One of the terms that stands out for me in terms of last year’s focus in the business development world was that of the marketing funnel. The marketing funnel is a term that describes the ways you invite prospective clients and customers into your orbit.
The funnel simply looks like an inverted pyramid or a funnel. The top is wide, scaling down to the bottom. If you have a copy of the Coaching Business Builder you can work through your own funnel on page 8. I've also included one here to the side bar.
We can explore the funnel on two levels –
We will look at each level from the perspective of what you are offering in terms of your products or services. Then we’ll look at it in terms of how you are building relationships.
At the top of the funnel we have those items which are free or no fee. This is the widest part of the funnel and it is geared to attract the most amount of people. It’s also the place where we want to build brand awareness around our different products and services. The focus at this top end of the funnel is to ATTRACT new people and to share with them what you have to offer at a FREE or LOW FEE way. It’s an opportunity to spotlight snippets of what you offer.
At this level we might include things like:
The goal here is to start building a connection and conversation with people.
What do you have at the widest part of the funnel - FREE or VERY LOW FEE, focused on ATTRACT?
At the next level of the funnel, you will have low priced offerings. Again, the purpose is to continue the conversation, and strengthen relationships and start generating money. It is often to help people consider your services at a lower price point and start the conversation with you. They will get more than a taster and probably get an experience of what your services can provide for them.
At this second level, which is geared to get people to CONVERT to a higher level or next product, this might include:
At this layer you are starting to share more about your business, the philosophies which underpin it and who you are and what you offer.
At the third layer, ENGAGE, we have mid-priced programming. This is perhaps where your live offerings of retreats or group coaching might reside. At this point, people are making an investment into your offerings, and they are likely to become a fan of what you offer. They are the ones who are likely to move to even higher priced items, now or later.
There may be a next layer where people work with you on an ongoing basis on mainstream offerings. For some coaches this is where your regular one-on-one coaching will reside, or retreat day with a team.
Finally, at the top end of the funnel (the smallest part), where it is likely at the highest rate, and most intensive (or highest touch) work – you have the CONNECT phase where these people are likely to become the ADVOCATES of your work. They are the “RAVING fans” or people who will buy everything you have to offer. This might include a face-to-face piece of Intensive work with you through a Weekend Program OR a VIP Day.
As you consider your business mix for your work, what would you put in each of these layers? Which programs could benefit from some attention and/or need to be developed?
All the best,
Jennifer Britton - GroupCoachingEssentials | Potentials Realized
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Coach Jennifer Britton has worked with entrepreneurs across a variety of sectors since the late 1990s, even before she was in business herself. From supporting micro-entreprise and eco-tourism businesses to working with service based entrepreneurs and coaches, her PRACTICAL and TACTICAL approach to business coaching is ACTION focused, with emphasis on AWARENESS as well. Jenn is the author of the Coaching Business Builder Workbook and planner, and 3 others books related to group and team coaching and virtual conversations. She also hosts the Coaching BIzGrowth Lab, an open-enrollment group coaching program for coaches. Jenn founded her business - Potentials Realized - in April 2004.