A Pricing Strategy For Your Sales Funnel
Do you have a sales funnel yet?
If not, it is a huge part of your overall business strategy I would highly recommend.
Basically, when you build your business, you cannot spend every single second with clients and you need a way to scale your business.
Scaling your business means you make more money without spending more time.
This can be seen in options such as selling products, teaching a seminar with a lot of attendants (such as my Dare to Prosper sessions), workbooks, DVDs, or creating a DIY solution to a problem for your customers to purchase.
Depending on your industry, this can be an incredible solution to up your income without spending more time away from your family and the other things you love to do.
Plus, it gives you the chance to help more people. By packaging your knowledge into different things, you can share your gifts with the world at a scale you couldn’t before.
I doubt you got into business to become overworked, exhausted, and constantly spinning your wheels. Developing a sales funnel and pricing it accordingly is a great way to get out of these feelings.
Here are the foundational steps for determining your pricing strategy:
1. Determine your free material.
One of the first steps is to determine what you are willing to give away for free.
I know, in the past I have mentioned that working for free can be dangerous, but you have to create content to get attention in business.
This could be things such as blog posts, YouTube videos, free reports, free downloads, interviews, podcasts, and so on.
Through your marketing efforts, people will stumble upon your free content and possibly subscribe. This is the beginning of your sales funnel to build a relationship and trust to sell to them later on.
2. An entry point.
The next layer to your sales funnel should be a beginner program that would be a complimentary program to your overall products and service.
Brainstorm different problems that your clients have that you could create a do-it-yourself solution to.
For example, if you were a web designer, creating a DIY program someone could purchase to teach himself or herself how to design social media postings. This would be a great entry point where someone can spend less than hiring you, still solve a solution, and build trust to possibly sell to them later on.
After all, the people who buy from you once are likely to buy from you again.
3. The next level up is to sell either a full course or a much bigger digital product solving a complicated problem. This is the typical product you see on the market place around $97. It is usually an extensive course or product designed to be at least a few weeks of worth.
4. The fourth level is live training courses. These are sometimes done in person or online and are the closest people can get to your knowledge and expertise without hiring you one on one.
5. The fifth level is the ultimate level where people actually hire you for one-on-one work. If you have built your business model correctly, getting your one-on-one knowledge is expensive.
Why would you want to do that? Because if you are cheap to hire, you will quickly find yourself overworked and exhausted because too many people will be pounding down your doors.
If you only do one-on-one work, then you cannot scale your business and help more people than you have time for.
I’ll bet you got into business to help as many people as possible, so keeping your gifts all to yourself would be a true shame.
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