Founder and CEO at Yesware
Founder & CEO at Automizy a marketing automation tool for SaaS companies.
Gabor graduated from the Technical University of Budapest, with
5 Steps To Turn Leads To Customers More Consistently And Profitably
Tactic that has had the biggest impact on Gabor’s success
Using 5 steps to turn leads to customers more consistently and profitably
Result if you follow the steps in Gabor’s session
Get customers in the door with a low price point product that then can be upgraded to your core product offering
Full session with video, notes, audio and discussion inside EHQ Club. Learn more
Expert session snapshot
We have to clarify and understand what is this inverted funnel concept means, because without understanding the inverted funnel concept, we cannot understand the role of the core product in this strategy.
So let me start first with this inverted funnel concept. It’s nothing fancy, you don’t have to overthink it. It’s basically creating seamless marketing funnels for your prospects that always showed them the next logical step.
You don’t sell, you just offer an upgrade option for your prospects. It’s so important that I want to repeat it.
So you in this concept you don’t sell. You just offer an upgrade option for your prospects. It’s consists of three stages. The core product, the buyer converter product and the hooks and every stage should be developed from inside.
Firstly, you need to think about your core product, then about your buyer converter product and this is connected to the core product. And finally, of course, about your content strategy and high connected to your buyer converter product.
Marketers know that there are stages in the user acquisition funnel, attracting visitors convert them to lead, bring them to into, try sell up and cross sell and so on. That’s nice, it’s the inbound marketing funnel and I think there are good examples to implement it.
But as a business owner and the growth in marketer or customer success person, the only question is, how you can think about it, is that a framework? Is that a framework that helps you to build it?
The inverted funnel concept is nothing more than building your funnels from your product point of view, that is the heart of your offer, why you take your users pain points into account, you have to talk to your users about, hear about their difficulties, but when you build your growth engine into your product, you have to create easy ways of answering it, that is truly a step by step process.
For example, you build the foundation. Firstly, not the roof when you build a house. So that in the short term, this is the inverted final concept and now and you know, what is the inverted going out in the concept. Now as for your original question, what is the core product in this strategy?
The core product is your tool, your software, if you know which type of user uses which features, then you will be able to identify your ideal customer profiles easily and the solutions they are looking for and identifying the ideal customer profile, the pain points of your prospect types, and what are they suffering from, will be easier and that’s all that does, the role of the core product in this concept.
Okay, so it’s interesting to get an overview of that inverted funnel concept. I think that gives people that that sense of the direction, obviously the core product and you mentioned there’s kind of the three stages.
So we’ve just talked about necessarily the core product then there’s the combine converter product and creating the hooks if you like. So, is this a stage now where we move through to talk about the buy converter?
Yeah. I think the next logical step to speak about is the buyer format or product because it’s ia tricky one buy converter product is a standalone feature of your product, of your core product, that solves specific pain points of a customer profile and it is an indispensable offer, very cheap.
It got the buyer converter name, as its purpose was to convert your leads or users into paying customers even if they pay only a very little. If you can convert your leads into paying customers, the relationship between your customers and you will be radically changed and you will have better chance to read them.
Also, the next logical step for your users is to upgrade to your core offer that does something similar but much faster, much better than your standalone feature.
So this buy converter product is simple psychological hack, it’s because it’s much more easier to upgrade the customer from a cheap buyer converter product to a more expensive product than if you will try to sell them the core product in one step. So that’s why we use this buy converter concept.