In the past several lessons we’ve been talking about creating your product. It might be your first product, or it might be one of many products in your arsenal… either way, it’s important to look at how each product fits into your overall business strategy.
Today we’ll be looking at your marketing funnel, and an alternative viewpoint…
(Watch this video…)
1) Evolution of a prospect to a customer. (awareness, consideration, preference, action… etc)
Here is a diagram of this type of funnel:
2) Price-based funnel, with levels for each price range. (This is the kind we’re talking about)
– Freebies and loss-leaders should pay off in the long run.
– The hard cost of giving away information is virtually zero.
Free Membership sites
Free Trial Memberships
Free plus shipping*
Low Price Level: ($1 – $100)
Trial Membership Offers
Paid Membership Sites
Medium Price Level: ($50 – $1,000)
Exclusive Membership sites
Home Study Course
Big Ticket Level: ($500 – $100,000)
High-end services: copywriting, websites, etc.
Home Study Course
Anything requiring your personal time
– It’s basically a non-linear approach to the strategy. Instead of a funnel, we can picture it as an archery target. (See video for details)
– It is prospect-focused rather than product-focused.
– This methodology dictates that it is often best to start with a mid-range product. This way you can make more profit up front, and move from there to both higher and lower price points.
-Prospects can enter at any level.
-The natural direction of movement is down through the channel (like the Funnel theory), but they can also move up or jump around (like the OCM theory).
1) Draw an outline of your marketing funnel or target, and create some levels for it.
2) Determine where your product fits into this structure.
In the next lesson we’re going to look at how to find the best price for your product!
As always, you are welcome to post your questions and comments below.
Have a great day!Tweet