One of the most common mistakes entrepreneurs of all experience levels make comes from the lack of understanding of the way people actually spend money – and this applies to offline as well as online businesses.
It is critical to understand the buying process in order to be an effective internet marketer and start making money online, become a freelancer, work from home etc.
First, let’s look at the typical way entrepreneurs approach buying or sales process.
Advert –> Offer and asking to buy
Simple and to the point, right? Except, it’s very inefficient.
I like the analogy that is often brought up. Imagine this situation in the dating world. You come to a first date, it may look promising, but then all of a sudden the person you are meeting for the first time (at least in the romantic context) leans in to kiss you, barely even saying “hello”.
Now, this may work sometimes… But more often than not it’s a good way to make a terrible first impression. If you are like most people, you were expecting a conversation and slower escalation.
And yet this is how businesses often approach their sales process: they go for the kiss right away! Later, you hear them say “I tried running some ads, but it was a waste of money!”
Yes, no wonder!
You need to build relationship with your potential customers. They need you know who you are, what you do, why you want to help them, what you can do for them, why would they be interested in even looking at your offer.
Marketers often split this model into three factors:
First, you get on your customers’ radar. After all, without them knowing you even exist the sale will never happen. From there, you start to build your likability by providing value and educating your potential clients on things that are important to them (e.g. an interior designer may write articles on how to decorate a bedroom on a small budget). By doing that, people start to like you and slowly but surely they trust the service you provide.
The best way to achieve this is to create what’s called a sales funnel.
Sales funnel leads people through a series of steps that build the “know, like and trust” of what you have to offer and only go for “the kiss” or the sale at the end of the journey. This is an incredible strategy that improves conversions like nothing else.
With this in mind, let’s look at an exemplary sales funnel created according to these principles.
1. Advert promotes a value-giving article.
2. Article closes with a call to action for readers to subscribe to a newsletter to receive a free 7- day mini-course related to the article topic.
3. At the end of the mini-course readers are sent to an offer page that sells a month-long mentoring, except this time… It costs $97.
See how this is a lot different? By the time your prospects reach the sales page they are thankful for all the value you’ve already brought to their life! Sure, not everyone will be willing to spend money on you, but the chances grow expotentially –since they already know, like and trust you!
So take a good look at whatever it is that you’re doing and make sure you’re using the funnel strategy to avoid the typical mistake most entrepreneurs make at some point in their career.