First off permit me explain what I suggest by way of the Product and Marketing Funnel, and then I’ll proportion with you my thoughts in this precise business model.
Building your solo provider commercial enterprise the use of the a couple of streams of income model approach which you aren’t most effective operating one-on-one with your customers but you also are growing extra ‘streams’ of earnings, i.E. Other sales strains.
The hassle with the one-on-one version (and this is the traditional commercial enterprise version that most carrier specialists paintings to) is which you are very limited in the amount of money you can earn because you handiest have such a lot of hours inside the day to paintings, i.E. You’re trading time for greenbacks! With this precise model there are best such a lot of approaches to boom your earnings:
Increase your charges
Work with more customers
Increase your prices and work with more clients
However, there’s a far higher way to increase your income and WORK LESS, the use of the a couple of streams of earnings version. This consists of running one-on-one with customers (working with fewer clients and much less billable hours) but with the addition of leveraging a while and growing passive income merchandise.
By setting these kinds of 3 styles of income era activities together into one solo provider business you are developing a more than one streams of profits commercial enterprise, and so as for this business version to work you need to shape it in a particular manner… And that is where the Product and Marketing Funnel comes in.
Now, I have heard many humans try to placed their own spin on this version through turning it the other way up, twisting it round, calling it a different name, i.E. A Profit Pyramid or a Money Path, or even saying that the Product and Marketing clickfunnels pricing.
However, I disagree because it doesn’t count what you call it or how you present it the concept continues to be the identical – you are creating a path to your customers to follow; in other words as your clients grow and development so that they move alongside to the following level for your enterprise in which you can help them similarly.
The Product and Marketing Funnel is so called because in case you consider a funnel this is huge at the top and narrows as it is going further down, then as possibilities enter your funnel at the very widest part through your free taste, they work their manner through your services. Then because the funnel gets slender, i.E. Your high ticket products/offerings, it’s best a completely small quantity of your potentialities with the intention to actually buy your maximum-ticket product; therefore you could expect to look LOTS of potentialities at the very pinnacle of the funnel (the widest component) and a smaller range of prospects when they attain the highest stage (the narrowest part).
This is the nature of business – it’s the way it works – irrespective of whether or not you call it a Product and Marketing Funnel or some thing else! You will get LOTS of people at your lower entry factors however best a completely small percentage of human beings will invest with you at your maximum expensive degree.
So, given that you now understand that a Product and Marketing Funnel is nothing greater than a making plans device to create a clear course for your clients to observe, how can you shape your commercial enterprise?
Ideally you want to offer 3 distinctive levels of aid and I like to refer to these as:
Low (unfastened flavor or entry stage product)
Medium (organization training software or private approach session)
High (personal one-on-one training/education/consulting)
(See, nothing complex with that!) Within these three extraordinary degrees you will offer products and packages that meet the needs of your clients at every precise degree. And as customers paintings via your Funnel they’ll get greater direct get right of entry to to you however at a higher price point.
This is how the a couple of streams of earnings business works – it allows you to serve many greater clients than you may if you have been working with them simply one-on-one, and it additionally leverages your time, and creates passive income. A first-rate enterprise aggregate!
So, understand that your Product and Marketing Funnel, or but you prefer to talk to it, is not anything greater than a planning tool in your business.