What Is a Marketing Funnel?

I wish I could say
that I created the business model called the Marketing Funnel, but it has
actually been in existence for many years. This model is so powerful and has
been used to transform many businesses just like yours! It acts as a guide to
help you create multiple streams of income. Being a successful entrepreneur is
about turning time into money, and having more than one income stream is
arguably the best way to do just that. This business model illustrates the way
to leverage your time and knowledge which will allow you greater freedom and
success in your life and business.

So, what exactly is
the Marketing Funnel? Visualize a triangle and turn it upside down with the
point at the bottom and the wide part at the top. It should look like an ice
cream cone. The concept is to get as many people in your target market to enter
your marketing funnel at the top. You do this by creating a free sample of your
work. This can be a free report or any other kind of special offer.

Click for a larger
version

Once people
enter your marketing funnel, you continue to offer them free access to you by
publishing an ezine with highly valuable content. As you move down your funnel,
you offer products and services with increasing costs. The idea is to have some
people reach the bottom of your funnel and work with you one on one (these are
your VIPs) and offer products and services at various price points along the
way. Not everyone will reach the bottom of your funnel, which is precisely why
it’s more narrow at the bottom. The fact is that you need clients and every
level of your funnel. The “do it yourselfers” will be happy to purchase a home
study course or other information product that is located toward the top and
middle of your funnel. Others will want more direct contact with you and will
end up at the tip of your funnel where you work with them one on one.

I
love this business model for many reasons. First, this is a great way for your
prospects to “test drive” your products and services prior to making a purchase.
Second, it’s a sure-fire way for you to connect with your target market and find
those who are attracted to your energy, message and style. Let’s face it, there
are many people out there in the same industry as you offering roughly the same
things, but trust me – there is a segment of the population that you are meant
to serve! Third, you give your target market many options for how to work with
and learn from you. For example, they can start by purchasing a low-cost e-book
on a topic of interest for only $29. This is a low-risk investment for them, and
it’s an opportunity for you to showcase your work. By delivering everything you
promise in this e-book, chances are good that they will be willing and perhaps
even eager to purchase from you again at this price point or higher, whic h then
moves them down your marketing funnel. Fourth, this business model moves you
away from trading time for money ($X per hour). Having multiple income streams
allows you to free up your time to focus on the VIP clients you select – all
while keeping, or more likely, increasing your revenue.

There are many ways to create products and services for your marketing
funnel. Here are just a few:

• e-book
• e-course
• teleseminar
• workbook
• membership
  program
• paid
  newsletter

• manual
• checklist
• workshop
• webinar
• seminars
• audio
  class

This works for any
industry, so don’t think this isn’t for you!

The Marketing Funnel is a
fantastic way of helping more people and creating more
streams of income! It is a strong and relevant concept for today’s service-based
entrepreneurs. While the concept is simple, it is also important to carefully
structure your products and services so they compliment and build upon each
other. Need some help deciding how to get started? Let me know and we can set up
some time to talk about you and your business. I love working with people to
create their Marketing Funnels, so just say the word and I’m ready to help you
get started on creating multiple streams of income for your business!

I
have more to say about the Marketing Funnel, so be sure to open next week’s
edition to learn more! Feel free to forward this to your colleagues and friends
as well! The more, the merrier!

Meredith Liepelt,
President of Rich Life Marketing, publishes Smart Marketing, a free
bi-weekly ezine featuring marketing tips, insider secrets and thought provoking
articles designed to help the busy female entrepreneur become known as an expert
in her field, build trust with clients and prospects and generate more income
than ever before. Claim your free subscription today at www.richlifemarketing.com.

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