We all dream of the clients that sign up for our $10,000 programs the first time they come to our website but we also know that isn’t the likely or common scenario. What is more likely is to establish the relationship and your expertise through smaller programs and then eventually get that $10,000 level. One way to help you do this is by having a well-developed product funnel.
So, here’s some levels to consider:
1. Free Giveways: these are typically focused on lead generation and list building. You start the relationship here so it is important to make a good impression even though the product is free.
2. Lower Entry level: these are typically in the $1-$50 range. There’s a variety of options here that you can use – think e-books, books, audios + transcripts. These are often re-purposed products too so it can be a great way to create cash-flow without creating more work for yourself.
3. Upper Entry Level: here we find products in the $51-$200 price range. These are typically enough of an investment that people are more serious but not so much that you can’t garner traction. Think about what kind of product you can develop in this range since it will be critical to your funnel.
4. Mid Level: this range is from $201-$1000 so they’re typically more interactive. They may include a live-event, or a coaching program (group or individual depending on the length.) If they are still a study-based program, they will typically be longer in duration.
5. Upper Level: $10,000 and above falls into here. There’s lots of options here but they are typically going to be more individualized attention from you.
Ideally, a client will enter in one of the lower level price points and then work their way up the product funnel. By not offering lower-priced options, you are potentially losing out on the leads that want a way to check you out without investing huge sums of money. Having a variety of product price points allows you to grow the relationship as well as offering options for the lead to work with you.
It may take you some time to develop a complete product funnel but it should definitely be one of your goals. This will help you serve your clients better and generate more income for your business. Of course, that also requires follow-up and interaction but that’s a conversation for another day!© Copyright 2013 Michele A Scism