Making a sale online can be a difficult process. It’s much easier to get an existing customer, to purchase additional products or services, than converting a brand new customer. In this article, we will review the steps to converting website visitors, into paying customers. Below are the 3 steps to creating a sales funnel to increase online sales for your company, using your website.
After spending numerous hours and marketing dollars to market your website online, you have finally attracted quality leads to your website. You’ve already crossed a big hurdle with search engine optimization and now you need to convert your new leads into customers. The easiest way to do this is to offer your visitors a free product, in a simple exchange for their email address. This is called a lead magnet. Lead magnets, can be PDFs, whitepapers, software or videos that begin to solve a specific problem for your target audience.
For example if you are a fitness trainer, you could offer a PDF or video on 5 Things You Need To Know Before Hiring A Fitness Trainer.
By offering a lead magnet, you are immediately showing that you are an authority in your industry. This also is the beginning of your marketing touch points, with perspective clients, that will subconsciously build trust overtime. Remember, if you have no leads then you have no sales. So find your markets biggest problems, provide them enough information to get them closer to their goals without giving away the complete answer.
Now that you have many qualified leads, you need to come up with a tripwire, to convert your prospects into buyers. A tripwire is an enticing low risk offer that your prospects can’t pass up. The objective here is not to get rich (or at times, even make money) on the first offer; rather it’s to convert your lead into a customer. Getting a new customer to open their wallets the first time, is a difficult task. Once a prospect is a customer, it is much easier to get them to spend their money on the additional sales. On average, customers are 30% more likely to make a purchase then a first time visitor. Now the trick for creating the perfect tripwire is to make the offer inexpensive.
For example, a five-dollar offer will convert much more often then a $50 offer.
You may not have a five-dollar offer in your line of business, but the objective of the example above, is to show you the goal of your tripwire, is to price it at an extremely affordable rate. Like I said, you may not make much money (if any) on the first transaction, but you will officially have a new customer. Think about what the long-term value of each customer means to your business. That’s a win!
Offer and Upsell
At this point, you have begun creating an effective sales funnel for your product or service. Now that you have created trust with a new customer, it’s time to present your core offer. This will be your flagship product or service that is responsible for the majority of your company’s revenue. Without your lead magnet and tripwire, you would have less than a 2% chance of converting a first time visitor with your flagship offer. By converting them with a tripwire, you will have higher than a 25% chance of selling your flagship product or service. This is much better right?
As your customers are checking out on you website or committing to you contractually (for those without e-commerce options), this is the perfect time to add additional products or services to the deal. Bundling something that would work great with your core offer is a great idea for an upsell. Researchers have proven that, once a person makes a purchase, the brain actually releases a chemical that transforms them into a buying mode. The idea is that people feel a sense of accomplishment after making a purchase and think that they are one step closer to their goal.
Sales Funnel Recap
So your next action step, as a business owner is to start building your sales funnel. Remember it is a lot easier to sell to existing customers than first time buyers. Start by creating your lead magnet and tripwire to setup the conversion of your core offer. Also keep in mind that your sales funnel won’t be perfect at first and you will have to constantly refine it. Try to put yourself in your customer’s shoes, to understand how to provide them the most value. If you would like more information on ways to increase online sales, then call us at 202-683-6881 or send us a message.