One of the biggest questions I get asked is…
…”do sales funnels work?”
I know exactly why I get asked this and it’s because most business owners are scared to send a stack of emails to a new lead (which is what a sales funnels are renown for)
Most common fear is the feeling to build rapport with their new lead before using them to buy. In most cases in a lead magnet opt in that offer comes on the eighth (8th) email.
Makes sense in theory… right?
BUT sadly the statistic show that the 8th email rarely gets open. It drops down to an open rate of approximately 26% . ( pssst…if you have a sales funnel attached to your opt in currently that sells only on the 8th email check it out you’ll see what I’m talking about)
So the answer is plain and simple…the more emails you send, the less they are opened.
Check out these benchmarks stats:
Email # 1 has an pen rate of approx. 86% (to clarify, this is for the product they have opted in for- your lead magnet). Email #8 open rate is approximately at 26-32%.
So my question is, why wait to sell to only 26% of your list?
To me, this is absurd. (Over the years I have become so passionate about this as I’ve tested both and the results speak for themselves)
Ok, so let me help reduce your fear if you have one around offering an opportunity for the lead to buy immediately.
If you have a prospect who has opted in to a very cool freebie you are offering (to what’s most commonly known as the ‘ethical bribe’) they are putting their hands up to say I AM INTERESTED in what you have to offer?
As soon as they opt-in they are now a pretty qualified lead. But how qualified is the next question?
So this is your best time to ‘test’ their buying temperature.
By creating the opportunity to test the buying temperature of your customer helps you begin to segment or differentiate who is a ‘qualified customer’ or who needs to nurtured in your funnel for now (and yes that means they are the ones who needs more trust to be built).
1. Create a ‘To good to refuse’ offer:
My suggestion is always in E-mail No. 1, give your customer some type of irresistible offer for them to either try, explore or experience something along the lines of your products and services that you offer now.
2. What should I offer?
This is a common question here are examples of what is hot to use as a ‘test close’ offer to test your customer’s buying temperature in your first email of your funnel.
- You could create a 3-part training series, a great content rich e-book, an educational audio recording, a cheat sheet or worksheet templates.
- Serviced based businesses: you could offer them a heavily discounted session to experience your services for the first time, if you are a coach, you could offer them a mini-course or a starter pack
- Retail products: you could offer them a voucher (e.g. a “$20 voucher for a $50 value, Buy it now for $7.00 normally $19.95!”)
3. What is the best price point?
Just to let you know, it’s not about the money, it’s more about testing if this customer is ready to pursue a relationship with your business or your brand or your product. Also from a business perspective it’s about how much are you will to spend or invest to get a customer.
Working out your offer needs to be looked at, Time v’s energy. If your offer is digital it’s great in the way you create it once and then the weight is taken off your shoulders. In comparison to you offering a discount on your services because then you are selling out your time. But again if you just need to get inferno of some one to convert them into a long term customer then that a valuable strategy.
Below is the best price points that convert on the thank you page.
- Best price points for Business to consumer at $7, under $19
- Best price points for Business to business $7, under $19, $47 & $97
- The above price points invite approximately a 30% conversion rate on the Thank you page. I notice mine sits around 33%.
If you have a offer on your thank you page and you are sending traffic there continuously see how you are measuring up.
If you don’t sell on your thank you page after your opt-in lead magnet then take the plunge you have nothing to lose and everything to gain…a new customer.
Besides if they don’t buy then they go into your sales funnel to be nurtured more.
Success and happiness,