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Terminology

Bounce Rate Percentage of visitors to a particular website who navigate away from the site after viewing only one page.

Click Through Rate (CTR) Percentage of people visiting a web page who access a hypertext link to a particular advertisement.

Content Upgrade – An additional piece of premium free content you offer to your audience who are reading, listening or watching a blog post, podcast or video you have which they can download in exchange for their email address. A lead magnet, but one that is tied specifically to upgrading their learning from the content they were already consuming.

Conversion Rate – A general time referring to any step in the funnel’s ability to convert leads to customers.

Core Offer – The main product being sold in the sales funnel, usually placed after the trip wire but before an upsell.

Customer Acquisition Cost (CAC) – The average amount of money you have to spend – typically on marketing – to acquire a new customer in a given period of time.

Downsell – A product offered to a lead going through a funnel who has rejected the upsell, usually priced lower or packaged in an enticing way (e.g. payment plan) to entice customers to reconsider purchasing this new offer.

Landing Page – A webpage on which a funnel builder hopes a lead will “land” so they can input their information in exchange for a lead magnet.

Lead – A potential customer, a person who opts in for a lead magnet and goes through a sales funnel to potentially make a purchase.

Lifetime Value (LTV) – An estimated amount or prediction of the total profit you’ll make from a customer during the entire time you have a relationship with him/her.

One-Click Downsell – A product offered to a lead going through a funnel who has rejected the upsell which they can add to their cart with the click of one button on the page before the order is complete.

One-Click Upsell – A product offered to a lead going through a funnel who has already purchased the core offer which they can add to their cart with the click of one button on the page before the order is complete.

One-Time Offer – A product offered to a lead going through the funnel which is presented as an offer that cannot be purchased anywhere else; lead has this “one time” to make the purchase or else it will go away. May be accompanied with a timer to increase urgency.

Open Rate – Percentage of people who open an email out of all the people who just received the email you sent in your campaign.

Opt-In – The act by a lead of submitting their email address or other pertinent information into a landing page to receive a free lead magnet, thereby granting permission to the funnel owner to keep their volunteered information and continue sending them communications.

Opt-In Rate – The percentage of people who land on the first page of a sales funnel and complete the opt-in process to receive their free lead magnet. The higher the opt-in rate, the better.

Marketing Funnel – Series of steps potential customers go through to help them complete a purchase. Infopreneurs utilize online sales funnels, allowing them to create a series of online steps for the customer which do not require the infopreneurs’ personal presence during the sales process.

Scarcity – Marketing tactic which utilizes a limited number of product availability to encourage customers to buy immediately instead of waiting to purchase, lest they should not be able to get the product before it sells out. Usually accomplished by placing the number of inventory remaining on the page. Example: “Grab this amazing offer before it sells out! There are only 3 left, so buy now before someone else does!”

Show Up Rate – Percentage of people who “show up” or attend your webinar out of all the people that registered for it.

Lead Magnet – An irresistible low-cost product offered to a lead first in the funnel before a core offer as a way to get them to complete their first purchase which will hopefully lead to others as they move through the funnel.

Upsell – A product offered to a lead going through a funnel who has already purchased the core offer, usually priced higher as a way to increase profits for that one customer.

Urgency – Marketing tactic which utilizes a sense of lack of time imposed on the customer to encourage them to buy immediately rather than wait to purchase, usually accomplished with timers.

What is a marketing funnel?

A model describing the various stages of a prospect’s journey (referred to as the Buyer’s Journey) from the first interaction with your brand to the ultimate goal: A sale.

What Is A Marketing Funnel

How marketing funnels help?

  • They help you avoid losing the 98% of first-time visitors who leave your website without making a purchase.
  • They help build trust with your prospects by providing valuable content that helps nurture and build trust through the entire buying process.
  • They grow your email lists faster than any other marketing activity.

What makes a great marketing funnel?

There are two vital elements that make up a successful marketing funnel. #1 is having a well-designed buyer persona and #2 is understanding what to use and how to use it in the buyer’s journey to create content that will pull people through your funnel.

What Is the Buyer Persona?

A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. You may also hear this called an ‘avatar.’

Here are some questions you can ask to help create your buyer personas:

What Are Buyer Personas
  • Ask them questions about their role. What is their title? What skills are required? What does a typical day look like for them?
  • Ask them about their company. What industry to the serve? What is the size of their company?
  • Ask them about their goals. What are they trying to achieve? What does success look like for them?
  • Ask them what happens if they don’t meet their goals and objectives? What will that mean for their business, job, or position?
  • Ask them about their challenges. What problems are they trying to solve?
  • Ask them where their watering holes are. Where do they go for information? What blogs do they read? What podcasts do they listen to? What social media channels do they hang out in?

What Is the buyer’s journey?

By creating content for each stage of the marketing funnel you’ll help strategically move people through your funnel to eventually becoming a client

The stages of the buyer’s journey

Marketing Funnel - Awareness

The Awareness Stage

During the Awareness stage, buyers identify their challenge or an opportunity they want to pursue. They also decide whether or not the goal or challenge should be a priority. Then they begin researching online.

Key questions to ask yourself:

  • How do buyers describe their goals?
  • How do buyers educate themselves on these goals and challenges?
  • How do buyers decide whether the goal or challenge should be prioritized?

The Consideration Stage

During the Consideration stage, buyers have clearly defined the goal or challenge and have committed to addressing it. They research and evaluate the different approaches or methods available to pursue the goal or solve their challenge.

Key questions to ask yourself:

  • What categories of solutions do buyers investigate?
  • How do buyers educate themselves on the various categories?
  • How do buyers perceive the pros and cons?
Marketing Funnel - Consideration
Marketing Funnel - Decision

The Decision Stage

In the Decision stage, buyers have already decided on a solution category. For example, they could write a pro/con list of specific offerings and then decide on the one that best meets their needs.

Key questions to ask your self:

  • What criteria do buyers use to evaluate the available offerings?
  • Who needs to be involved in the buying decision?
  • Do buyers have expectations around testing the offering before the buy?

Build your funnel

Using your buyer persona and buyer’s journey, it’s time to start building your conversion paths.

The conversion path

Irresistible Offer

At the beginning of every good marketing funnel is the “offer”, or “lead magnet” as it’s commonly referred to. This a piece of free content (like a download or a video) that you will offer in exchange for the visitor’s email address. The key to a good lead magnet is the relevance and perceived value to the website visitor. Your offer should align with the challenges your visitors are trying to solve.

Landing Page

Each offer (lead magnet) should have an associated “call-to-action” button that is clearly identified on your website. The landing page is where your website visitors will land after they click the call-to-action button. Your landing page should clearly state what your offer is, the value it will provide, and the form your visitor will fill out in order to receive your free offer.

Thank You Page

The “Thank You Page” is the next step in the funnel process. This is where you provide the download link for your visitors to be able to grab their free offer. If you have a video, this is where you can place your video for them to watch. An additional use for the thank you page would be to offer them the next opportunity to engage with more of your website content.

Email lead nurturing sequences

Let’s face it, sometimes your leads are not ready to buy from you right away. You need to build the relationship and help establish their need for your services before they feel comfortable buying from you. This is where email lead nurturing comes in. Lead nurturing is about building interest, trust, and authority with your leads. By sending relevant and valuable content to your leads, you move them further down the marketing funnel.

What Is A Marketing Funnel

Conclusion

In closing, let’s recap the essential elements that your marketing funnel needs in order to start generating leads for your business. First, you need to understand who your ideal client is and develop your buyer personas. The next step is to understand their unique journey towards buying your product and/or service. Once you have your buyer personas and understand their journey, it’s time to build your conversion paths. The last step is to create your email lead nurturing sequences to help guide your ideal client through every stage of the funnel.

With all these elements connected, you are ready to stop chasing after new clients and start serving them.