Yesterday I posted a video showing how to Double your Profits in 8 Minutes.
Well if you didn't take the time to watch it, go back and take a look at it. For those that watched it and want to understand the sales funnel and process better keep reading.
Double Your Profits is based on making small incremental changed to different parts of your system. In this specific case, Scott Hallman uses the process of a sales funnel.
Before we go to far let's define what a Sales Funnel really is. Think of a sales funnel as the process of finding people interested in what you offer at the very open end to the process of supporting and keeping your clients at the narrow end.
Now many people envision a sales funnel with a narrow and short spout. You can see a couple of examples here. 
Notice how one of them has a longer spout than the other one? Most business owners lose sight of the fact that a funnel ends. That is where we really miss the boat and the image gives us a false idea. Our Sales funnel imagery gives us the belief that we work to find people who are interested in our products. We sell them something (maybe several items or services to them). Then we turn them lose.
Is that really our goal? To pour people through a funnel and let them exit at the end? While the sales funnel is a flawed image we can learn a lot from it. Before we end this post I will give you an idea on how to change the image so you can get the power of the Sales Funnel without losing your customers at the end.
So in Scott's video presentation he covers several items in the funnel that allow you to double your profits. I will cover each section below.
The goal of the process is to widen the funnel by small amounts in each area. By doing so you get a multiplicative effect instead of an additive effect. The power of this really shows up as you make these small changes to more and more systems that interact.
The top of the funnel
- Lead Repsonse Rate
- Email Optins
- Communicate Message
- Complete Sales Process
- Trial Offer
- Client Conversion
- Average Transaction
- Up-Sell/Cross-Sell
The bottom of the funnel (Or in most cases after they exit the funnel and enter into a client channel. Think of it as a funnel pouring into a water hose. You keep the client happy and flowing down the pipe. Many people even ignore this whole section. They see the funnel as the end of the process rather than the beginning.
- Retention Rate
- Frequency of Purchase
- Your Purchases / Year
- JV Purchases / Year
- Number of Years as a Client
- Referrals
- Reactivate Customers
Now before we end this, ask yourself how many of those items do you have in your business? Is your funnel complete or does it have a ton of holes in it? Do you focus on your current clients as much as you do finding new ones? The lowest cost sales come from existing clients and customers. Because you have already built the trust and relationship with them, they are easier to convert to buy again. A new prospect has to be wooed and won over.
Now of the ones you currently have in your business, how many of them do you have a systematic method for measuring the results and increasing the performance? Many of them can be improved without spending any more money than you currently spend. That is where the power and true impact to your profit come into being.
To your wealth
PS Leave your comments below. I would love to hear if you have implemented these ideas or if you have questions about them.
Recommended Reading
- what is wealth
- Free Annual Credit Report
- Starting a Business Online
- Scam of the Week -Warning
- Residual Income Opportunities
- Consistent Strategy to Attract Clients
- Creating Wealth Online With Cooking
- Happy Birthday Dad
- Video – Stock Market Prediction 2010 by Tony Robbins
- An Interesting Niche Idea
- Would you Spend $3 to get over $2500?
Other Articles You May Find Interesting - Starting a Business Online Starting a business online is a great way to leverage your business. It allows you to remove geographical limitations from your company. The internet connects...
- Scam of the Week -Warning I used to get a ton of spam emails from Nigeria. They always had somebody who had recently passed away with no living relatives and...
- Why you should get out of the stock market now Every retirement calculator depends on being able to forecast a return on investment. We have been told that the stock market averages 10% a year....
- Do You Have Trouble Saying No? For many business owners and entrepreneurs saying No can be one of the toughest things to learn to do. When you first get started in...
- Law of Attraction Plus the Law of Action Remember the movie The Secret It came out in 2006 and focused on the Law of Attraction and how simply thinking about the things you...
Other Websites You May Find Interesting - How To Make Profits From Affiliate Marketing ? Secrets Here Affiliate marketing is one of the profitable online business and it doesn't even takes much...
- Turning Blog Visitors into Blog Readers One of the most important things that you can understand when it comes to your...
- Improve Corporate Communication with Blogging In this day and age, the hottest media and the hottest method for communicating with...
- How To Get Started With Headline Development And Improvement High converting headlines as well as those that have stood the test of time resemble...
- How to Handle Product Placement on a Corporate Blog A corporate blog can be an incredibly powerful sales tool and many people begin this...
