You may have heard the term product funnel, but do you know the exact meaning of this term? Product funnel is a relatively new marketing technique. So those without a marketing background may not be familiar with it.
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A product funnel is basically a series of products that you offer that range from free, or very cheap, all the way to continuity sales. The idea is to bring the customer into your funnel with free or very inexpensive items and then continue to offer them increasingly higher-end products and then ultimately you want to offer ongoing subscriptions or a membership site. The final phase of your product funnel is what provides you a continuous, steady flow of income.
List of Possible Products In the Product Funnel:
Now let us take a look at how speakers can create a product funnel. There are many different products that speakers can provide in addition to their speeches and seminars.
Offering an eBook is a powerful marketing strategy. There is a long list of possibilities in this category. For example, you can write eBooks that offer public speaking tips and guidance to other speakers, eBooks that are motivational, eBooks that offer marketing strategies for speakers, eBooks that describe ways to enhance a speech using tools like PowerPoint, eBooks that offer suggestions for selecting a speakers bureau or an eBook that guides other public speakers in the proper selection of a good speakers bureau. The possibilities are endless.
Other products that public speakers can offer in their product funnel include audio CD’s, downloadable video, DVD’s, books, educational courses about how others can become successful public speakers, teleseminars and podcasts.
Managing the product funnel
The most important aspect of managing a product funnel lies in the timing and the proper sequencing of offers to the prospective buyer. This means that you must have a clear marketing plan before you attempt product funnel marketing.
5 phases of Product Funnel Marketing:
1) First, create a squeeze page. A squeeze page is a webpage that is designed with the sole purpose of acquiring the email addresses of targeted subscribers. Your squeeze page should offer something free of charge. This freebie could be a free eBook, a free ecourse, a free CD, a free report or a free newsletter.
2) After the visitor has signed up to get the free product and you have captured their email address; you can follow-up with weekly or monthly newsletters that advertise your products and services in the low to moderate budget range. Do not advertise any product that exceeds $30 in this phase of the product funnel.
3) The third level may include a public speaking home study course for $139 or a series of teleseminars for $39 each.
4) The fourth level may suggest a “boot camp” type product for $299.
5) Finally, you might offer your one-on-one coaching or public speaking services for $500+.
The product prices mentioned here are merely one example of how the products should be categorized, and in no way suggest the exact rates that you should price your products or services.