If you want a successful online business you must have a properly executed sales funnel that has been tested, optimized, and has a proper strategy behind it. Without these, you will not only lose potential leads on a daily basis, but you will miss out on turning those leads into potential customers.
Every successful sales funnel must start with a good mailing-list building plan which begins with turning every possible visitor to your site or offer into a lead that you can re-market to even if they do not purchase from you. The most common way to do this is to offer a free gift of some sort that is of value to your general visitors.
You also must do whatever it takes to drive properly targeted traffic to your site, an area that is often overlooked by businesses who tend to spend money on cheap traffic sources without effectively understanding their target demographic.
This can be a very costly mistake that results in low conversions that could make you mistakenly think that your offer or business is the issue when it actually is not! In most cases it is the quality of traffic combined with a poorly conceived sales funnel.
Here are the five most common reasons why a sales funnel will fail:
#1: Not Split Testing
The first and most important part of your sales funnel process is your e-mail capture page. This is where you convert new cold traffic into potential customers by creating a relationship and building trust.
For every visitor that does not opt-in to your list you will have lost a potential customer. So STOP wasting your hard-earned cash on generating traffic if you are not split-testing your opt-in page to maximize conversions and targeting your traffic properly at the same time!
It is important to understand that a 10% opt-in rate which is increased to 13% is a 30% increase in leads. That translates to a 30% increase in sales and conversions throughout your entire funnel. Seriously. This cannot be understated enough. If you don’t want to split test your entire funnel, then at least work on your lead generation page.
#2: Strong Sales Pitch
Presenting your sales pitch to early and too strong is a huge turn off. People don’t like that. Do you?
First impressions are everything and this can leave a bad taste in peoples mouths. You need to build trust first. Give them value. Teach. Let them know you are not in it just for the money. Believe in you, believe in your product and how it can improve their lives, if it is good, it will sell itself.
On a first date if you make a move too early all is lost. The same goes with your potential customer. You need to help them get to know you, present your best side, and don’t scare them away.
Offer value, provide fantastic content, and be your unique self. Create a trusting relationship before you start to sell. That doesn’t mean you should not mention your offer, but do it in a natural way. Leave them feeling like you know what you are talking about and have real value to offer to their lives.
#3: Never Giving up on Leads if They Say “No”
If a lead passes you on your $17 product or service now, it does not mean they will not buy your $300 course later. Remember, it is about timing. If someone is on your list, then there is always the potential for a sale. It just might not be when you expect it. Always treat all leads as buyers, even better yet, as family!
#4: Always Offer Related Products & Services
When someone has just purchased your product (or service), they are in a buying mindset. This is the best time to cross-sell or up-sell them on other “related” services and products.
Buyers tend to be impulsive, so use that to your advantage. As long as the product compliments your initial offer, and is of value, then go for it. This process can literally turn a losing campaign into a profitable campaign.
If you have a low conversion rate on on a higher end product, then offering it at a discount to a buyer who just purchased a lower cost product, can lead to more sales.
#5: Have an Entire Spectrum of Products to Offer
If you have a higher end product, then offering lower priced products first, could increase the sales of your higher end offer. But either way, having just one low-end or one high-end product can do major damage to your business if you don’t have a proper way to pre-sell your product or service.
You need to have both and whole range in-between ideally. There are always buyers who are willing to pay thousands for a specialized service, training, or mentoring etc. But don’t start off there.
Build from your less expensive products, by offering those first. Create a relationships, build trust, teach and train, and you will be surprised how much, and for what price, people are willing to buy from you. It is true. Testing will always tell you what works. It is the only way!
Give people the opportunity to invest in you as a person, and give them something worth investing in.
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