A well-designed sales funnel is the backbone of any successful website or business. If you have a strong sales funnel, you’ll be able to maximize the amount of sales you make per visitor. This allows you to funnel money into future products, advertising, staff, etc.
Yet business owners often disregard the important of a properly optimized sales funnel and that mistake can cost them a lot of money. Here are five of the most common mistakes and how it you can avoid them.
==> Mistake #1: Not Split Testing Email Opt-Ins
Your email capture page is the first step in your sales funnel. That means it’s the highest leverage step and the most important because it is responsible for converting cold traffic from your marketing efforts into prospects or buyers that you can cultivate and build relationships with.
Any lead that does not opt-in to your mailing list, is a lost lead. An increase from a 10% opt-in rate to 13% opt-in, is a 30% increase in not just opt-ins… but for your entire business across the board. That means that you will will make 30% more sales if you have 30% more people to follow up with.
Even if you split test nothing else in your funnel, you should absolutely be split testing your opt-in page all the time.
==> Mistake #2: Introducing Yourself with a Sales Pitch
Marketers often make the mistake of coming out with guns blazing, selling and selling and selling right off the bat. This makes quite a bad impression and does not help build trust in consumers.
In the beginning, new subscribers have no idea who you are. They don’t trust you yet and you have no credibility yet. If you come out the door selling hardcore, they’re going to assume that that’s all you’re about and they will quickly start to ignore you and build up their defenses.
Instead of doing this, offer value, offer great content, and be yourself. Learn to build trust and credibility first, before going for the hard sell. It’s okay to sell a little bit in the beginning, but don’t go overboard.
==> Mistake #3: Assuming Leads Are Worthless If They Don’t Buy
If someone doesn’t buy your $47 product today, doesn’t mean they won’t buy your $2,500 workshop a year from now. Leads don’t always convert linearly and some people just need more time to develop a buying relationship with you.
Don’t discount your leads simply because they don’t buy right off the bat. What if your lower end products are not what the consumer is looking for or the timing is not yet right? If the person is on your list, and they stay on it, then they are always a potential buyer.
==> Mistake #4: Wasting “Buying Mode” Cross Sells
The best time to up-sell and cross-sell is when someone has already bought a product. Right after someone buys something, they’re much more likely to impulsively buy another item.
Your standard conversion rate on your $297 product might be 1%. But if you offer a $40 discount to people who just bought your $47 product, a good 30% of them might take you up on it. That’s a conversion rate you’ll never see anywhere else.
Make sure you’re taking full advantage of the “buying mode” phenomenon by adding cross-sells and up-sells to the “Thank You” pages people see after making a purchase.
==> Mistake #5: Not Covering the Whole Spectrum of Prices
Don’t just have low end price tags. There are people in your market who’ll gladly pay $2,000 or even $5,000 for a product, if only you offered it.
Give people the opportunity to spend money with you. Start your business by producing the low price point products, but make sure to eventually graduate to high price point products.
If you are looking for a system to help you build the perfect sales funnel please see our recommendations.