M&M #014: Close it Down & Make the Call
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🤝 Marketing ➔ Close it Down
Today we're wrapping up the marketing funnel mini-series.
Over the last few weeks we've looked at each stage of a basic marketing funnel:
Top of Funnel - Awareness
Mid Funnel - Consideration
Bottom of Funnel - Decision
We looked at the whys and the ways behind drumming up awareness, and how to actively aid prospects through the consideration phase by supplying enough content to satisfy their need to do 'research' before eventually... You guessed it - Deciding to purchase.
Time to make an offer that's too good to refuse.
Without digging into details of creating a compelling offer just know this...
A good offer does 2 things:
1) Increase perceived value of the thing you're selling
2) Reduce the risk associated with the purchase
If you're selling an email marketing for dummies course for $149, then the potential customer needs to fully believe that the course is actually worth $300+. And with most things, you get out what you put in.
The dream pencil pack for writers may cost them $10 for a 5-pack, but for someone that's looking for the perfect fit in their hands and a buttery smooth experience on the paper to help them avoid writer's block, this pencil is worth infinitely more. Hello, increased value perception.
Simple tactics to increase perceived value:
Bundles and add-on's (think informercials, great example)
Concierge-level courtesy onboarding (great for SaaS)
Extended or Lifetime access (Buy 12month gym membership, keep it for 18months)
Complimentary benefits (traveler credit cards offer luggage protection, VIP suite access, etc)
Using the pencil analogy, "Wow, seems like a great pencil to help me begin my writing career. But what if...?" Time to reduce the risk in our almost-buyer's mind. Maybe we say, "If you don't absolutely love our dream pencil pack, we'll buy it back from you."
This is one form of a guarantee. It's the most useful way to mitigate purchasing risk the buyer's mind. Granted, there are many ways to build a guarantee but that's not a conversation for today pal.
You reduce a customer's risk of buying your thing by creating guarantees that offset their worries. [Tweet this]
Drive the value as high as possible while also removing risk-associated obstacles ahead of time.
To wrap up, we've looked at the most powerful element a good bottom of funnel - crafting a compelling offer. But there's more we could do here also which we don't have time for so here's what we all love... A good ole' list!
Bottom-of-funnel ideas to implement today:
➝ A Great Offer
➝ Trials
➝ Lower Tier-ed Freemium Products
➝ Virtual or In-Person Demo's
➝ Exceptional Customer Service
Like legos, all the elements you add into each stage of your marketing funnel stack up.
One block can't become a castle on it's own.[Tweet this]
To be great, you must pay focus toward top, mid, and bottom of the funnel. And yes some of what you do for mid-funnel efforts will inevitably help with the bottom funnel efforts as well. Each element of the funnel work interdependently - they help one another.
Piece by piece, brick by brick.
Ask yourself, "What's one thing I could do to reduce risk for my future buyers?"
*hint - Risk aversion can aid in psychologically increasing perceived value as well.
P.S. if you want to really learn the in's and out's of crafting great offers (better than I could teach) then check out my dude Alex Hormozi's book, "$100 Million Offers" on Amazon.
☎️ Mindset ➔ Make the Call
One thing I've learned is that we don't live in a black and white world.
In fact, life is incredibly grey.
Not in a hum-drum, sad, or overcast kind of way - but more so on decisions like which path to take, who's advice to follow, what diet is best for me, etc...
With an abundance of options to consider and choices to make, wisdom reveals to us that there are many paths that can lead to similar outcomes. [Tweet this]
In the vastness of our daily decisions it's often that more than one option can be a good choice.
Often in business, decisions are not a 'this-or-that' type of thing...
But rather a sliding scale of 'how much good' in relation to 'how little bad'. [Tweet this]
Options. Choices. Decisions...
➝ Choice A may be 80% great while also being 20% less-than-ideal
➝ Choice B may have less upside than choice A, but also drastically reduces less-than-idealness
➝ Choice C may be 95% great, but not when looking at it through the lens of your particular goals
Examples of tough decisions where there's not technically a wrong or right answer:
Company Cashflow Management
Doing it yourself VS training someone else to do it
Opting for automation software that saves you time or increase profits by not paying for the software
☝️ Now with this in mind there is one thing that is for certain. You have to...
DECIDE.
CHOOSE.
ACT.
GO.
...and then see how good of a call it actually was.
You'll never truly know until you make a call.
You wanna stand out?
You wanna rise to the top at whatever it is your gunnin' for?
You wanna win?
Winners make the call.
And if it doesn't pan out, they humbly learn from it and make another call.
It's a simple concept that happens to be quite difficult to practice.
But assuredly, the more often you make the call, the more often you win. 'nuff said.
Action Item:
➝ Make The Frickin' Call.
Game on.
Until next time ✌️
Ev