As a business owner, be it on a large or small scale, but most especially the retail business, you might have heard about marketing funnel , and then you wish to know more about a Sale or Marketing system . Before going deep into what a promotion steps you need, I will like you to flash back and remember the kind of reaction you get the first time you told your loved ones you were starting your small or retail business?
A lot of congratulations. Am sure. Perhaps, some wished well while others don’t believe it will work out well for. However, what those well wishers don’t’ know is that luck is not the greatest piece of the success of business. Not by a long shot. As a small retail business owner, you know this better than anybody else. Nobody feels the hurt of a close loss than you. Is it the time of challenges, down time or time of falls and rising – All for good.
What contributed more to the pitfall in most cases is because so many small retail businesses have sales funnels that are a leaky mess of cold calls, patched together spreadsheets, missed appointments, sticky notes, inconsistent messaging, and follow-up.
Though, even with this, you strive forward because you are a badass retail business owner that figures out the way to make things work.
But there are better ways. This article will give you a “Waooh” moment. We want to show you how to utilize your marketing funnel to bring out the best out of your business so you can see it grow as you have so much desired.
So What does Sale or Marketing Funnel Means? You want to ask if it is the type you use in cooking or the type that comes along with a college beer bong. No, it is not. We’re talking about marketing funnels and sales funnels— This is that type you must get right if you need your business processes to run as effectively as possible.
You may wish to call it a conversion funnel, marketing pipeline, sales cycle, marketing funnel, sales funnel, sales pipeline, sales process, or any other terms that describe this exact thing. It is the upside-down pyramid that depicts the journey a potential customer will go through before becoming a customer. The funnels get narrower at the down and wider at the top as a potential customer moves closer to the sale. A multi-modality campaign, multi-step that subtly and seamlessly leads a prospect toward a fulfilled action.
The Fact is, you own business because you have processes to:
- Obtain new leads and prospects
- Change those leads into buyers
- Get the buyers to buy more repeatedly
Though it may not be an optimized process at present, each business has a way of going about all the listed things above. Nevertheless, there is always a step to take to be distinct from the crowd and have dependable repeat customers than competitors that rely totally on the type of funnel you use.
So, What Kind Of Marketing Funnel Should You Use?
Well, that depends totally on which type of business you run. There are specific types of sales funnels for coaches, authors, consultants, service based businesses and speakers.
Yes, it means all you realtors, dentists, chiropractors, or any other kind of service business, there are specific funnels for you.
Fine, you may sell services, information, physical products, or supplements.
Once you own business, there is a particular funnel that will work for you!
There are three categories of Marketing funnel a business can employ.
- Acquisition Funnel
- Activation Funnel
- Monetization Funnels
Each one has a special function in your business.
An acquisition funnel should be architected and designed to help get as many new customers and prospects as possible in business. Examples of Acquisition Funnels used for generating new prospects for business include the Football Phone Funnel, Splinter Offer Funnel, Free Book Funnel, Value In Advance Funnel, and Trial Upgrade Funnel. Out of all the acquisition funnel, none is more useful than the Splinter Offer Funnel. It helps to identify a higher-priced offer (membership or continuity offer) which can be “splintered” into smaller fragments and offered to prospects. It will get many prospects, and the sales of these prospects will help out in offsetting traffic cost. However, the acquisition funnel will not MONETIZE your customers and leads which are not also the best for ACTIVATING many fresh buyers.
Due to this reason, Activation Funnel will be needed
An activation funnel should be architected and designed to help the business change as many of its inactive buyers (prospects) into a recent buyer. It helps in converting large numbers of leads to buyers. This Funnel needs some detailing as it is a very significant funnel.
The Reason why The Activation Funnels are Imperative Over Others
As soon as there is an effective transaction, there is a much higher probability of a second, third… purchase. The main goal of this Funnel is the MEASURE of transformed leads and customers and not profit making. It is until these activated customers get to a Monetization Funnel before the profit can be gotten. Flash Sale Funnel is an example of Activation Funnel used in activating buyers. The Funnel uses two means of conversion to get buyers activated.
The Deep Discount and The Limited Time
Taking Black Friday and the Groupon Sale as an example, you will see that the aim of these sales is not to make a profit, but the aim is ACTIVATION. It simply means you should offer all the value you can offer at the least price you afford to give.
This deep discount and limited time flash sale are more probable to ACTIVATE great amounts of existing prospects. By the transposition of the offers made in the Acquisition Funnel, A whole new funnel with a changed business aim: ACTIVATION.
However, we have not MONETIZED these customers and leads. For this reason, it will be necessary to create the Monetization Funnel.
A monetization funnel should be architected and designed to help the business in the generation of revenue from its indoctrinated subscribers and active buyers. Magic Question Funnel is an example of Monetization Funnel. Whenever you want your current leads and customers to sell big-cash products — utilize the tool- Magic Question Funnel.
Ultimately, you’ll want all three funnel types in place: Acquisition, Activation, and Monetization. However, the goal is one funnel at a time. All business should employ each funnel at different times to different prospect and customers. Start with the funnel type that will EFFECT your business at present, but enlist the other types of funnels for further use.
Once you are leveraging the power of any of the type of Marketing funnel, you will start getting “New Prospects, Activating Buyers And Effortlessly Converting Them Into Multi-buyers”.