Just like anything you sell, when it comes to selling your services and information products: it’s a numbers game.
When you have a solid sales funnel in place, you can easily begin to forecast your conversions from month to month by tracking the number of subscribers you have at each of the stages of the sales funnel.
If you have a sales funnel in place, but your numbers aren’t looking good, you probably have a leak somewhere. There’s a hole (or two or three) in your funnel where subscribers are falling through. When I work with consultants, coaches, and small business owners who are trying to monetize their expertise, their leaks can usually be pinpointed to one of four things. The good news is, once you are aware of them, they’re simple to fix.
Leak #1: You don’t have enough subscribers.
The driving force of your sales funnel is the visitors that come to your site. No traffic to your blog or opt-in pages, means no opportunities for them to become subscribers. Without subscribers, you’ll have no one to convert to clients. And no clients means no income and no profits.
- The Fix: You need to get your message in front of a bigger audience of potential subscribers. Are you actively engaged in the places where your VIPs hangs out – online and offline?
Leak #2: You don’t follow up.
The most brilliant opt-in page and opt-in offer is worthless, if you don’t have a plan in place for following up after subscribers join your list. You want to automate follow-up emails, including offers to your entry-level product or services, and eventually invitations to work with you one-on-one.
- The Fix: Before you start promoting your opt-in page or offer, get your back-end system in place. Otherwise, those subscribers with the potential to convert to buyers, will end up costing you money instead of making you money.
Leak #3: You don’t have a clear call-to-action.
You can have the best sales funnel software and systems. But if your blog posts, social media posts, podcasts, YouTube videos—everything you offer for free—doesn’t have a direct call-to-action, you’ll have a big leak. The call-to-action can be as simple as “Subscribe to my blog” or “Request a Consultation,” but you have to ask them to take action.
- The Fix: Before you create any content, stop and think about the next step you want your audience to take. Ask yourself, “What do I want them to do once they’re finished reading, listening, or watching?” Then add that to your call to action.
Leak #4: You don’t have a product to sell.
Most service-based entrepreneurs get that they need to build an email list, but when you don’t have anything to offer after they opt in it can seem pointless? Don’t let the lack of a product stop you from adding subscribers. Even if you don’t have your own products to sell (yet), you can still monetize your list.
- The Fix: Create your own product or become an affiliate for products you recommend to your clients. Your clients and potential clients look to you for advice and guidance. They’ll appreciate your recommendations and you’ll generate additional income.
Want to fix the leaks in your sales funnel? Here’s a recap of what you can do to turn things around.
- Get your message and offers in front of more people.
- Make sure you have a lead-nurturing sequence (your back end system) set up before you begin promoting your opt-in offer.
- Have a clear call to action that you want your audience to respond to.
- Have an offer, product, or service to sell at the end of your lead nurturing sequence.
Make these simple changes to plug up the holes in your sales funnel and increase your cash flow.