Most companies I speak to have never heard of a marketing funnel.
How can that be?
Especially since Forbes stated the following:
“Companies that create an easy buying process are 62% more likely to win a high-quality sale. Moreover, companies that excel at lead nurturing generate 50% more sales-ready leads at 33% lower cost.”
By adding a marketing funnel, you can increase the chances of a sale by a staggering 62%?!
Do you understand what this means for your company?
This effectively allows you to outspend your competitors… and as Marketing Legend Dan Kennedy says:
“Whoever can spend the most to acquire a customer, wins.”
Done, finito, mic drop (for your competitors!)
Most companies are doing the same as everyone else in their industry and wondering why they aren’t able to compete effectively.
They are sending traffic from Facebook or Google ads directly to their own website for a single sale, or even worse…
… they are sending traffic to other platforms (such as Amazon) without collecting a single email address or any contact information. (yes, there IS a way to do this, but more on that in another post)
So the customer is NOT yours, it is Amazon’s.
Implementing a funnel in your business should be a requirement to set up a website for sales… but sadly most business owners don’t even know what it is or how to market their way out of a wet paper bag.
So first, let’s define what a funnel is.
It is a customer journey that literally takes your customer through a funnel where they are offered the product they clicked your ad for (and nothing else), and then is offered more relevant products before they finally check out.
No links to other pages, no ads, just the product front and center with killer marketing copy designed to SELL.
The key word here is “relevant”. If you are selling a non-stick kitchen griddle, relevant would be an upsell or cross-sell of kitchen utensils or other more expensive cookware in your product line, not a pet toy or carpet cleaner.
This increases your AOV (Average Order Value) like nobody’s business.
Say you usually spend $10 in ads to get a sale for your $25 non-stick kitchen griddle. Your gross profit is $15. Not too shabby.
But say you are smart now and have already added a marketing funnel to your website. Here’s a likely scenario…
Now that same $10 in ad spend explodes into $100 because they not only bought your griddle but were upsold (and maybe downsold) by 3-4 more products.
So example #1 ad spend of $10 brought you a customer and $15 in profit.
In Example # 2, the same ad spend of $10 brought you $90 in profit and a customer, an extremely happy one!
A buyer in motion stays in motion, it’s as simple as that.
There is nothing harder to do than cause your customer’s to whip out their wallet and spend their hard earned cash with you…
… but, if that same customer already has their wallet out, then it is infinitely easier to help them buy more of what they already want.
So, are you going to set up a marketing funnel this weekend for your business and potentially increase your bottom line today?
Or are you going to stick with a losing strategy, like the rest of the mediocre businesses out there?
Let me know 🙂