My name is Matthew Bredel and as of March, 2007, I am a full-time, work-at-home internet marketer.
For close to 10 years, I worked for a defense company which was an OK job, but I was so uninspired in life and frankly, I needed some more money. That is when I first discovered internet marketing! Now I admit that I didn't start making thousands in my first couple of months (in fact, I lost my shirt!), but I finally saw the "internet light"...
After my blog post last week called Is Funnel Marketing Obsolete?, I got a few questions from people wanting to either understand what funnel marketing is or how they can apply it to their own business.
As I explained last week, it is the simple process of initially offering something of high value at little or [...]
After my blog post last week called Is Funnel Marketing Obsolete?, I got a few questions from people wanting to either understand what funnel marketing is or how they can apply it to their own business.
As I explained last week, it is the simple process of initially offering something of high value at little or no cost. Then, you can slowly starting varying the weight of the value and costs appropriately.
Example: Since I sell a lot of information products, it is an easy type of product to create a funnel on.
The top of the funnel is the barrier of least resistance for the visitor to convert on an action. In many cases, like information products, this funnel begins either with free content (no opt-in) or a request for an email address and name to receive content.
Now the “free content” is kind of a new thing. You’ve probably heard of “moving the free line”? Well, in the current state of the internet, offering quality, free content with no commitment whatsoever is a common practice to start the funnel.
You may ask: “What about physical products?”
There are two answers to this:
1) The “loss-leader” - this is essentially the “free sample” with no commitment. This will cost you money up-front, but if the product is good enough, it should instigate a sale later on down the funnel (which ultimately justifies the initial cost). In the video, I go over the eBay example of a loss leader on the internet.
2) Information is valuable and plenty for almost any product or niche. If you are selling fishing products (the example I use in the video a lot), you may want to produce a simple video on how to effectively attach a lure. Or maybe you write a 10 page report about Nine Things You Must Know Before Buying a Lure.
Again, physical or virtual products: it does not matter.
What matters is that you catch the person’s attention and the information (or product) you provide them is well worth the cost they paid for it (and at the top of this funnel, it is usually free or the cost of their email address).
Least Resistance at first.
The second step once you get them into the funnel is, of course, keep them in the funnel. Continue to provide good (GREAT) service and products and slowly start charging for the products. This may start out as a $37 eBook and then lead to a $50/month membership. Later, this can ultimately lead to $1000+ products such as conferences, mentoring, coaching, etc.
But notice that the funnel only works as long as you deliver.
This is why funnel marketing will always be successful: the buyer already has a pre-notion of what they are buying and as long as they feel that the last step in the funnel was worth the price, they will always be open to pay the higher prices in the future.
(I love this stuff!)
cheers…matt
P.S. Check out Seth Godin’s take on Understanding the funnel (Seth Rocks!)
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Don't Buy Another Money Making Product Until You Watch These FREE Videos! |
I covered this topic in a piece “Social Media Conversion and the Social Media Marketing Funnel” at http://bit.ly/dsPrq … worth checking it out.
Best,
Social Steve
January 24th, 2010 at 5:32 pm
Nice blog here! Also your website loads up fast! What host are you using? I wish my website loaded up as fast as yours lol
March 3rd, 2011 at 8:33 am