| Casual Articles |
Hubs | Hubbers | Topics | Request |
| #1 in Business | Subscribe Email Print |
|
You are here: Home > Internet and Businesses Online > Internet Marketing > An Introduction to Your Profit Funnel |
|
Casual Articles - An Introduction to Your Profit Funnel
Marketing Isnt Being Nosy - Why You Should Know Your Customers Better Than Anyone /Service:Who do you know?Hopefully, your customers...I read "Obvious Adams" again the other night because its a quick read and a great refresher for the mind. It causes "accurate thinking" as Napoleon Hill calls it. I'm beginning to think that I need to send a copy to each of my clients just to help them think a little more accurately. Like a cup of coffee for the subconscious mind, perhaps.Every business coach has a list of standard things that they ask their clients in one situation or another. The reason for this is that...your business is NOT different, even though everyone thinks theirs is.One of the things I ask is "tell me about y By now, I’m sure you are getting the idea. The next product or service you introduce will be a higher end offer, such as a multi-media presentation, a very comprehensive suite of digital products, an improved membership package, etc. Once again, the number of prospects who move on to this level will be smaller than the number of buyers in the previous level. And once again, the higher price point will amount to equal or (more likely) improved profits despite the smaller number of sales. $197 Product/Service: Onward and upward we go. A series of teleconferences, an enormous collection of valuable downloads, ongoing consultation Things You Need To Know As A Online Auction Buyer For purposes of this article, I’d like to you to look at your entire Internet marketing effort as one unified process. Everything you do should be geared towards building your personal profit funnel.Before you start bidding, become familiar with the auction site where you want to bid. There are many auction sites and none of them are the same. Auction sites have different rules and to avoid problems, become familiar with the each site’s rules. It can save you from headaches, frustration, and problems later. Make sure you get informed; it's worth the time and effort.Find out what kind of protection you have as a buyer. Each site is different and many sites offer guarantees and protection.. If you are not sure of your protection and rights as a buyer, then send an email and ask.You should always know what it is that you are bidding on. Look at the p This profit funnel will begin with your opt-in mailing list, and will allow you to introduce prospects to different ‘levels’ of products and services in a very fluid manner. Have a look at the diagram found here: http://www.timwhiston.com/images/product_funnel.gif And then read the more detailed explanation below. Free Front End: Your free front end is the very top of your profit funnel. In essence, this is the incentive you use to compel a prospect to join your opt-in mailing list. Maybe you are giving away a free e-book, a free e-zine subscription, a free membership to your software download site, or whatever. The point is you offer something attractive at no cost in order to pull as many people as possible into your opt-in mailing list. Naturally, once you have these people on a mailing list, you can begin to cultivate a relationship with them, and introduce them to other offers that represent further levels of your funnel. As you can see in the profit funnel illustration, your free front end is the most populated level of your funnel. Clearly, many people will be interested in getting something for nothing. $27 Upsell Product: Beyond your free front end, you could introduce your prospects to a $27 e-book. This could be an info product that you created, or a book that you have acquired resell rights to. A very effective technique is to present the offer for you’re first upsell item right away on the confirmation page your prospects are taken to once they complete the opt-in process. This method is widely used, and for good reason; it works. As you can see from the profit funnel diagram, not everyone who enters your free front-end will pay for your $27 product. No worries. As long as you continually bring people into the top of your funnel, you will have an ongoing opportunity to profit from the percentage of prospects who do buy into your upsell. $67 Product/Service: The next logical step in the profit funnel model is to introduce another product or service at a slightly increased price point. Examples of such an offer include an improved e-book package, a nice piece of software, or some type of special membership. Again notice the profit funnel diagram. As you can see, fewer prospects will purchase this more expensive product. However, it will also take far fewer sales at the higher price to achieve greater profits. $97 Product/Service: By now, I’m sure you are getting the idea. The next product or service you introduce will be a higher end offer, such as a multi-media presentation, a very comprehensive suite of digital products, an improved membership package, etc. Once again, the number of prospects who move on to this level will be smaller than the number of buyers in the previous level. And once again, the higher price point will amount to equal or (more likely) improved profits despite the smaller number of sales. $197 Product/Service: Onward and upward we go. A series of teleconferences, an enormous collection of valuable downloads, ongoing consultation, You Aren't Single Dimensional - So Why Is Your Resume? mpel a prospect to join your opt-in mailing list.Choosing a resume style is as difficult or easy as choosing the most suitable dress or suit for that all-important interview. It is all too simplistic to say that a one ‘jacket fits all’ strategy will work for everyone when deciding what resume style to use – still, most job seekers take this approach and use a functional resume, even when it may not be well suited to their specific situation. One appropriate alternative to the functional resume is the combination resume. You may wonder how this type of resume will work for you. What you need to understand is the fact that each person’s situation is different, and resume readers (your potential bosses) are different peopl Maybe you are giving away a free e-book, a free e-zine subscription, a free membership to your software download site, or whatever. The point is you offer something attractive at no cost in order to pull as many people as possible into your opt-in mailing list. Naturally, once you have these people on a mailing list, you can begin to cultivate a relationship with them, and introduce them to other offers that represent further levels of your funnel. As you can see in the profit funnel illustration, your free front end is the most populated level of your funnel. Clearly, many people will be interested in getting something for nothing. $27 Upsell Product: Beyond your free front end, you could introduce your prospects to a $27 e-book. This could be an info product that you created, or a book that you have acquired resell rights to. A very effective technique is to present the offer for you’re first upsell item right away on the confirmation page your prospects are taken to once they complete the opt-in process. This method is widely used, and for good reason; it works. As you can see from the profit funnel diagram, not everyone who enters your free front-end will pay for your $27 product. No worries. As long as you continually bring people into the top of your funnel, you will have an ongoing opportunity to profit from the percentage of prospects who do buy into your upsell. $67 Product/Service: The next logical step in the profit funnel model is to introduce another product or service at a slightly increased price point. Examples of such an offer include an improved e-book package, a nice piece of software, or some type of special membership. Again notice the profit funnel diagram. As you can see, fewer prospects will purchase this more expensive product. However, it will also take far fewer sales at the higher price to achieve greater profits. $97 Product/Service: By now, I’m sure you are getting the idea. The next product or service you introduce will be a higher end offer, such as a multi-media presentation, a very comprehensive suite of digital products, an improved membership package, etc. Once again, the number of prospects who move on to this level will be smaller than the number of buyers in the previous level. And once again, the higher price point will amount to equal or (more likely) improved profits despite the smaller number of sales. $197 Product/Service: Onward and upward we go. A series of teleconferences, an enormous collection of valuable downloads, ongoing consultation Creating a Power Plan ested in getting something for nothing.Part of the power plan is making sure you have all the necessary contact information within a company. It is one thing to have the CEO’s information, as he is the decision-maker, but it is quite another to have the information on others that you may be working with directly. You will not likely work directly with the CEO on any project or product purchase; you will be referred to the appropriate person. The information you gather on others should be the same as the information you gathered on the CEO. You will need to know the personality type to give you that inside edge, and also how much influence they have on the decision to make a purchase; you may find that these oth $27 Upsell Product: Beyond your free front end, you could introduce your prospects to a $27 e-book. This could be an info product that you created, or a book that you have acquired resell rights to. A very effective technique is to present the offer for you’re first upsell item right away on the confirmation page your prospects are taken to once they complete the opt-in process. This method is widely used, and for good reason; it works. As you can see from the profit funnel diagram, not everyone who enters your free front-end will pay for your $27 product. No worries. As long as you continually bring people into the top of your funnel, you will have an ongoing opportunity to profit from the percentage of prospects who do buy into your upsell. $67 Product/Service: The next logical step in the profit funnel model is to introduce another product or service at a slightly increased price point. Examples of such an offer include an improved e-book package, a nice piece of software, or some type of special membership. Again notice the profit funnel diagram. As you can see, fewer prospects will purchase this more expensive product. However, it will also take far fewer sales at the higher price to achieve greater profits. $97 Product/Service: By now, I’m sure you are getting the idea. The next product or service you introduce will be a higher end offer, such as a multi-media presentation, a very comprehensive suite of digital products, an improved membership package, etc. Once again, the number of prospects who move on to this level will be smaller than the number of buyers in the previous level. And once again, the higher price point will amount to equal or (more likely) improved profits despite the smaller number of sales. $197 Product/Service: Onward and upward we go. A series of teleconferences, an enormous collection of valuable downloads, ongoing consultation Avoid These 5 Web Site Blunders! ng people into the top of your funnel, you will have an ongoing opportunity to profit from the percentage of prospects who do buy into your upsell.The Web is intended to help people find information quickly and easily. So why do so many sites make it difficult for users to get what they need? While neat design can add impact to your message, make sure the message itself doesn’t get lost in the mix.As president of a copywriting firm that writes and edits dozens of online projects a year, I've come across several common blunders that prevent effective communication via the Web. Here are my top five:BLUNDER #1: Hiding who you are and what you do.It's sad that many sites make it a challenge to figure out what they're about. Yes, it may be cool to have a giant dancing logo on your home page, bu $67 Product/Service: The next logical step in the profit funnel model is to introduce another product or service at a slightly increased price point. Examples of such an offer include an improved e-book package, a nice piece of software, or some type of special membership. Again notice the profit funnel diagram. As you can see, fewer prospects will purchase this more expensive product. However, it will also take far fewer sales at the higher price to achieve greater profits. $97 Product/Service: By now, I’m sure you are getting the idea. The next product or service you introduce will be a higher end offer, such as a multi-media presentation, a very comprehensive suite of digital products, an improved membership package, etc. Once again, the number of prospects who move on to this level will be smaller than the number of buyers in the previous level. And once again, the higher price point will amount to equal or (more likely) improved profits despite the smaller number of sales. $197 Product/Service: Onward and upward we go. A series of teleconferences, an enormous collection of valuable downloads, ongoing consultation Writing To Overpower Your Competition /Service:"We don't have any competition. We're a truly a one-of-a-kind company." I've heard that line from clients for years. I wish it were true, but it's simply not. In fact, it wouldn’t matter if you held a monopoly on your particular product or service; you'd still have competition. How? Because your competition doesn't come from a singular source.There may be no other businesses that sell the product or service you sell, but you still have competition. Once that's understood you have a greater advantage when it comes to copywriting. You can recognize the other options your customers have before them and can position yourself as the only logical choice.Kno By now, I’m sure you are getting the idea. The next product or service you introduce will be a higher end offer, such as a multi-media presentation, a very comprehensive suite of digital products, an improved membership package, etc. Once again, the number of prospects who move on to this level will be smaller than the number of buyers in the previous level. And once again, the higher price point will amount to equal or (more likely) improved profits despite the smaller number of sales. $197 Product/Service: Onward and upward we go. A series of teleconferences, an enormous collection of valuable downloads, ongoing consultation, and a bundle of special memberships are just a few examples of products and services that could be packaged at $197, $297, $397, or more. You could continue to introduce new products at higher price points for as long as you are able to keep bringing new people into your funnel. Each new level will result in fewer sales, but as mentioned previously, your profits will likely increase due to the higher price of each offer. This is just an example of how a profit funnel might be structured. Take the basic idea and put your own spin on it. The important thing is that you understand the concept of attracting people to you with a free offer, then following up on that free introduction with a well organized suite of upsell offers. I’d like to emphasize the importance of acquiring or creating your very own line of products and services. Affiliate programs are great, but I strongly recommend selling products that you own as a primary means of generating revenue. You can build your own membership site (or pay a pro to do it for you), write your own e-book, hire a programmer to create a piece of software for you, or purchase resell/private label rights to digital products someone else has created. Let’s face it, being an entrepreneur is largely about being in control and having more freedom. You just can’t experience this fully unless you have your own products and services. When you have your own product line or service program, you can set your own price and change this as needed. You can run specials, create bundles, trade out with other product owners, and leverage your goods in a variety of other ways. You also don’t have to wait for an affiliate program manager to pay you. In fact, you could set up an affiliate program of your own and have people promoting your products! So if you don’t already have at least one product or service of your own, get to the drawing board and start working out your plans to launch one as soon as possible. Program ownership is often what separates the small timers form the big hitters in this business.
HTTP = HTML link (for blogs, profiles,phorums):
Related Articles:Six Sigma Certification – Benefits for Your Business Public Relations; Thanking a Local Businessman For Helping Your Nonprofit Group Is Affiliate Marketing Just Another Name For MLM
|