The Wisdom of The Sales Funnel – Day 8
2 Feb
Today, I discovered the wisdom of The Sales Funnel.
One of our projects involves a high-end program that costs a few thousand dollars.
While we’re doing very well and have made over $40,000 in sales in under a month, we realized that something was not right when we looked at our conversion rates.
We were only converting at 12% and as we were asking ourselves how we could improve it, we realized a bigger problem.
What happened to some of the highly qualified leads that do not convert?
We just let them go?
NO! Of course we don’t! These people NEED our programs but they just can’t afford the high-end ones.
Hence, what we did was to develop a couple of low-end programs in order to funnel everyone into our system so that it developed them gradually and we can develop a bigger customer base that we can build a relationship with.
The biggest lesson here is not to only serve the higher end customers since you can serve the lower end ones because it will impact more people and make more money! =)
Great chart, this is essentially how everything is in life; from sales, relationships, business, etc.
It really is all about the numbers however before getting to the numbers you need to at least define your goal/purpose and adjust it accordingly as you go.