Confused about funnels? sales funnels? marketing funnel? do you need a marketing funnel or sales funnel for your business?
“What is a sales funnel or a marketing funnel “
If technology and funnels aren’t your thing … here’s my super quick TECH-FREE Shop Window Analogy of a marketing funnel or sales funnel (they mean the same thing 🙂 )
Or if you’d prefer to read an overview…
What is a sales funnel or a marketing funnel?
For those non-tech-savvy people, I’ll use the analogy of customers buying or making purchases from your shop on the high street. So if we see the funnel as a shop window, if you think about a high street shop with its shop window, and you’ll have people passing by. Many will take a glance at your window or sign, but actually for most people, your shop may not be relevant. It might not sell products relevant to their life. Or, it might just be they don’t fully understand how your products or services can help them and what problems you solve.
Some people may just walk straight on past, but if we estimate that around three in one hundred will take a look through the window and come into your shop. That equates to a 3% click through rate, people who click on your ad and get to your freebie/Opt-in landing page.
Typically 30-40% of those people who clicked through to your lead magnet page will go on to opt-in and give you their name and email. So, instead of just looking through the window they’ve actually come in to your shop, and they want to take a closer look at what you have to offer.
From those who have come in to your shop, around 1 in 20 (5%) will actually go through with a purchase or in funnel terms ‘the conversion event’. As a coach, agency or consultant this could be a strategy call or a small ‘tripwire’ purchase. They want to build that trust and get to know you before making a bigger investment.
So, that’s the first conversion event. Then following a strategy call around 1 in 4 (25%) may be a good fit to work with you and will go on to make that purchase of your core product.
So, you can see how we’re not going to convert everybody into being the customer and it’s the same on the high street. The more interest you can generate and higher relevance for the people you are trying to attract, the more likely, they are to take a look in your window, to come in to your shop and make that first easy, frictionless purchase and then go on to become those best and regular customers.
[5 min Video] https://youtu.be/M_AUi4Lp9Ag
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