Funnels, funnels, funnels.
As soon as you start investigating how to build your business online you are going to come across the concept of a sales funnel. It is one of the basic building blocks of an automated online business but in my experience, there is a lot of B.S. shared on this topic!
There are 2 main problems when it comes to learning about and then implementing a sales funnel for your business:
- You’re only told half the story
Many people who talk about funnels share crazy big numbers. They make it seem as if all you need to do is create 1 funnel and your million dollar business will happen while you sleep…but don’t share the reality of the percentage of that revenue that is spent on paid advertising, or the number of failed funnels before the hugely successful one.
- Unnecessary complexity
Sales funnels can be really complicated.
You can have upsells, downsells, one time offers, deadline funnels, evergreen webinars, video launch funnels….the list goes on.
Yet, often the ones that last the test of time are the simplest.
That’s what my guest Kate Mckibbin and I are sharing with you today.
The concept of the $5K Funnel Formula with a focus on simplicity!
In this episode of Romance Your Tribe Radio we discuss:
- What IS a $5K Funnel and what the heck is a funnel anyway?
- Why is a funnel an important part of your online business?
You can watch the video, listen to the audio, download from the podcast directory, or read the transcript below. Never miss an episode. Click here for all the ways you can subscribe.
The 5 Steps in The $5k Funnel Formula
Before we start with the steps in a $5K Funnel, lets cover some of the basics of this whole funnel concept.
Some Funnel Definitions To Start With
What is an Online Funnel?
An online funnel includes web pages, emails and messages (in your written copy, and sometimes videos) that automate all the steps you would normally take an individual prospect through to send them personal emails to get to know, like and trust you, to then make them an offer which they accept and become your customer.
Why do you want an online funnel?
Think of this scenario:
- Someone on Facebook, or even in the real world!, sends you an email to ask for help. It’s late at night when they send the email.
- In the morning you check your emails, take time to craft a great email to give them some great advice and ask them some questions about them to see if they could be a good fit as a customer. (or it might be the weekend, or you’re swapped with other things and you don’t reply for days).
- Maybe a day or so later they reply asking what your products and services are…. you get the picture. It can take time until you get the sale.
- Now imagine you had 10 people contact you that day… it could get a bit overwhelming.
So a funnel automates all these steps you would do in person so you don’t have to be such a super-business person all the time.
What’s the story with $5K
As we try to understand the how to’s on an online funnel, we need to start somewhere small. The $5K formula has the same building blocks, same setups like all other online funnels have, but on a budget.
It is step 1 and allows you to set a goal of an automated funnel that will cover your business and basic living expenses.
It starts small, test and tweak, and then when the results are good, you can invest in paid traffic and leverage that baby.
The focus is on simplicity.
Who will get the best results with a $5K funnel?
If you already have an offer that sells and you already have a following of clients on an email list or database, then you will get the best results.
The offer can be as simple as your one-on-one services or as sophisticated as an online course.
Your email list does not need to be huge.
Step 1: Start with the End in Mind
Always work backwards when designing an online funnel.
So be clear on the product or service you are selling.
If it is a higher priced offer, decide if you need to get people on the phone in order to make the sale or if the offer you have has the potential to be offered for people to buy online without a conversation.
Step 2: Craft a Funnel Friendly Offer
If your goal is to get people onto a sales call, then a funnel friendly offer is one that they are super keen to register for a call because they know they will be getting great value just from the call, even if they don’t expect to purchase immediately.
A funnel friendly offer they can buy 24/7 is one that is a total no-brainer. One that has the essential elements of price, urgency, and great sales copy that explains the benefits of the outcome they will get from the product.
In my experience, this is the step that is a beautiful match of strategy, really understanding your ideal client’s frustrations and aspirations, and little bit of magic in the form of your uniqueness.
Reality check on pricing: Price your offer so you have a good margin for profit. That way you can afford to pay for advertising when you know the funnel actually results in meeting your goals. Then think of your price bracket for your ideal client. What amount will this person willingly spend on?
Step 3: Map out What Perfect You Would Do in Person
You know those rare days when you know “perfect You” was in da house!?
That perfect person who did every step, in the right order, to make your new lead feel welcome and your new client feel important, feel loved, feel that you remember them?
You want to bottle that person!
So the first step is to think of what words, messages and advice would Perfect You use.
That’s what we’re going to automate in the next step.
Step 4: The Software and Plumbing
One misconception in regards to online funnels is that you have to have a lot of different software to have a good Online funnel. Well, it’s not always the case. Having the Frankenstein model may not be the best option in creating your online funnel.
The easiest and fastest way to set up your online funnel is to use software especially designed to make this easy.
The nice part is they usually have a lot of simple online funnel templates available for you to use immediately.
In short the services you will need to create a funnel:
- A web page / sales page / order form designer. You can use WordPress (the slower way) or use software like the one I personally use and highly recommend, 10Xpro.
- Email provider to automate a series of email and manage your email list. Active Campaign works really well with the Funnel software we recommend.
- A way to take money. We recommend Stripe and PayPal
Step 5: Launch, Test and Tweak
The focus of a $5K funnel is to stick with ONE offer, ONE product, ONE enticement to join your mailing list and continue to test and tweak until you can reliably sell $5K per month through the funnel.
You use existing sources you have used to attract your existing clients to test this, such as promotion to your existing clients, your database of prospects, joint ventures, social media, speaking opportunities.
That’s why this method is ideal for people who already have an existing business that is keeping them busy and they need to leverage their time.
Only then, do you scale up with paid traffic.
You don’t need to create the whole course at once, you can create first the module, then create the rest of the modules as you go.
That way you get speed to market and you don’t create a program that doesn’t sell.
In fact, this is what I recommend for every online course you create. Just make sure you give yourself enough of a head start so you will always be a few weeks ahead of your clients who are implementing the program.
Action Steps What You Can Do This Week
Here are some steps you can take THIS WEEK to move you close to your $5K funnel:
- List out: What would the perfect me do?
- Decide: What is the best offer I have that is working now, I could turn into a Funnel Friendly Offer?
- Check out and introduce yourself to our guest Kate Mckibbin. She has more in-depth training for you over here and yep… you can check out her $5K funnel in action 🙂
- Check out the Romance Your Tribe programs, designed to get you super clear on your uniqueness, suite of offers and launch your online course.
- Check out the no-brainer special offer we have created in partnership with the founders of 10xpro, the software we use and recommend to manage all your funnels… and more
A Special Message From Janet
Thank you so much for being here. I know there are a lot of podcasts you could choose to listen to and you chose to join me on Romance Your Tribe Radio.
I’m honoured and grateful for your support.
If you enjoyed this week’s episode, I’d love for you to take a quick minute to share your thoughts with us and leave an honest review and rating for the show over on iTunes!