After knowing why you need to implement the sales funnel in your business, it is time to understand the sales funnel concept. Here is the formula.
As you can see from the chart, the sales funnel starts with: 1. Front-end, 2. Upsell 1, 3. Downsell, 4. Upsell 2, 5. Upsell 3, and 6. Backend.
It‟s actually a lot more intricate than that, but we‟ll get to that as we unfurl each topic one-by-one.
You will hear a lot of the terms in Sales Funnel so let me introduce the terms before we get into it one-by-one in the latter chapters. First of all, the frontline product is called a front-end product. Front-end products can be said the utmost important product among the others.
Even though the selling price is lower than the others, but without opening the, buying loop” through the front-end product, the whole sales funnel will not work. It” s like a portal into the dimension that is the sales funnel.
Moving on to the next element, which is the Upsell. If you notice in the chart above, the Upsell happens 3 times in the whole sales funnel. If front-end serves as the opening of the buying loop-the-loop, then the Upsells are the main sources of your revenue.
Upsell is an immediate offer after your front-end product or a product that solves a forecasted problem for the buyers. The solution for a forecasted problem usually placed in either Upsell 2 or Upsell 3, because the cost get higher as we go through each tier.
The price, from Upsell 1 to Upsell 3, is lowest to highest. The cost of your front-end decides the prices for the other products in the sales funnel. This will be explained afterwards.
And then, the element after the Upsell 1 is called thedown-sell. Downsell is the lower cost version of Upsell 1. It happens right after the Upsell 1. The down-sell is basically the same product with the cost reduced.
Some of the buyers may think that Upsell 1 doesn” t worth the price. Hence, this is how down-sell was established.
The final product in the chain is a Backend. Usually Backend offer happens after a few days with the follow up emails. A Backend can be in the format of webinar, coaching, group coaching, and many more. Usually the Backend product is the product with the highest price among the other components in the sales funnel.
As mentioned, a Backend offer happens after a few days in your follow up emails to the buyers. Why? Because you” ll require a few days to build up your credibility through the other products they had bought from you and your follow up emails. Gain their trust before you offer them the Backend, this is the key to close down a Backend offer sale.
In this book, I am going to lead you through the steps on setting up your own sales funnel. I can guarantee you the instant result of increasing in your revenue within 48 hours simply by adding in the sales funnels.