Yesterday I talked about what is a sales funnel or sales process. Today I would like to tell you about the different types of funnels. And I know that the termin Sales funnel may be too foreign for you. Maybe it will be more easy for you if I call it a sales process, sales cycle, marketing pipeline or a conversion funnel. The bottom line here is using a process to gather new leads, convert them into prospects and eventually turn them into buyers, even better, into repeat buyers.
So we can say that every business has a sales funnel. Let's take a look at the 4 major types of sales funnels:
Each type of a sales funnel has a particular goal and cannot replace another type of funnel.
For example, an acquisition funnel cannot do the job of a monetization funnel. You will understand why in a few minutes.
Let's take a closer look at each of them:
For that you will need to create an Activation funnel. The main goal of this type of funnel is not the PROFIT, but the QUANTITY of the converted leads. Here are some types of Activation funnels:
"Why should I buy now?"
Is there a sale you offer, limited quantity or a deep discount. Offer your lead something that will get them to stand up and say: "You know what, I want to learn more about this person. I believe this guy can help my business. I want to buy this product. Offer something small low price that will trigger their interest to buy more. This funnel serves as a low barrier between no sale and a high ticket sale. The whole idea is to get your leads to commit to something that will later allow you to monetize.
And we come down to the 3rd type of sales funnel - The Monetization funnel. A monetization funnel is designed to help your business generate revenue from your existing leads and prospects. Here are some types of monetization funnels:
And now that you've acquired your leads, turned them into prospects and have monetized them into your product funnel, you will want to design a Connection funnel. You made so much effort to bring awareness and authority to all these leads and turned them into buyers, now it's time to turn them into repeat customers by introducing them to the product or service that you just sold them, build a relationship with them, that communicates with them and nurtures them throughout their process of using your product or service.
So now, that you know about the different funnels, you can sit down and design your own. You start with what determines your goal:
What does your business needs? Do you need more leads? Do you have a large prospect list but not a large list of buyers? Do you have an optimized back end sales process and want to generate tons of revenue?
Begin with the type of funnel that will have the most impact in your business now.
If you have any questions from where to start and where to go, comment bellow and I will be happy to help.