Let’s Talk Product Funnel
Once you have your first digital product created and have committed to the idea of creating an information product business, it’s time to think about a product funnel. The idea is that you attract potential customers with a low-cost product that’s fairly small and basic.
You show them or reach them how to take the first few steps to whatever it is they may be doing. For example, if I was working on a product funnel on creating and selling digital products, my first product maybe how to write an eBook.
Then you want to think about what else your customers need to know. What else do they need help with? What’s the next step in the process? What’s the next task they need to tackle or the next problem they need to solve? Going back to our previous example, the next product could be how to write a sales page for the eBook, or how to package and sell it. It could be how to choose and set up a shopping cart on their site. Another product could be a course on marketing information products or how to create a product funnel and make cross-sales.
From there, you can build out your product funnel even further by giving them more personalized, hands-on help through more intensive courses, group coaching, one-on-one coaching, and even done-for-you services. The more involved you become personally, and the more time it will take you to deliver what you’ve sold, the more expensive the product will be.
The idea with a product funnel is to start with a low priced offer and then move your customers up to higher and higher price products. Only a small percentage of your client base will take you up on your highest-priced products, but that’s ok. You don’t need a lot of sales of a high-cost item to make bank.
Start thinking about what products you want in your own product funnel. Start with a few key items like that low-priced introductory product. Then make a plan to create more products for your funnel. Continue to come out with more digital products your audience can consume until you have a well-laid out a product funnel that upsells and cross-sells your customers to all sorts of products. The idea is to increase the amount of money the average customer spends with your overtime. Do that, and your digital product business will continue to grow and flourish.
