Copyright (c) 2009 Meredith Liepelt
I wish I could say that I created the business model called the Marketing Funnel, but it has actually been in existence for many years. This model is so powerful and has been used to transform many businesses just like yours! It acts as a guide to help you create multiple streams of income. Being a successful entrepreneur is about turning time into money, and having more than one income stream is arguably the best way to do just that. This business model illustrates the way to leverage your time and knowledge which will allow you greater freedom and success in your life and business.
So, what exactly is the Marketing Funnel? Visualize a triangle and turn it upside down with the point at the bottom and the wide part at the top. It should look like an ice cream cone. The concept is to get as many people in your target market to enter your marketing funnel at the top. You do this by creating a free sample of your work. This can be a free report or any other kind of special offer.
Once people enter your marketing funnel, you continue to offer them free access to you by publishing an ezine with highly valuable content. As you move down your funnel, you offer products and services with increasing costs. The idea is to have some people reach the bottom of your funnel and work with you one on one (these are your VIPs) and offer products and services at various price points along the way. Not everyone will reach the bottom of your funnel, which is precisely why it’s more narrow at the bottom. The fact is that you need clients and every level of your funnel. The “do it yourselfers” will be happy to purchase a home study course or other information product that is located toward the top and middle of your funnel. Others will want more direct contact with you and will end up at the tip of your funnel where you work with them one on one.
I love this business model for many reasons. First, this is a great way for your prospects to “test drive” your products and services prior to making a purchase. Second, it’s a sure-fire way for you to connect with your target market and find those who are attracted to your energy, message and style. Let’s face it, there are many people out there in the same industry as you offering roughly the same things, but trust me – there is a segment of the population that you are meant to serve! Third, you give your target market many options for how to work with and learn from you. For example, they can start by purchasing a low-cost e-book on a topic of interest for only $29. This is a low-risk investment for them, and it’s an opportunity for you to showcase your work. By delivering everything you promise in this e-book, chances are good that they will be willing and perhaps even eager to purchase from you again at this price point or higher, which then moves them down your marketing funnel. Fourth, this business model moves you away from trading time for money ($X per hour). Having multiple income streams allows you to free up your time to focus on the VIP clients you select – all while keeping, or more likely, increasing your revenue.
There are many ways to create products and services for your marketing funnel. Here are just a few:
– membership program
– paid newsletter
– audio class
This works for any industry, so don’t think this isn’t for you!
The Marketing Funnel is a fantastic way of helping more people and creating more streams of income! It is a strong and relevant concept for today’s service-based entrepreneurs. While the concept is simple, it is also important to carefully structure your products and services so they compliment and build upon each other.