There’s No Sales Without A Funnel
They also can work incredibly well when used in a funnel stack all together.
These funnels are our tripwire, webinar, and high ticket selling funnels. Each has a different unique selling benefit; the tripwire is especially good for lead generation, and then the webinar funnel is good for midsize offers ($500 – $3,000), the high ticket coaching funnel is for your most expensive packages.Maybe I’m a bit biased but I’d say there’s no way to be successful selling online today without a strong funnel.
Now within your funnel there are obviously some best practices and that’s what I wanted to share with you today. I want to give you a quick case study and implementation guide to adding upselling into your funnels with OTOs or One-time-offers.
Two Key MetricsWhen looking at our funnels two key metrics to go by are the cost to acquire a customer and average cart value. These are numbers you need to know down pat for your business!
Like for example if you can breakeven on a tripwire funnel then you are golden because everything after that is profit. It can be a million dollar business easily.
With the webinar and high ticket coaching funnels you have a much higher price point so you can actually make a ton of mistakes along the way and still end up profitable.
In this case study we’re focusing on our tripwire funnel and working with a free plus shipping offer. These are the offers that are usually first in the funnel stack and work great with our two step order form.
The benefit with these funnels is even if you don’t close the sale you still get the prospects email address for your remarketing campaign.
With this funnel we had about 200,000 businesses enter in and we got 35,000 contacts, which is about a 14% conversion.
Lead generation was our priority for this tripwire but we still needed to pay for the traffic. This wasn’t hard since we did convert about 27,000 on the sales page.One of the big takeaways we’ve gotten from our research is that you can only really get away with two distinct OTOs in your funnel before you hurt your relationship with your prospect. Now this is usually an upsell but it can also be a downsell or a cross-sell.
Especially if they don’t go for the free plus shipping offer the downsell will still pull in a percentage conversion.
On our funnel we found a way to sneak in a third OTO onto the order form, we call it the order form bump. We were using our free plus shipping offer which was only going for $7.97 but our upsell on the order form bump was for $37!
This is how you make up lost profits from the prospects that don’t convert on the frontend. So we actually made around $220,000 from this funnel but from the $37 upsell we netted $286,000. We more than doubled our profits just from the one upsell on the order form page!
These are truly incredible results, and if you construct your funnel properly then you can replicate them yourself.
- Use the tripwire funnel for your free + shipping offer.
- Set up a two-step order form to collect leads as well as sales from a percentage of people on the frontend.
- Add an upsell on your order form bump that’s several times higher than the price point of the free + shipping offer.
- Track your metrics and tweak your funnel as you test.
Results You Will Achieve
A successful tripwire funnel that produces not only leads but also sales that at least breakeven on your traffic costs and provides a great source of revenue.
This article is based on an EHQ interview with the mentor.