Sales funnels are the most important part of your business. Get an early glimpse into how they can help your business by reading this early draft excerpted from my Sales Funnel Bible book.
You’ve read elsewhere in this book that a sales funnel is like a journey. Your target market is the traveler and the destination is a sale.
One way for your business to make more money is to get more travelers on the journey – that is, to get more people into your funnel. On this theoretical journey, that’s like getting more people to take the journey at the same time. That topic is covered in earlier chapters.
But that’s not the only way. Another way for your business to make more money is to get people to go through the journey faster. To get people from the top of your sales funnel to the sale more quickly than before. By speeding up your sales funnel, you can serve the same amount of people in a shorter period of time.
In a way, speeding up your sales funnel IS getting more people into your funnel (because you can serve more people in the same amount of time you are spending now). However, that increased volume is spread out over time instead of all trying to go through at once, providing you with the ability to increase the number of people going through your sales funnel without needing to increase capacity.
If you want an analogy to illustrate this, consider a plumbing example: To get more water from point A to point B, you have two choices…
- You can install a larger pipe (which is akin to sending more people through your sales funnel at once)
- Or, you can do what I am suggesting in this chapter, and simply turn the tap more so that you increase the water pressure and send even more water through in the same amount of time (which is akin to sending people through your sales funnel faster).
Let’s say you have a sales funnel that takes your target 12 weeks from the point when they first enter your sales funnel to the point when they hand over their money, take ownership of your product or service, and officially become customers. Speeding up your sales funnel might mean shaving off a couple of days – or even a couple of weeks – from that time.
This is accomplished by getting people to evolve their mindsets faster so that they move from one step to the next. Here are a few ways to do that:
- Adjust who your target market is, so that the first people you are pouring into your target market are those who are actually farther along in the mindset journey.
- Decrease the number of mindset steps. Instead of 15 steps, try 14 or 13. This isn’t necessarily as simple as just cutting out a step. It might be but it might also require you to revise the mindsets slightly. You’ll definitely want to test this.
- Conversely, you might find that you can speed up mindset evolution by increasing the number of steps. Yes, this sounds counter-intuitive but perhaps you can accelerate adoption because each mindset change is much smaller (and therefore easier for your target market to adopt).
- Incentivize people to accelerate themselves through the sales funnel. For example, you can entice them with a free offer or you can offer a discount if they buy within the next two days or if they prepay. (You don’t have to turn them into a full-fledged customer who receives your product or service. You can instead just get them to the point where they are committed to receiving the product or service in the future).
- Probably the fastest and easiest and most affordable way to get people moving through your sales funnel is by adjusting your marketing and sales content so that it highlights the pain. As you’ve read in a previous chapter, people will go faster through your sales funnel if they perceive their problem or need (and the resulting “pain” they feel) as being costly and urgent. The more costly you make it for them to live with the pain, and the more urgency you build into your content, the faster they will move.
The key to success in getting people to move through your sales funnel faster is to help them choose to move faster instead of rushing them. If you rush your target market to buy from you, you’ll actually drive them away because they will not have fully embraced each step of their mindset evolution. However, you can help them to choose to move faster through your sales funnel with some of the ideas I’ve described above.
This chapter is excerpted from an early draft of my book. Comments and constructive criticisms are welcome. Please be aware that the chapter content and chapter order may change by publication.