Give to Get Marketing PowerTips Newsletter
Today's PowerTips Article:
The Amazing Power of the Marketing Funnel System to Grow Your Business
by Joe Gracia
www.givetogetmarketing.com
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Hello Fellows
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This marketing system has helped produced millions in additional sales and profits for my past clients.
It can help you make significant increases in the size of your business too, if you just learn these simple concepts, and learn to apply the system.
While businesses may vary when it comes to the specific products or services they provide, all businesses--product or service--share some very foundational concepts.
The marketing funnel system is one of them.
Every smart marketer knows that you can't grow your business through random acts of marketing. If you try you'll end up chasing your tail and getting no where.
You need an organized plan of attack.
The Marketing Funnel System is a powerful tool to help you plan, implement and track your sales growing processes.
To use the Funnel System you need to understand the sequence of steps that should happen when you effectively market your business.
Step 1: Attract Prospects
You begin by attracting interested Prospects to your business.
No Prospects = No Customers.
Lots of Prospects = Lots of Customers
Step 2: Convert to First-Time Customers
Next you convert a percentage of those Prospects into First-Time Customers.
Once you've attracted interested Prospects to your business you follow-up with them, usually via mail or email, and you present them with enticing offers.
If you do it right, each time you follow up with your Prospects, a percentage should convert into First-Time Customers.
But you're not home free at this point. The vast amount of profit most successful businesses create comes not from the first sale to its First-Time Customers, but rather, from the many, future, repeat sales they generate.
A First-Time Customer is simply testing you. They still need to make a decision; should they continue to buy from you or should they continue searching for a different business?
Your First-Time Customers need to know if your product or service meets their quality standards. They also want to know what kind of customer service you provide, etc.
They will add up all the pluses and minuses in doing business with you and only then will they decide to stay with you or move on.
Step 3: Convert to Repeat Customers
Here's where the bulk of your profit will come from.
Next you convert a percentage of those First-Time Customers into Repeat Customers.
You want your customers buying from you again, and again, and again. That's how your business and your profits grow-- through abundant and ever-growing repeat sales.
You do that by ensuring that you are selling quality products and services. You ensure that you and your staff treat your customers like gold. You make your customers feel important. You make them feel like their business is important to you.
Then you follow up with your First-Time Customers and let them know that you appreciate their business.
Perhaps you send them a Thank You note, or better yet, perhaps a gift, like a Gift Certificate towards their next purchase.
Of course, you now begin providing them with product or service reminders to let them know the many ways you can satisfy their wants and needs.
You also provide them with special Preferred Customer offers for your products or services. Perhaps discounts, or special volume deals, etc.
The key is to do everything you can to make them feel special and important to your business. And, most important of all, you make sure they never forget you.
Follow-up -- Follow-up -- Follow-up -- and then follow-up again.
Most small businesses do little or no follow-up with their customers. They simply wait for them to come back on their own initiative.
That's a sure path to minimal sales. Most customers need reminder and incentives to return again and again. Remember, your competitors want your customers, and they are probably contacting them right now with enticing offers to persuade them to start buying from them.
Show your First-Time and Repeat Customers that you value and want their business -- and they will respond.
So how does this Prospect > First-Time Customer > Repeat Customer sequence relate to the Funnel System? We'll look at that next.
Prospect Funnel:
Let's start with your Prospects.
Picture a large funnel. It's big on the top and small on the bottom. That is your first funnel, you Prospect Funnel.
Now picture hundreds or thousands of people--those people you are presenting your marketing messages to--going into the top of your Prospecting Funnel.
Now, not all of those people are going to be attracted to your business. Not all of them are true Prospects.
But there are a percentage of them that will be interested, and the better your marketing message, the more responses you will get.
Those are your true prospects and they will come out of the bottom of your Prospect Funnel.
Lets say that you convert 10% of your target into Prospects.
That means that for every 1,000 people who you pull into the top, 100 of them will actually respond as they come through the bottom. 100 divided by 1000 = a 10% conversion.
This first funnel is the key to your growth, and it's the funnel that most small business owners ignore.
If you need help coming up with compelling marketing offers to generate a never-ending stream of qualified prospects to your business, you can check out our Give to Get Marketing course at the following link. It's easy to understand and implement, and it works.
www.givetogetmarketing.com/marketingsolution-ez.html
First-Time Customer Funnel:
Those 100 Prospects now go into the top of Funnel 2, your First-Time Customer Funnel.
By following up with your Prospects with good, enticing offers for products and services that they want, let's say you end up converting 30% of those Prospects into First- Time Customers.
That means that of the 100 Prospects that went into the top of your First-Time Customer funnel, 33 First-Time Customers came out of the bottom.
It's nice to think that you now have 33 First-Time Customers, but most of your profit will come from repeat sales of customers who are happy with your products or services.
Repeat Customer Funnel:
Now those 30 First-Time Customers go into the top of your 3rd funnel, your Repeat Customer funnel.
Of those 30, let's say because of your excellent follow-up systems, and your compelling preferred customer offers, you now convert 70% of those First-Time Customers into Repeat Customers.
That comes to 21 people now on your Repeat Customer list.
Now you're really into a profitable situation.
Your number of Repeat Customers will continue to grow and grow. So every time you Follow-up with your Repeat Customers with more enticing offers, the number going into the top of your Repeat Customers Funnel will grow and grow too. That means higher and higher levels of sales coming out the bottom.
This process never stops -- and you don't want it to.
This is what is meant by being a proactive business marketer.
You will be proactively growing the size of each of your marketing funnels, and as you do you will be experiencing more and more financial success.
The key to the Marketing Funnel System is to always remember that you must look at the number of people going into the top of each of your funnels, and determine the percentage that are successfully coming out the bottom of each funnel. That's your conversion number. You want to turn that number into a percent. Do that by dividing the number coming out the bottom, by the number going into the top.
So if you mailed 100 marketing letters to your First-Time Customers, and 42 of them responded with orders, that would be 42 divided by 100 = 42% conversion.
Continuous Improvement of Your Marketing Funnel Results
You grow your business by continuously improving those funnel percentages. You do that by improving your marketing efforts. You provide you Prospects and Customers with more enticing offers, you give them more and better reasons why they should buy from you rather than your competitors, etc.
If you are converting 3% with your Prospecting Funnel, you can set a goal for yourself to convert 5%, or 10%. Then work on improving the conversions of each of your other funnels.
Each improvement in any of the funnels will represent a proportional improvement in your final sales.
The Marketing Funnel System is a proven business builder.
This concept is so important to your success, that it may help for you to sketch out the three funnels and label them so that you can see the relationship between them and to be continuously reminded of them in your everyday activities.
Better yet, just go to the following link where I have already sketched them out and labeled them for you.
http://www.givetogetmarketing.com/funnelsystem.doc
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If you have any comments you'd like to share about this article, just hit reply and send me an email.
Until next time, we wish you the very best marketing success.
Joe Gracia
Give to Get Marketing
http://www.givetogetmarketing.com
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About the Author:
Copyright 2000-2011 Joe Gracia. All rights reserved.
Joe Gracia is small business marketing expert with over 30-years of hands-on experience. You can get hundreds of marketing tips at his www.givetogetmarketing.com web site, or sign up for this Give to Get PowerTips Newsletter at www.givetogetmarketing.com/free-ezine.html
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