One of the biggest challenges of building a profitable online business is acquiring and growing an audience.
Now, there are different audiences in the digital world. It could mean followers on social media, website traffic, or an email list.
All these audiences can bring in revenues provided your messaging/acquisition strategy is congruent with whatever you are selling on the backend, among other things.
But the one roadblock that you will face with all the above methods is scaling.
Let’s see.
Social media is more crowded than ever. And even, if you are an established player, sustaining your momentum is a slow, hard grind.
Building organic traffic is all about ranking on page 1. This means competing with high DA sites, and building your website authority which could take years and years of hard work.
Whereas, running paid traffic to a lead magnet is the most popular albeit flawed way of building an email list. Because, you are losing money on the front end or in the short run to make money in the long run.
Personally, I feel that a self-liquidating funnel is the best and most logical way of growing your business.
I am talking about a low ticket offer bolted with upsells and downsells to liquidate your lead acquisition cost.
You may have already seen one of these on Facebook and Google. And maybe even purchased one of these products.
How was your experience? Let me know. I will share mine…
I have invested thousands in courses, personal development, and masterminds….
But, it’s a $4.99 ebook that has generated the maximum revenues for me, so far.
Circling back to the moot topic, crafting a compelling offer is the key to making a self-liquidating funnel work.
I like to dry test my offer, and if it’s a competitive space, you may be better off targeting a niche market rather than a generic one.
Knowing your numbers is key to making a self-liquidating funnel work.
How much are you paying per sales page visit?
Of the total number of people that hit your sales page, how many are making it to your checkout page?
And, how many main product buyers are getting your upsells and downsells?
Of the total number of buyers, what percentage are buying your high ticket products on the backend?
A 2%-3% conversion rate for high-ticket products is typical but this could vary depending on your market and offer.
And of course, as we both know…a buyer is a buyer is a buyer.
You are way better off building a database of buyers rather than freebie seekers.
We specialize in helping online coaches and consultants, and, if you are an established player, but don’t have a self-liquidating funnel in place, you may want to give it a thought.
