Funnel Workshop #1: A Healthy Funnel
Here at Leadfreak we build automated sales strategies for many different businesses, but the process always starts the same. We sit down and we design the automated strategy with you, the business owner. We want to share this experience with you and give you an insight into what happens in our workshops.
A couple of weeks ago we were hosting a funnel a funnel workshop for one of our 1–2–1 coach clients. The problem 1–2–1 coaches / consultants have is that every hour they’re trying to bring in new business it’s an hour they’re not earning.
Not unless they have a team behind them bringing in new business, but then they’re hamstrung by only having a certain number of hours in the day they can be coaching.
Either way, as soon as someone gets involved in the process of bringing in new business the cost of customer acquisition is going to be very high.
Anyway, that’s by the by, our client is primarily looking to implement an automated sales strategy to drive leads and cut customer acquisition cost. A secondary benefit is to increase credibility as an expert before he even speaks to any prospects (and you can read about even more reasons to build a funnel here).
Stage 1: The Baseline
I had an interesting conversation with my client (before he became a client) around the topic of blog posts. He was looking to start writing them, great, but I asked the simple question of…”but then what?”. What is the reasoning behind writing a blog and what is the next step in the journey.
But blogs have a purpose, they establish credibility and expertise. They allow you to give value to your prospects at the earliest stages of their customer journey, setting them on their way to identifying symptoms of a problem they may have, the consequences of this problem untreated, and then taking them to the next step.
Working with the client I played the role of the prospect. “I wake up, what do I feel, what symptoms do I have that would make me start my journey to your service?”
And just by asking that question we determined 3 blog articles that would give value to these people. It was eye opening for me discussing the industry of the coach, and I sometimes felt I was in my own coaching session.
But the 3 blog articles centre around: symptoms associated with the problem, the consequences of the problem if untreated, and more information on the problem itself to give a deeper understanding.
Each blog designed to give increasing amounts of value, introducing an incremental amount of complexity, and really giving people the opportunity to identify themselves if this problem is relevant to them.
Stage 2: Prospect Opt-In
After agreeing stage 1 the value based assets kept flowing.
In stage 2, we’re trying to uncover a value proposition that meets the following criteria:
1) Provides enough value to the prospect that they are willing to trade their contact information (it is a trade),
2) Concurrently moves the prospect incrementally down the customer journey after consumption of stage 1,
3) Provides additional insight for the client in who they are potentially going to talk to,
4) Can be delivered digitally and at scale.
In determining the opt-in, we use a powerful approach. We use a self-diagnostic approach.
A self-diagnostic approach is super powerful, primarily because it is the prospect providing the data that determines a conclusion.
Let’s flip this; the conclusion is determined using the data entered voluntarily by the prospect. The answer is solely generated using the answers given. So the answer given must be applicable to the prospect, and the actions determined by this answer must also be applicable to the prospect. It’s logic, and it’s a very hard thing to disagree with.
Combining the expertise of our client and the diagnostic answers given by the prospect, we can calculate a result that segments the prospect into one of three statuses.
A prospect uncovering a status about themselves, as derived by an expert, is a powerful opt-in.
Many other companies use a similar format of opt-in, Hubspot, Wordstream, to name a couple. The opt-ins provided by these companies are all self diagnostic assets, delivered digitally and at scale.
Stage 3: Prospect Buy-In
4 hours in and we’re on stage 3 of the funnel in this workshop, but we’re still motivated and excited by the progress we’ve made so far.
The aim of the stage 3 in this case is a literal buy-in.
We are looking for the prospect to exchange money for access to an asset. Converting a prospect into a customer. At the same time cementing our credible, expert, and trust status within the mind of the prospect (subconsciously triggered by the purchase).
But in order to achieve this we need to add even more value than what was delivered previously.
In all the buy-ins we have created, the highest performing buy-ins have been those that deliver instant relief from the problems being discussed.
This is our focus.
What can we deliver to the prospect that provides an instant relief from the problems they have diagnosed themselves with.
The second element to the buy-in is that we want this to deliver a short term instant relief. Like a painkiller, or a plaster.
It’s not a solution.
Our solution is core product offering, we need to be careful not to overstep the mark.
Again, using the expertise of the client, and our capabilities digitally, we soon crack it. We find a way to deliver expert value that will provide relief to the customer, and not just one hit, but a tool that the customer can keep with them and use whenever they need to.
We believe what we are offering is excellent value.
What we’ve also done is to create a tool that can be utilised in the 1–2–1 coaching delivered in the core product, as an added bonus.
Stage 4: Testing & Results
There is always a certain element of subjectivity in these workshops.
By focusing on our prospect at every step, looking at our experience to determine what has worked, and the success of others to see what could work for us, we can form good ideas as to what we believe will generate automated sales.
At this stage, it is only a belief. A well grounded and obectively focused beleif, but an opinion nonetheless.
What we need to do next is to build the systems and test them.
Aim for a certain result, and tweak our propositions until we are satisfied.
We’ll be back with more on this journey in the near future.