3 Elements of a Profitable Sales Funnel
Without a profitable funnel, your copywriting and marketing efforts will be mostly wasted.
The purpose of a funnel is basically to lead your prospects to a desired action (usually, a sale). Instead of asking them to take a big step right away (like buy an expensive product or service), you take them through smaller steps that eventually lead to a bigger sale.
To use a dating analogy, you don’t propose to a stranger. Instead, you ask them for a cup of coffee.
And the right funnel will generate exponentially more sales than a typical one-off sale.
So, what goes into a profitable sales funnel that works for your business?
There are three essential elements. Once you have these set up, everything in your business becomes much easier.
The 3 Essential Elements of a Profitable Funnel
Your Flagship Product or Service
This is your main product that defines your business. It’s your core offer – your bread and butter. It’s at the end of your funnel. The price here will be something mid-range ($50-$200).
For example, for a guy like John Lee Dumas of Entrepreneur on Fire, his core offer is “Podcasters Paradise”, where he teaches people how to create a top ranked podcast.
Your core offer should fit well with what your market wants. If you already have a list, you can test this by creating a survey and asking your prospects what their biggest issues are.
Then, you can create a product around those big issues.
If you don’t already have a list, you can do this through Facebook advertising. You can create a different ad for each potential problem, and split test them against each other to see which get the most clicks and engagement. Then, you can take the most popular problems and create a product around those.
The point is to be sure that your market actually wants your product before you create it.
The tripwire is an extension of your flagship product. The price range is low ($7-$10). The point of this is to be a no-brainer product for your prospects to buy, cover your ad spend (if you’re paying for traffic), and determine who the real buyers are. You also get them on the path of commitment and consistency.
Your tripwire will usually simply be a module from your core product. This makes the sales process simpler. Once prospects buy a “piece” of your core product (the tripwire), they are much more likely (up to 10X) to buy your core product.
It’s best to choose the piece of your core product that most relates to your prospect’s biggest problem. So, choose whichever problem got the most votes on the survey, or most engagement through split-testing, and center your tripwire around that.
The Lead Magnet
The lead magnet is a further extension of your tripwire. It’s a piece of free, digestible content at the beginning of your funnel. The purpose of it is to collect the emails of your prospects.
They key here is to relate your lead magnet to your tripwire product. This, once again, plays on the principle of commitment and consistency.
Think of your tripwire product as the “how” to solving their problem, and your lead magnet as the “what”. You want to tell them what to do, and then give them the tripwire product to show them how to do it.
Here’s an example of what these three elements could look like for a fitness funnel:
Lead Magnet: 5 mistakes every guy makes in the gym
Tripwire: The ultimate chest routine (A set of workouts for building muscle in your chest)
Flagship Product (Core Offer): A full, customized workout routine (whole body workout)
Use these three elements to start constructing a funnel for your business. Each is essential to the success of your funnel.
Want us to help you create these elements and set up a profitable sales funnel for you? Send us an email here!