Alright Kids, we’re going to forego the witty introduction and get straight the the goods today. There’s a lot to cover and I’m going to move fast (luckily you can read this as many times as you like), so here we go.
- The FREE Attention Magnet – This is a physical or informational product that you give away in order to attract your customers’ attention.
- The Easy Intro Offer – This is a small purchase with big value that helps ease your customers over the buying hump.
- The Mid-Level Offer – This is an additional offer for more money that helps your customer enjoy their easy intro product faster or more conveniently.
- The High-Level Offer – This is an additional offer for even more money that offers your customer personal guidance from you or one of your team members.
- The Recycle System – This is the process of collecting customers as they fall out of the different parts of your sales funnel and remaining connected to them so that you can introduce them to another funnel down the line.
I know that I’ve thrown a lot of things out like the three stages os trust building – Affinity, Familiarity, and Consistency, and the three phases of buyer psychology – Curiosity, Consideration, and Commitment. Now there are five stages of a sales funnel. Relax, because I will bring all this together into one concept and make it make sense. Let’s begin by examining the five stages of your sales in detail.
The FREE Attention Magnet
FREE is everyone’s favorite price to pay for anything. So much so that we’ll allow ourselves to believe some pretty wacky stuff. I once knew a guy who wanted so badly to justify his purchase of a new car that he convinced himself he had received a free car and a $20,000 set of keys. We’ll believe that we receive something for free even if it requires to purchase something else to get it. That’s what all those buy one get one deals are all about.
If you grew up like I did, you probably had someone tell you that, “There’s no such a thing as a free lunch,” and, “If it seems to good to be true, it probably is.” Advice like this is generally given by people who care about us, because they understand the power of “FREE.” “FREE” can break through the noise of life faster than just about anything. “FREE” makes us feel special, lucky, blessed, and cool. “FREE” can get us into a lot of trouble and that’s why we are warned about it.
I will admit that the power of “FREE” is awesome. But, as Stan Lee would say, “With great power comes great responsibility.” There are right, healthy, beneficial, and wonderful ways to use “FREE” and that’s what the first step of your sales funnel is all about.
Here are some rules about using “FREE”.
- Always offer real value – The quality of the things you give away speaks directly (and loudly) about your character and integrity. Remember the 5 Rules of Giving.
- Giving means no strings – Don’t say you’re giving something and then attach a condition. A gift should be freely given and freely received.
- Don’t get upset when people take it and run – If you’re giving something away, you have to understand that some people just want the gift. Don’t see them as customers that you lost, see them as customers that need to be won. Keep your cool and prove you’re for real by staying in contact and continuing to provide value.
- Be thankful for the opportunity – Realize that by receiving your gift, the customer allowed you to put your foot in their door. Thank them for it and make them feel special.
What kind of things should you give away? That’s a good question. FREE Attention Magnets should be things that your customer wants and/or needs. Are you selling survival gear? A quality lighter for making fires or a quality knife for bushcraft tasks might be good gifts. You’ll probably need to be a dealer for the items you give away so that you can get them at wholesale price and minimize your cost. You can also look at importing them in bulk to get the lowest price.
Regardless of where you get the gift, it needs to be something that your customer will carry and use. Or, in the case of a digital gift, it should be filled with knowledge and information that your customer can use right away. You should be able to imagine your customer saying to a friend, “Yeah, I got this for FREE and it turned out to be a really good_________. You should get one before they stop giving them away.”
The Easy Intro Offer
Next to “FREE”, we love “EASY.” There enough things in life that are hard. “HARD” is the desert that we live and work in every day. “EASY” is the oasis where we find shade, comfort, and refreshment. We long for the Big Easy, Easy Living, Easy Chairs, and easy Money. That’s why this step is so appealing. When was the last time somebody offered you something easy? It can be hard to turn down, and that’s the point.
Even though the Easy Intro Offer is appealing, that isn’t it’s main function. As the second half of the Curiosity phase of buyer psychology, the Easy Into Offer is designed to get you over the dreaded Buying Hump. I explained that once someone has bought something from you, they are 76% more likely to buy something else. This means that the sooner they buy something, the greater your opportunity will be to sell them something else.
But wait, there’s more. The really cool thing about getting over the Buying Hump is that it doesn’t matter how small the first purchase is. A purchase is a purchase in the mind of most buyers, so that means that selling them something small ($5 or less) will make them just a likely to buy something bigger ( say $50) for their second purchase. It gets better, because this principle compounds to make it easier and easier to sell more products to returning customers as long as you always provide good value and treat them fairly.
What kinds of things make good Easy Intro Offers? You can use physical products. So let’s return to our survival example. If you gave away a lighter, perhaps your Easy Intro Offer could be a knife, a compass, or a water bottle that you sell for between $5 and $10. Some people use the “free item and all you have to do is pay $9.95 for shipping” thing and many times it works if your customers are impulse buyers. I don’t recommend it, because I hate playing the “FREE” game.
Here are some rules about using “EASY”.
- Quality matters – Again, there’s a difference between inexpensive and just plain cheap. Make sure your Easy Intro item is worth buying.
- Sell it for less than $10 – We live in an age where anything less than $10 is considered pocket change by most people. We buy $4 coffee and $6 hamburgers all day long.
- Create exclusivity – Don’t sell this item to just anyone at this price. If you carry it on your website for regular sale, make sure you charge more on your site. This deal is a reward for accepting the “FREE” gift and giving you a chance to earn more of their business.
- Deliver quickly – This goes for the “FREE” gift as well. Once someone has gone with you over the Buying Hump, get their item in their hands as fast as possible. Nothing kills a buying buzz like having to wait. Screwing this up will usually cost you a customer.
OK, there’s the first two steps of your sales funnel. The Curiosity phase is comprised of a combination of these two steps. Next we’ll move on to the Consideration phase made up of two more sales funnel steps.
Have you ever used a “FREE” Attention Magnet or an “EASY” Entry Offer? Share your story and let’s talk about it.