Master Your Marketing Funnel for Greater Growth

steps-to-increase-conversion-rates-in-retail

One of the most important jobs of an online business is to create a marketing funnel. At its most basic, a sales or marketing funnel is just what is sounds like: a process for gathering a large number of prospects and channeling them down to a sale. Some people refer to the Buyer’s Journey: going from the Awareness stage to Consideration to Decision. That’s the mind of your prospects; however you define and structure the steps, your job is to create a marketing funnel for greater growth (taking customers to the sale).

marketing funnel for greater growth

Sales Funnels Apply in Many Situations

You can, and should, build many sales funnels, including funnels within funnels. Companies see a 55% increase in number of leads when they increase the number of landing pages from 10 to 15, and even more when they have 40 or more landing pages. Those companies get 2 times the leads of websites with 5 or fewer landing pages. Despite this, only 48% of marketers build a landing page for each marketing campaign.

You Want to Create a Marketing Funnel for All Products, Sales and Types of Buyers

In addition, you should create an overall product funnel. You begin by selling an inexpensive, introductory product, and then upsell those buyers to something more expensive. Some marketers go for the upsell at the point when the customer orders the introductory product, while others wait.

Many people will fail to convert at each level of the funnel, but that’s all right. All funnels go from wide to narrow. You’ll make more money from the two people who buy your exclusive, luxury $100,000 package than from the thousands who buy something at $9.99.

Design Funnels for Special Situations

Ultimately, there are two different types of funnels for sales: flash sale funnel and velvet rope funnel. Good news is that both are great for reactivating old customer and acquiring new ones.

1. Flash Sale Funnel

Flash sales, popularized by Amazon and Flipkart, are periods when items go on sale for a short period of time, and with a limited number of stock. They use tactics of creating scarcity and giving deep discounts to build demand.

However, create a marketing funnel for flash sales only a few times a year. If your customer lists sees you run such sales on a regular basis, they’ll stop buying when you’re not running a sale.

The purpose of a flash sale funnel is to gain new customers and reactivate old customers. When you sell goods at an 80-85% discount, you’re losing money on the sale. However, it does attract new customers, who like you for giving them such a good deal, and energizes old ones. However, once they are on your email list, you use ecommerce email marketing to notify them of more sales.

Flash sales attract new customers and energize the old ones. Click To Tweet

Before the sale, send an email to your customer and prospect lists to announce it; then, while the sale is active, send a series of emails. How many emails depends on how long the sale lasts – at least one email per day, including one to announce the beginning of it and one to announce there are only 3 hours left before it’s over. Don’t forget to segment your email list so you know how you acquired all your customers.

2. Velvet Rope Funnel

When you create a marketing funnel based on the “velvet rope” concept, you’re appealing to your customers’ desire to get in on something exclusive. Your goal is to create email exclusively for customers who respond to sales and special offers.

Create email exclusively for customers who respond to sales and special offers. Click To Tweet

When people respond to the landing page, you ask them to opt in to a club or group of special customers. It should ultimately be something that isn’t available to ordinary customers, so make them feel special for opting in.

Afterwards, send them to the exclusive page offering items for sale. During the period of the sale, send them emails referring them back to the sale page, while also including an upset to hopefully increase your revenue.

Now you have an ecommerce email marketing list that you know responds well to sales. Don’t run too many sales, but every time you launch a new campaign, be sure to create a marketing funnel for greater growth.

Contact us for more help in mastering your marketing funnels.

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