To put simply, a sales funnel is the buying process you take your targeted audience through in order to increase your profits. How simple… or detailed your sales funnel is, depends on (a) your industry, (b) the type of funnel you are looking to activate, (c) your business model, and (d) the goal of your sales funnel.
And before you can even think it – the goal is NOT “to make more money”.
Every business owner wants to make more money – your goal should describe how that is going to happen.
As an Implementation Strategist + Business Success Coach – I empower my clients through the sales funnel process almost daily.
Today, I am going to share with you the sales funnel formula that changed my business. The formula is the base of my process. Once the formula is complete, I then walk my clients through creating a custom sales funnel that is specific to their goals, needs, and products.
Use it.
Share it.
The Sales Funnel Formula – Simple Edition
Step 1: The End Game
We always start with the end in mind. In order to create the best actions steps for your sales funnel, we have to know what is the final destination for your target audience. I instruct my clients to use the SMART goal formula.
Step 2: The Locker Room
Repeat after me: “My products are not for everyone. They are for a very specific audience and my job is to define who that audience is.”
It’s one thing to create a sales funnel – it’s something completely different to activate a conversion tool that brings in consistent cash flow.
Know your audience and get to know them well.
Step 3: The Players
Select the products that are going to be offered in your sales funnel. The trick here to make sure your products are aligned. The simplest way to accomplish this is by first deciding what your high-end offer will be. For my product-based business, you want to focus on your two most popular products.
- 3a – What is your VIP offer or product?
- 3b – Do you have a suitable mid-tier product that aligns well?
- 3c – Pull one step from your VIP offer or select a low-priced product idea to offer as a lead magnet.
Once you have completed The Sales Funnel Formula you can then work on creating your game plan.
Now, let’s talk about how you can use the formula to hit your new profit goals.
Profit Map 1.0 is the strategy I used to hit my first six-figures in business. I used this strategy for about year while working a full-time job and as I gained more confidence in my business and steadily raised my pricing on my VIP offer.
Profit Map 1.0 is a great strategy for those who are new to the online marketplace as well as those who are looking to build a business while working a full-time job. The idea of this Profit Map is to build visibility, solidify yourself as a go-to answer for your village and activate a simple profit plan that leads to consistent income.
- Use a lead magnet to generate buzz around your village. This is the first step to gaining authority in your industry. Your lead magnet should be high-value – give them a glass of milk but do not give away the cow aka high-value offers a solution to an immediate need but it does not solve all of their problems. It’s important that your lead magnet attracts your target audience, so when choosing your lead magnet make sure it is relatable to the people you described in step two of The Sales Funnel Formula AND aligns with your final product offer.
- Increase engagement with a moderately priced solution that serves as a how-to. I started my business my offering digital products. I didn’t introduce 1:1 coaching until almost two years in. Digital products were the perfect compliment to my speaking engagements and it did not require me to carry around a carload full of “stuff”. Another great thing about digital products is the versatility they provide. They are easier to upgrade when needed and the depending on the depth of the product you can price them as low or as high as you want. A key thing to remember with this funnel is that any product any level should over deliver on your expertise. It should give your unique client match everything they need to solve the problem the need help with.
- It’s not about the content, it’s about the transformation you provide. When I first started adding a 1:1 coaching option to my business, I sucked at selling them. Not because I lacked the skills to produce at this price point (and in some cases 5x higher) it was because I thought I was selling the service. The truth of the matter is, VIP is about the transformation you provide. It’s about how you use the content in your expertise to rock your client’s world. This VIP level is perfect space for 1-day intensives. In 2015, I was a “working femalepreneur”. I was still in a full-time position and the demands of my position were bananas. That didn’t deter me from goal. In fact, I was able to hit my first six-figure year in business in 2015 while also spending more time on the road than I did in my home. Offering VIPs was the perfect compliment and why I also suggest them to femalepreneurs who want to create a high-end product before divorcing their cubicle lifestyles.
If you are not tech savvy, the thought of building a sales funnel can be overwhelming. You begin to wonder if you are in over your head. Don’t worry – if the idea of tech scares you – I offer sales funnel implementation assistance, as well as sales funnel reviews. Together we can figure out what will work best for your business without breaking the bank.
When it comes to sales funnels, one of the most frequently asked questions I am asked is… “Kim, what systems do I need to build my first sales funnel?” I typically recommend Clickfunnels. That’s because, with their two-week trial and the right guidance, you can activate your funnel and begin to make money almost immediately… and make enough to have the system pay for itself.
During my upcoming Funnel Bootcamp Challenge – I will be giving you the step-by-step blueprint on how to create a funnel that aligns with your custom funnel map. Tap the button and sign up today! We begin on March 27!!!
