Hey there! Craig Dawber here, and I hope you’re ready to learn more about mini sales funnels and how they can help your Internet marketing business.
The sales funnel concept actually dates back to 1898. Elias St. Elmo Lewis first thought of it. He used the technique to help people understand the process of selling life insurance.
Traditionally, in the business to business world, the purchasing process is comparatively complex. The process from the first contact then through purchase order usually involves more people, more time and more steps.
Therefore, instead of having one big funnel for all the opportunities, prospects and customers, it is advised to consider the mini sales funnel concept.
The mini sales funnel concept is about funnels that are inter-linked together into such a sequence that it will guide customers down the purchasing journey.
In the world of internet marketing, the word “funnel” is rapidly becoming one of the most misused and confusing terminologies to get your head around…so today I’d like to cover mini-funnels in more detail.
The mini sales funnel concept has many benefits. Some of the important benefits are as follows,
- The mini funnels give the customers the option to take the option. The customers can go through the webinar or a demo prior to making a purchase.
- A mini funnel has outputs and inputs that can be easily measured, managed and improved
- A mini funnel has a goal and that is to lead customers to the next step in the purchasing process.
- Mini funnels can be mapped and illustrated on a single page of paper.
- Mini funnels are less time to consume. The mini funnel is a distinct order of work activities that can be planned and implemented in some days.
- Mini funnels create more valuable outputs as compared to the inputs
- Mini funnels can be thought of as an asset as they generate value in the form of revenue.
Types of Mini Sales Funnel
The mini sales funnel concept can be mainly classified into three categories. They are,
- Lead Generating Funnel – Examples of lead generation funnels are cold e-mail funnel, social selling funnel, and inbound marketing funnel. They are used mainly to attract high-quality leads.
- Sales Converting Funnel – Sales conversion funnels are mainly for converting leads into sales opportunities.
- Customer Success Funnel – Customer success funnels are to maximize lifetime customer value. Few examples of customer success funnels are loyalty funnels, advocacy funnels, and referral funnels.
Mini Sales Funnel Concept for Online Businesses
Mini sales funnel is basically a set of web pages, set in an order that one sends targeted traffic towards. The results and outcome from each funnel are directly are directly affected by the set of chosen web pages and the order that they are placed in.
The first step of using a goal is to define the goal for using it before dealing with the technicalities of creating different types of funnels. The importance of identifying the goal is important because once the goal is known; building a funnel becomes relatively easier.
Furthermore, there are only three goals a funnel can achieve for the business.
These three goals are as follows,
- To acquire new leads.
- To convert those leads into purchasers.
- To get those purchasers to purchase more and purchase often.
A funnel should be treated as a business asset and should be built and used with care in order to develop the position the business is in currently. A funnel is also used to achieve the preset specific goals and objectives.
It is advised that before running the right funnel, one need to do an honest evaluation of the online business and zero in the type of goal that would benefit the growth the most.
It is worthwhile to note that a regular income is not possible without buyers and at the same time one can’t have buyers without leads. Usually, a tendency to rush to the monetise phase is seen and eventually misses the first said goal and sometimes the second goal as well. This can be considered as the most common and primary cause for the failure of many people.
The funnels are like assets and like assets, the funnels too can appreciate and depreciate depending on factors and can get botched up if the business is not organized.
Taking into consideration that sometimes all the three goals are desired, there is a technique to achieve all the goals in a lesser time. This technique requires mini funnels to be built first. This technique is easy, fast and is ideal for new online marketers. This technique can also be beneficial to older internet marketers that are not making a regular and consistent online income.
Like every funnel, it is required that one needs to define its goal. In this case, the goal of the mini funnel is to achieve the first two goals at the same time and then proceed to the third goal. In other words, the funnel will help firstly to acquire new leads and secondly to convert those leads into buyers.
The mini funnel employs the CVO concept that was created by Ryan Deiss and DM Labs. It consists of four steps mainly. They are,
– Lead Magnet – This is the first step and it is mainly utilized to capture the leads email address.
– Tripwire – As the second stage, tripwire’s goal is to transform the lead to a potential buyer.
– Core Offer – The major product in the four step funnel is the core offer. The core offer will help the business to make the majority of the money. This stage will be further used to commence the third goal.
– Profit Maximiser – The final stage of the strategy is called profit maximiser. This is used to maximize the average transaction value for each and every customer.
Each step in the above mini funnel serves a purpose and all the steps are as important as the next & the previous one.
The four steps are tailored to flow seamlessly into one another which will enhance the transition from a cold lead to a hot buyer.
Further, this will also assist in keeping open rates, click rates and all other conversion rates for all future follow-up marketing. The possibilities with the mini funnel strategy are endless.
The entire process can be automated with email marketing and the only requirement is to keep the focus on traffic and the funnel will ensure the rest. The most important advantage is that the whole exercise in just about a day.
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To YOUR Success,