What is a sales funnel?
Ever wondered if your website was actually doing anything for your business? If so, you aren’t alone. Most peoples websites are not performing as well as they should be.
Enter the sales funnel. A fairly new concept to people who aren’t insanely obsessed with marketing like I am.
A sales funnel in its simplest form is a way to take a cold prospect and turn them into a customer, and then a repeat customer.
I believe every business can benefit from a sales funnel and when you create one, you can use the data you gather to understand how paid advertising can work for your business.
Once you dial in your numbers, you can expect a fairly certain return on your ad spend. Instead of hoping and praying that the money you spend on your traditional ads is going to lead to more sales, you know that for every dollar you input, you can expect to get a larger amount back at the end.
Getting to this step is not easy though. You need to understand the numbers at each step of the buying process and be willing to test and optimize the parts that aren’t working.
For example, a simple improvement on your landing page from 15% to 20% could lead to a significant boost in back-end revenue for your business.
When you are getting started with your sales funnels, you’ll need to know the conversion rates of each step of the process. You’ll need to know the landing page opt-in percentage, you’ll need to know how many people who see the thank you page become front-end customers.
After that, you’ll need to know which percentage of those who bought on the front-end purchase on the back end and test to improve every single one of these numbers.
After a while, you will have the data necessary to make accurate estimates for your advertising. It’s not easy at all, but its something that once you figure out, you can scale your advertising campaigns because you know the numbers.
The hard part is being willing to spend the money on the front-end to find what’s working and test to find what works better. Most business owners aren’t willing to do that.
Those who are willing to test and test some more will succeed with this.
Once you know the numbers needed to break-even, it’s simply testing until profitability.
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Another great video on the topic: https://www.youtube.com/watch?v=hkRpiht2jV8
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