to buy a cheap service that turns out to be subpar. This shows that in addition to having outstanding performance, the product or service must also be economical.
It is your responsibility to match your prospect’s company type with high-quality, low-cost products or services.
You will be prepared to help in the rollout of your low-cost providing throughout the company once you have shown how one of your low-cost solutions can continuously beat the competition and save money for the prospect’s employer, earning your profit first through volume distribution.
Once your service is in use across the company, you can discover that you not only have the ear of your first contact but also can communicate with others who might be interested in more offerings you have to offer.
Another strategy to raise the profit margin is by offering extra products or services that are priced similarly. This is also known as “lateral selling” at times.
Simply said, you aren’t actually promoting more expensive goods or even improvements to services you presently sell that might boost earnings. From a charging standpoint, you are only expanding your present circumstance to include more of the same.
The practice of lateral selling is acceptable. It may even be extremely profitable, in fact. But eventually, you have to move on to the next level since there is no more room for more of the same.
You may start considering your customer’s other wants now that you are secure with a number of affordable solutions. You probably have items or services that are more expensive yet may be used less often.
You will simply be able to draw attention to your mid-ticket offers because your low-cost products are serving your consumers well.
It’s crucial to show off not just what you have to offer right now during your presentation, but also to be ready to outline its features so that your existing customer may start to envision potential applications inside the company.
If required, you might wish to have one or two ideas prepared just to get your mind working. However, the more applications your client can think of, the higher his ownership of using the mid-ticket item will grow, and the more likely it is that you will make another sale.
Be ready to wait till the ideal moment to surprise your consumer with your mid-ticket goods. If the item will only be used occasionally each year, curiosity could not materialize until the approaching date of the later important event.
Introduce the topic without reservation, but if your customer wishes to postpone the conversation until later, set a time and day for a follow-up.
Hight Ticket and Extremely Hight Ticket
The purpose of the salesperson is often to sell expensive goods or services. After all, who wouldn’t want to sell $5,000 worth of goods in a single afternoon as opposed to selling $100 worth of goods every day of the week to get the same commission?
Of course, you want to be on the lookout for any opportunity to market and sell a costly item.
At this stage in your connection with your customer, you do have a few factors working in your favor.
The issue of the low ticket and mid ticket options’ track record, which they have already tested and determined to be excellent for their company operations, comes first. Nothing fosters trust in a provider like a consistent track record of performance.
Second, you’ve shown a persistent willingness to draw their attention to products or services that are pertinent to the company. You are not asking customers to choose what they need by setting out your full product range on the table.
You are someone who first performs the research before bringing things to their notice. It says a lot about your character that you are concerned enough to research their industry and take some initiative on their behalf.
This means that you are already well on your way to closing a deal when you phone your contact to set up a demonstration of a pricey item. The mindset will be “let’s figure out how we can use this,” rather than “show this is worth my attention.”
Your chances of successfully completing the transaction are quite great when you enter a live or virtual presentation with your customer working with that kind of mentality.
The Profit Funnel helps in your understanding of the several levels and sales funnel stages at which your customer connection runs.
In addition to guaranteeing you a large commission, building on the excellent reputation you develop with low-price sales and using it in the sale of a more profitable sales funnel will also provide you with a working connection that will continue for many years.
Low Ticket Product Ideas
When you talk about low-ticket goods or services, you are often referring to things with a $27.00 or less price tag. The $5.00 to $9.95 range would be the most typical average range for a low-ticket item.
Numerous offline and online businesses view low-ticket goods as their main source of revenue growth and the means by which they pay their bills each month.
Of course, you must advertise your services and persuade potential customers to try them in order for those low-ticket things to keep a consistent flow of basic cash. Here are a few suggestions to help you attract new customers with your cheap ticket goods.
Special Profit Funnel Reports
Prospects will pay attention if you highlight the low-ticket things that are your best-selling products to a variety of consumer groups.
A special report such as Google Analytics will primarily concentrate on two topics: First, hundreds of thousands of individuals are using this product or service successfully at this present now.
Second, the quality of your life and job might be significantly improved by this good or service. After getting it, you’ll wonder how you ever managed without it.
These special report promos are designed to highlight every benefit of your service. You want to emphasize the high caliber of performance, ease of upkeep, and, of course, inexpensive cost.
Charts and pertinent visuals are a few of the things that might help spruce up a unique report.
The majority of people need visuals to understand the world, therefore using a straightforward chart to show a point or using another sort of graphic that is pertinent to the topic can help to improve and keep the reader’s interest.
A successful special report also heavily relies on customer testimonials. Try to mix up the different sorts of industries that are represented in your testimonials.
A prospect is more likely to feel the need to do a bit more research the more widely your solution is used throughout the corporate sector.
Special reports are very simple to create an incredibly affordable to have on hand. The information may be used in an inexpensively replicable direct mail package.
The special report can be published online with a specific URL, which can be shared widely manually, and electronically. The end product is an efficient promotional tool with a low cost and the potential for high returns in a short period of time.
Short Audio Session
Ever listen to the little audio recordings that are posted on so many websites? They often provide information and encourage visitors to learn more about a good or service.
The idea of short audio sessions is not new. Businesses have used fifteen-second audio ads to market their goods for years while callers waited on hold to talk with a customer care representative.
They were hired by the theater owners to promote the refreshments that are offered in the foyer. Who among us has never listened to a brief audio clip while at the grocery store or a bargain retailer?
Given the track record of brief audio sessions’ efficacy, it is no surprise that they are equally effective online.
The prospect hears a human voice during a brief audio session, which somewhat personalizes the online sales process. Just that alone makes the session a desirable approach to connecting with a certain demographic.
A successful short audio session will undoubtedly be direct and educational.
It will provide the prospective with sufficient information to guarantee that he or she advances to the next stage and carefully considers the offer, as opposed to just skimming some content and going on to another website.
Decide on a topic for the discussion and make sure it is concise, understandable, and clear. then stop talking before you say too much.
Trial Membership Offers
Everyone wants a good deal, but some people will hesitate for a very long time before making a choice. You may just need a trial membership offer to persuade them to sign up.
There are various aspects that a prospect finds to be highly attractive.
- No long-term commitment. During the trial time, if I don’t like what I see, I just go on.
- I don’t need to pay the entire amount. The majority of trial offers will be discounted, so very little money is actually spent.
- I have the opportunity to test drive with the trial offer. Allow others who would use it to see the offering. I may ask them directly if they see any benefits to adopting this new service.
- This provides me with the opportunity to consider what concerns ought to be addressed before a commitment is made. During the testing phase, I could have an idea that I wouldn’t have during a straightforward display.
If you give a trial membership, be sure to provide clear conditions and a mechanism for the prospect to upgrade to a full membership at any point during the trial.
Trial Software Offers
If your product or service includes sales funnel software, you could also wish to provide a demo version of the program that is valid for a set period of time. Consider some of the completely free computer games that you may download.
Many of them include limits on how many times the user may access and launch a new gaming session before the program becomes inoperable and the player must buy the full version in order to continue.
The functionality of the trial software should be comparable to that of the full version, but you also want to make sure that it cannot be changed to circumvent the usage restrictions.
Anyone who creates software will find this work to be simple; all you need to do is specify the boundaries of the trial period, and you’re good to go.
Make sure you include it in your bundle as well. Just as with trial membership offerings, you want your prospect to be able to upgrade from trial to permanent software at any moment throughout the trial period.
Promoting your low-cost products can keep your business afloat and provide the operational funds you need to improve your offers and also create added high-cost products.
You may effectively grow your clientele by implementing these and comparable strategies without pouring a sizable part of your revenue funnel into public relations activities.
Mid Ticket Product Ideas
You should look into the possibility of upselling your customer once you have proved yourself with some of your low-price offers by generating interest and lead in your mid-ticket goods and services.
You could choose to consider mid-ticket products as being priced in the $37.00 to $67.00 per unit range for the discussion’s purposes.
Your mid-ticket items may be promoted in a variety of ways. Here are some illustrations of techniques that have a history of both piquing the interest of current consumers and drawing some curiosity from potential new ones.
An electronic book seems to be the best approach to attract interest and traffic, regardless of the kind of product or service being supplied. Why? An e-book genuinely appeals to us in a number of ways. Here are three examples:
- Despite the hype, the majority of us actually enjoy reading. We will read everything, including cereal box backs and sonnets.
- E-books are convenient to store. They are available for download to our hard drives so we may read them whenever we choose.
- E-books often cost nothing or only a small part of the price of hard copy books.
You’ll probably make your E-book free to download while using it to advertise your product range.
Giving them a few online “hooks” from the book will encourage them to spend the few seconds needed to download it and will also enhance the likelihood that they will really read it once downloaded.
If you have the necessary bandwidth for this kind of activity, you might want to allow them to read a few pages before they start a download.
Having a sign-up page where basic contact information is gathered prior to the download might be another approach to keeping the relationship.
As a result of your clear diligence, you will have the opportunity to contact everyone who downloaded the book and maybe complete a transaction very fast.
Paid Membership Sites
One of the things you need to do when you run a premium membership site to keep and expand your customer base is to offer something that convinces customers that the monthly membership price, they pay is worthwhile.
As an illustration, one of the benefits of becoming a member of the website may be receiving a brief weekly or monthly email. Don’t clutter it with pointless nonsense that is continuously shared online.
Make sure the content marketing is pertinent to your target audience, and your product line, and is most importantly worthwhile to read about. Use it to discuss planned improvements to favored items or to shine a focus on a client and the job they carry out.
Make sure your consumers may visit websites that will interest them in addition to the newsletter. Maybe you can set up a marketing campaign where they can download a voucher they can use locally.
You might offer a message board where customers can discuss how they use the products or services you offer. The idea is to make the membership benefits something people will want to use often enough to want to keep access to those benefits.
Software and Scripts
Sales funnel software that satisfies a demand among your clients might be quite beneficial.
This might be any kind of software that helps to build a home accounting system to software and is used to track sales efforts, depending on where you get the majority of your clients.
Simply said, you discover and predict wants among your customers, and then develop the software necessary to satisfy those demands.
Do you collaborate with someone and work as their agent, or do you create your own unique software? Whatever depends.
The answer is yes if you can enter into an arrangement that enables you to earn a respectable profit from the sale of the software while continuing to provide it to your clients at a price that is lower than what they can pay for it themselves.
Forget it and try to create your own software items if you can hardly obtain a better bargain than regular retail. The project has no value to either of you if there is no profit for you and no cost savings for your clients.
Remember that the software may cover almost any topic you choose. Why not ask your present clients for suggestions for new developments?
Inquire about the kind of software they would want to see and the bells and whistles that would appeal to them. You might be shocked at how simple it is to make your fantasies come true.
Audio and Video Session
In the past, businesses used big events to teach new hires. New workers may now take part in audio and web conferences online, saving everyone time and money.
There are several uses for audio and video sessions. Did you know that some churches provide Sunday School sessions through audio and video connections to enable those who are unable to go to the physical church to attend?
On a denominational level, there is a denomination with its headquarters in the Midwest that uses live feed and data streaming to make its biannual denominational conference available to members all around the world for worship and business sessions.
Internet-based audio and video sessions can cover a wide range of topics, from in-depth discussions on how to mend a broken relationship to how to change a flat tire.
They can be as easy as how to prepare dinner in twenty minutes or less, travelogues to faraway and exotic locations, or useful advice for handling a legal issue.
For access to these kinds of sessions, people sometimes agree to pay on a per-access basis or even a monthly membership.
Once you’ve decided which segments of the market you want to target, selling this kind of service is really not that difficult. After that, show the kinds of audio and video sessions that will work well with.
Once more, you could find it more affordable to work with a partner, or you might decide that developing the sessions internally is in your best interests and the interests of your clients. You may assess your options and come to a wise choice after doing so.
Mid-ticket goods are a terrific method to increase your per-unit profit margin as well as provide consistent streams of income that you can count on from month to month. Develop a beautiful array of mid-ticket items with the help of your current clients. You’ll be happy that you did.
High Ticket Product Ideas
Without some “diamond” quality offers that appeal to your clients, no line of goods or services is complete.
While just a small part of your audience may find these appealing, the fact that you have built such an initial rapport with them thanks to the success of your low- and mid-ticket products will encourage them to put their faith in you when it comes to these expensive items as well.
An average range of $297.00 to $997.00 when considering high ticket products and services is a decent average. Depending on how they relate to your other products and the makeup of your clientele, there is nothing wrong with choosing big-priced items that cost $1,000 or more.
Here are some suggestions for high-ticket products that could work really well for your business strategy.
Coaching and Monitoring
Professional coaches and motivational speakers are in high demand right now. People that make their living only by motivating, educating, and helping others in finding their life goals are making very great salaries all around the nation.
In-person classes are how motivational instructors and mentors make their money, but they also succeed well with audio and video sessions. In general, a class will be advertised, inviting people to sign up and pay a certain cost to take part.
Generally speaking, the cost will vary according to on how many sessions make up the series. The participant will be given information on how to access the sessions over the phone and the Internet after registering.
Most sessions will allow for some kind of involvement, with the mentor controlling the frequency and style.
What connection does this have to your product line? Before making your first sale, you probably had to pinpoint a few distinct uses for your products.
Certain of your coaching may involve showing individuals how your other goods may help them save time and money, and in some situations, how they can even help them increase their revenue funnel and grow their business.
On a similar topic, you may undoubtedly fill a hole if you have a number of clients that work for businesses where interacting with clients is a daily occurrence.
You may include themes like how to calm down an angry customer, how to persuade a consumer to tell you what is truly upsetting them, and how to win back a former customer in your mentoring sessions.
You may create some motivating style mentoring lessons that will undoubtedly be of interest to your clients by drawing on your own experience and knowledge.
Tele-seminars are something that more and more people are comfortable with, much like mentorship sessions. They increase productivity in the workplace by saving time, reducing travel costs, and enabling participants to return to work more promptly.
You have two options when it comes to teleseminars: either you generate the content and conduct the seminar yourself, or you act as the special guest speaker. If you’re lucky, you could find a best-selling author who has just published a fascinating new book about Internet marketing strategy.
Plan a one-time teleseminar where the author will discuss his work and take questions from the audience.
The audience will pay a set cost to attend, and they will be allowed to ask questions during the Q&A. You can make the necessary preparations to record the teleseminar and make copies of it accessible later on for more cash.
Exclusive Membership Sites
Everyone enjoys feeling unique. The creation and administration of a private membership website are one of the simplest methods.
You can create something specifically for a niche market that is made up of people who could receive help from networking with their peers and can afford to pay a nice sum for that privilege on a monthly or annual basis, such as CEOs, chief financial officers, executive directors of non-profit organizations, or any other niche market.
Include in the membership discounts on desirable products like trade periodicals targeted at that market or savings on attendance at pertinent teleseminars and mentorship sessions for this exclusive group.
You can find yourself with a good approach to selling high-priced items with no effort at all by giving networking possibilities in addition to discounts.
Profitable Services Like Copywriting
Support services will always have a significant effect on enterprises.
You may both save the firm money and earn some extra cash by offering to take on chores like creating brochures, writing material for new ad campaigns, or sales and marketing collateral, and editing other standard forms of correspondence that the business uses often.
Here are some benefits of outsourcing to you as opposed to doing everything internally:
- They are exempt from paying your taxes. Payroll does not need to keep up with you because you are not an employee.
- There are no benefits such as insurance, retirement, or vacation. None of these aspects come into play while acting primarily as a consultant. Savings are made.
- Without investing a lot of resources in supplementary activities, the corporation may concentrate on its core operation. You have to cope with everything.
- There was no development time. They need to provide final approval for the work.
Although consulting is not inexpensive, it ultimately proves to be far less expensive than keeping someone on the payroll.
You may be talking about saving tens of thousands of dollars over the course of a year when you include in the compensation and benefits that someone with the necessary ability would need to perform the work you are proposing to perform.
The truth is that you may provide a deal that calls for an opt-in payment up front and a number of lesser payments when each of the action items or projects is finished. As the result, you will make some money right away with the promise of more as the jobs are completed.
Knowing your resources and how well they align with the wants of your customers will help you find the high-ticket items you can offer right away as well as a long list of others that you aim to get set up and operational soon when it comes to supplying high ticket services.
What is the Ideal Profit Funnel Strategy?
You may learn a lot from the fundamental Profit Funnel when it comes to creating your perfect profit approach. Let’s examine those fundamental principles:
Start Sales Funnel from Beginning
Your primary goal should be to gain a new customer’s trust. We are all aware that the sales cycle may occasionally be very lengthy. However, you may drastically reduce the cycle if you choose a good or service that is reasonably priced and readily recognized as meeting a need.
Don’t be concerned about generating a huge profit on the first sale. Just make sure the thing functions properly and close the deal. The success of your business relationship with that client depends on your ability to deliver a high-quality product at a fair price.
This is why these initiatives at the entry-level are so crucial. Yes, there won’t be a huge profit, but if you can move enough goods or services, you may still make a fair profit.
However, be careful to view this as proving the groundwork for future events rather than just the start and finish of your efforts with this client. If you manage the problem correctly, you will soon be able to gain much more ground with this client.
Looking for New Opportunities
The moment has come to seek other ways to expand your commercial relations with your client now that you have a happy customer experience who enjoys what he has bought and has a reason to trust you.
Choose mid-level items that you can provide to your customer so that he may learn how and where they can be useful within the firm.
As you provide improved services that complement the first product offering as well as more upmarket services and goods that can suit more demands inside that firm, let your now stellar reputation precede you.
Keep in mind that there will be more possibilities to start the same process as described by the Profit Funnel with them as you increase your presence among different contacts connected to your main contact.
Once you have given your customers a variety of options that exceed their expectations, you will also discover that they are more than eager to serve as references for you.
Be Prepared for Needs That May Arise Seldom
You may offer high-end services or goods that will have a significant influence on a once- or twice-yearly activity that your consumer engages in. Your initial relationship with your customer has been beneficial in this situation. Because people trust you, you are aware of these opportunities.
As you become aware of these opportunities to take part in your high-level services, be sure to show how valuable you are to the conversation.
It’s not only that you can save them more money—and perhaps a substantial amount of money in certain circumstances. Additionally, you may provide them with something better than what they have previously had to make do with, if not better.
Remember that even though you might not get these big-ticket opportunities every month, people will remember you for helping them shine in front of their supporters at a crucial juncture.
As a result, if you provided consulting services that helped your client in planning a successful week-long conference that attracted attendees from all 50 states, your customer will remember you very warmly and you will undoubtedly be asked to give the same services the following year.
Deliver What you Promise
Always bear in mind that one simple failure to deliver on your promises can utterly destroy all the goodwill you have collected as you progressed from low ticket to mid ticket to high price offers.
A filmmaker was only as good as his most recent film, according to an old adage in the film industry. This is often true of sellers that offer both goods and services.
Make sure you don’t make any promises to your clients that you can’t keep, and you’ll avoid disappointing them. Sales people say “yes, we can do that” far too often despite the fact that they have no plans in place to make good on their promises.
As a consequence, people that support you might or might not be able to come up with a solution.
If they can’t, you’ve ruined both your personal and professional reputations, dropped any chance of positive word of mouth that would have led to opportunities elsewhere, and thanked your reputation with your consumer.
Be truthful about the services you can offer and avoid making promises for things you don’t yet have in place.
Last Words on the Profit Funnel
The Profit Funnel idea offers a practical strategy for selling. You begin at this moment and build on your accomplishments moving forward.
However, don’t think that after a firm has gone through the conversion funnel, you are done with them. You may use the Profit Funnel repeatedly to prove new connections with a current client, possibly in several offices or departments.
As you discover more and more chances inside his sphere of influence, you may potentially be in many places at once with a single contact. You won’t ever fall into the trap of merely pursuing the easiest opportunities by having the Profit Funnel concept in mind.
Of course, you’ll grab that fruit. As you advance from one level to the next, though, you’ll also keep reaching higher, making the most of your customer’s time and resources while simultaneously generating profit for your business and a good fee for yourself.
In the end, creating your perfect profit plan is all up to you. Whatever your company offers, there’s a good probability that they adhere to the Profit Funnel’s principles. Use the automated sales funnel to gauge your present degree of success and incorporate the idea into your business plan.
It will be a great tool for keeping you on track while you work toward your goals.