In a previous blog post, I showed you how to draw your sales funnel. I led you through an example and we ended up with a fictional sales funnel that looks like this. (Even though it’s fictional, it’s pretty close to many real businesses… but just simplified a bit).
In the next few blog posts, I’m going to show you how you can examine the sales funnel you’ve drawn to find new opportunities to run a more successful, profitable business.
One of the first things we can ask as we look at our sales funnel is:
What do we do with someone AFTER they become a Customer?
Our example sales funnel doesn’t do anything with these Customers. But customers have already decided that you can solve their problems and they have seen the value you provide them. So you should follow up with your Customers and offer them new products and services.
New products and services might come in the form of…
- Ancillary products and services that are sold at the time of the sale
- Upselling the Customer into bigger and better versions of the products or services they just bought
- Cross-promoting the products and services of complementary service providers using affiliate marketing
- Selling additional products and services in a follow-up sequence
A great place to start is to use the tool I describe I this blog post: Product development, pricing, and sales funnel strategy made easy. It’s a simple way to find new products and services that fit within your existing offering!
To use the example that we’ve been working on: Perhaps the business can offer basic, intermediate, and advanced ebooks instead of just one ebook; or perhaps the business can sell the coaching and offer the ebook plus a workbook for a slight additional cost; or maybe the business owner can turn the ebook into a print book and sell it at the back of the room during the seminar; or maybe if the business owner presents several different seminars on different topics, they can record them and offer them as a package to ebook buyers.
Another thing you can do in your sales funnel is turn your Customers into Evangelists. For the same reasons that they might buy from you again, they might also tell their friends about your business, too. You can make it easier for them by asking them to tell their friends or even by asking for their friend’s contact information. And you can make it even easier for them by incentivizing your customers with kickbacks if their referred friends buy from you.
Stayed tuned. There are many more ways to find new opportunities in your sales funnel.