Know Your Product Funnel
In order to maximize the income from your blog, it’s important to know what products or services you intend to sell from the start by creating a product funnel. The internet has changed and people won’t pay for a high-value product until they know more about you and trust you so have to entice them with value & quality.
Many bloggers offer just one product or service and struggle to sustain a stable income from it. Your online business cannot survive by selling just a £15 eBook. It’s not practical selling 400+ books monthly (year after year) to reach your target 6 figure income. Multiple, strategic products will help you reach your objective easier because products have a life cycle.
Some product lifecycles are longer than others, but all products do have a cycle which you need to bear in mind. They can be flying off the shelves when you first release them and continue to grow until the peak, mature and sales decline. Depending on your niche, it’s sensible to offer your audience a few staggered product and service over time.
This is where a product funnel comes in handy.
What is a Product Funnel?
A product funnel is a funnel where you attract customers to the top of the funnel with a free to an inexpensive product where they can sample what you have to offer. It’s like when you go to a supermarket, and they have free tasters of food and drink if you like what you taste you will buy the product.
The same is for your blog, you need to give something away that your audience will value as useful and encourage them to move down the funnel to your premium, most expensive product or service.
The more your audience trust you, the more they will spend with you. Through experience trying to sell a high product to someone who doesn’t know anything about you is tough. However, I have found that selling a free even low product is still hard but easier because the financial risk is much lower for your customer.
Your free and low products need to exceed people’s expectations as stated before giving away an amazing tip or advice.
Build your product funnel with multiple, related products, that tie in directly to the issue that you are trying to resolve for your audience. This means that you are continuously building an income and as you attract new customers they will fall through the funnel.
Your funnel can be from £0 – £50, from £5 to £10,000 or even £100 to £1m. There is no set value, but it works to start small and build up the value of your products.
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