It happens to every business.
You successfully hook someone in with your marketing, they mull it over …
But they leave without buying.
Even when you get them all the way to the shopping cart, they leave. In fact, according to Baynard Institute’s E-Commerce Checkout Usability study, 68% of all e-commerce visitors abandon their shopping cart.
This doesn’t figure in all the people that make read your marketing message and are compelled to click over to your website, or follow your webcast or video series but don’t even make it to the shopping cart. Our research finds this number to be more like 90-95% of the people, who show interest in a product, don’t move forward and buy.
Imagine if you captured even an additional one or two percent. That can really add up.
Hopefully you’re using a lead capture device to compile names and contact info so you can follow up with the 95% who leave before buying. Because if you don’t, you’re not only throwing leads out the window, but leaving thousands, likely hundreds of thousands of dollars on the table.
But, assuming you’ve captured names and contact info, now what?
Send them to a funnel.
The beauty of funnels is they help increase sales. In fact, we’ve used funnels to effortlessly multiply every dollar our customers spend by four…five…even six times. One funnel we used after a launch and increased the value of purchasers by 600%.
The thing is, while ultimately a funnel is designed to help you get more people to the check-out, buy and spend even more with you, designed correctly your funnel can do a lot more than just make a sale.
For example, funnels can help you segment your list to see where you should concentrate your marketing dollars and which customers deserve more attention from you. And they can keep prospects interested and on the hook until they are ready to buy.
Also, depending on your prospects or customers reactions, you can learn more about your customer. For instance, typically, the faster you make a sale, the more commitment they’ll make to you.
So what should your funnel look like?
It depends on what you are trying to do. Do you want to…
- Segment your database to discover who is interested in buying and who is more interested in collecting free stuff?
- Increase the value of a new member or purchaser?
- Pre-qualify people to segment the ones who are truly interested and qualify for the high-priced items or programs you offer?
- Determine who your hyperactive buyers are?
- Speed up the sales cycle and acquire a customer faster?
Decide what you want your funnel to accomplish first. This will determine what type of funnel you should use and what steps you’ll want to take your prospects through.
A few more tips for creating your funnels:
1) The best time to make a sale is right after the first sale, so always offer an upsell (or two) in your funnel.
2) 80%-90% of prospects won’t go down the path you give them, so if they don’t take you up on your first offer, consider creating a new path in your funnel to see if they are interested in that instead. For example, if we make our “most incredible free gift ever” offer to people who sign up for a free video series and they don’t take us up on it, we’ll make a different offer. If they still don’t buy in, we may try offering something on say copywriting instead of the marketing path we’ve been trying to go down.
3) Numbers tend to be better when you ask for a credit card first, before their other information.
4) Put your unconverted leads through a 4-Day Cash Machine Funnel. For example, “I’m moving and I don’t want to move this entire stash of products, so I’m holding a 4-day moving sale.” The worst thing that will happen is that they might unsubscribe, but if they aren’t buying anything from you anyway, that might be a good thing.
Incorporating funnels into your business this year can create a big win-fall for you. And because not many businesses use funnels, you’ll stand out even more to your prospects. Plus, one of the best parts of funnels is that they automate your sales process and give you predictable results so you can grow your business and your bank account even while you are away on vacation.
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