Building a business starts with determining your target market, that is who are you going to sell to.
The next step is determining what you’re going to sell, I call that the product funnel. The product funnel is your business; it defines the products and services your company provides. What your business sells defines the business. Looking at someone’s well-defined funnel tells you what their business is all about. Without knowing what you’re selling, how can you even begin marketing?
There are a number of different types of product funnels, however the most common by far is the Basic Product Funnel. Take a look at the image at the top of this post. It is a graphic of a typical product funnel for a coaching type business and includes the products and services that the company sells. Please note, I use the terms product and service interchangeably, they mean the same thing, whatever it is that your company sells.
Your free irresistible offer goes at the top of your funnel. This is sometimes referred to as a lead magnet. It is what drives your prospects to your opt in and give you their name and email address. This is how you build your email list. Great ideas for your lead magnet include Tips and Tricks, Best Practices, Resource Lists, How To’s, etc. It is important that your lead magnet be something educational, meets the needs of your target market and is compelling enough for them to give you their name and email address.
As you develop your product funnel, The free to low-cost products go at the top of the funnel and the products are listed down the funnel as they increase in price.
Your product funnel may or may not include as many products as the example. It is okay to start with 2 to 3 products in the top of your funnel and add products later.
Keep in mind the intention is to sell all the products in your funnel over time to all of your prospects.
Get started creating some great content and start making money today!