Updated: Jun 1
Rating 4/5 ⭐️ (Good)
Topic: Non-Fiction: Online Business, Marketing and Sales.
"Ultimately, the business that can spend the most to acquire a customer wins." - Dan Kennedy.
Main Ideas - Good.
Examples and Stories - Good.
Engagement - Medium.
What is a funnel and why would you need one? A funnel is a strategy to convert leads into paid customers. There are different types of funnels you can use in the different tiers of the value ladder.
"If you want to generate leads, there are funnels for that. If you want to sell products, there are funnels for that. Funnels will grow any company. Your goal is to figure out which funnels are right for your specific situation."
#1 - The Secret Formula: Who? Where? Bait? and Result?
There are four main questions you will need to answer if you want to create a successful funnel in your business.
(Brunson, Russell. Dotcom Secrets (p. 14). Hay House. Kindle Edition.)
Who is your dream customer?
Where are your dream customers congregating?
What is the bait that you can use to attract them to you?
What is the unique result or value that you can create for your dream customers?
Now that you have asked the questions is time to find the answers.
Step 1) Identify your Dream Costumer: Who is the type of customer you would wake up excited to help or serve every day? What do they look like? How old are they? What are their interests? How do they entertain themselves? What do they value? The better you can identify this person, the easier it will be for you to find them.
Step 2) Find out where they are congregating: Once you know who your dream customer is, the second step is to find out where they are congregating? What website do they go to? What blogs do they read? What Youtube channels are they subscribe to? Where do they hang out online?
Step 3) Create Hooks to grab their attention. The third step is to create hooks that grab your dream customer's attention and then go fishing.
Step 4) What results can you deliver in exchange for their money? The last step is to present an irresistible offer (one where the value exceeds the cost). What are the product or services you can offer your dream customer to help them get results? Remember that people don’t come to you for your product, they come to you because they want a specific result. They want to solve a problem. You are there to help them solve it.
#2 - The Funnel Structure: Hook, Story, Offer.
When it comes to funnels, you will always be working on three main elements. The Hooks, the Stories or the Offers.
"If something isn’t working in your funnel, it’s always either the hook, the story, or the offer." - Russell Brunson
To master the art of creating successful funnels you will need to master three key fundamental skills. You need to be able to understand;
How to create hooks that grab your dream customers' attention.
How to tell stories that increase the value of the offer.
How to create and present your offer (your products and services).
(Brunson, Russell. Dotcom Secrets (p. 43). Hay House. Kindle Edition.)
LET'S TAKE A CLOSER LOOK AT EACH ELEMENT OF THE FUNNEL STRUCTURE.
The Hooks: The main role of a hook, is to grab your ideal customer's attention long enough for you to share your stories. The hook does not provide value but grabs attention by creating strong emotions such as curiosity, anger, fear or pleasure.
The Stories: The main goal of the stories are to increase the perceived value of the offer by pre-framing your offer and creating a relationship with your potential customers by building trust.
The Offers: The goal of an offer is to communicate the value of the products or services you are selling. To find out the perceived value of a customer is important to always test our assumption of what we think is valuable. This could be as simple as creating a mockup (or MVP; Minimum Viable Product) of the product or service you are offering and getting feedback. From there you will have to add or subtract what the consumer thinks of as valuable features of the product or service you provide. The value of the offer will always need to exceed the cost. If you sell a $100 product make sure the offer is worth $1,000 of perceived value.
"By adding more products and services to your core offer, you can make it irresistible by seeming less expensive than what your competition is offering."
To avoid competing on prices with other products or services, you can create a unique offer, which is to say that it will only be available through you.
What can you include in what you are offering that is unique to you? Is it a special promotion? A new innovation? A new or better way of solving a problem? Better customer services? Faster times? What are the customer standards of your industries? Can you excel them?
Can you include additional products or services to increase the value of the offer?
What can you include in the offer that will help your dream customer get better results? What else can you include in your offer that will help to guarantee their result?
#3 - The Value Ladder (AKA The Business Plan).
Once you are clear on the results you want to provide to potential customers is time to create an offer to deliver those results. Once your customer receives value, the natural thing for them to do is to want more.
"As costumers ascend your value ladder, your offers will increase in value and price."
The value ladder organizes the type of offers you will present to your potential customers depending on the type of results they are looking for.
Usually at the lower end of the value ladder are "free offers" and on the top end are "back-end offers or high ticket" offers.
(Brunson, Russell. Dotcom Secrets (p. 54). Hay House. Kindle Edition.)
Free Offers ($0).
Front-End Offers ($1 to $100.
Middle of the ladder Offers ($100 to $2,000).
Back-End Offers - ($2,000+).
Pick a tier of the value ladder until you make $1,000,000 in gross sales (the two comma club), Only then you can move on to the next tier and build a new revenue stream for your business.
#4 - The Attractive Character.
A brand is built by how the offers are presented to the customers. The attractive character is the person that presents the offers to the potential customers. This is done by mastering the art of storytelling.
"They come in looking for a result, but they stay because of their relationship with you."
(Brunson, Russell. Dotcom Secrets (p. 74). Hay House. Kindle Edition.)
The attractive character can be the company's brand or the founder of the company. The main role of the attractive leader is to build rapport with the potential customer.
One of the fundamental principles in any business is to build a community of people that love your products and/or services. This can be anywhere from using influencers, sales representatives or the founder of the company. Using an attractive character to create a community is key.
MAIN CHARACTERISTICS OF AN ATTRACTIVE CHARACTER.
A Background Story: People don't want to hear what you have to say until they know how much you care and why. Be vulnerable and share your own personal journey.
Using Parables: Use stories to explain difficult concepts that your community needs to understand. Have easy-to-follow stories to share. People don't remember facts, they remember stories.
Character Flaws: A good story has conflict, share your mistakes, failures and flaws. Create empathy and be relatable. After all, no one is perfect.
Polarity: By Sharing your opinions on things t