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.
Throughout this book, you’ve read about growing your business by using different strategies and tactics in your sales funnel. I’ve made the assumption that you have only had one sales funnel to work with, driving one target market to one set of products or services. I used this simplified approach because it’s helpful and less overwhelming to learn all at once.
If you are just starting out, you should start with just one sales funnel – serving one set of products or services to one target market. It’s simple to set-up and you can optimize your sales funnel to increase profit. There’s nothing wrong with having just one sales funnel and focusing your entire business on that, and then growing that sales funnel so that you end up eventually with one big, highly-optimized sales funnel.
But that’s not the only way to grow your business. You can also expand your business by creating more sales funnels. Many businesses have more than one sales funnel (and as your business grows, you might discover that new sales funnels tend to crop up). For example:
- Your business might have multiple target markets, which each require their own sales funnel because each target market goes through its own mindset evolutions. An example would be my former freelance writing service. I provided writing services to a few different target markets and each of those target markets had their own problems or challenges that my writing solved.
- Your business might have different products or services, which each require their own sales funnel because the mindset evolution for the target market is different for one set of products or services versus another. A great example would be a car dealership. A car dealership has several different profit centers – they might sell new cars, used cars, as well as mechanical services, and collision repair.
Another way to expand your business is to replicate your sales funnel through franchising. Franchising is essentially “renting” your sales funnel to someone else so that they don’t have to start their own from scratch. It might be just one sales funnel but the sales funnel is replicated over and over with each franchise.
McDonalds rents the right to use their sales funnel to a franchisee and that franchisee pays fees to operate the sales funnel. That sales funnel includes branding, marketing, and several systems to help deliver McDonalds’ product.
A less formal version of franchising is very common online where a highly successful mentor coaches his or her students to perform the same sales funnel activities that the mentor does. In the work I do with real estate investors, this is big business!
So you might be starting out your business with just one shiny sales funnel. What should you do?
My advice is to first focus on that one sales funnel. Master it. Optimize it. Scale it up carefully. Build a good, solid business around that one sales funnel.
In time, new opportunities will present themselves and you might end up either creating more sales funnels in your existing business (for new markets or new products) or you might end up franchising.
If you choose to build new businesses to reach new markets or to deliver new products then apply the same focus to your new sales funnel that you did to the first one – taking the time to master it, optimize, it, and scale it up carefully.
If you choose to franchise then you need to roll up your sleeves and put a lot of focus on making your one sales funnel insanely easy to use. Write out each step in your sales funnel in great detail. Make sure that the sales funnel can be easily implemented by others. Focus on making your sales funnel transferable.
When you grow your business, you are growing your sales funnel or you are creating new sales funnels or replicating your sales funnels.
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.