Why are sales funnels and upsells so interesting and should your coaching business have one?
In the coaching business, you have heard a lot about sales funnels and how you should have one too, I’m sure. But is this really true? Is a sales funnel really an interesting thing for you? Right now? Let’s get into it.
What is a sales funnel
A sales funnel is described differently by everybody. For the sake of this article, I’m gonna say that a sales funnel starts at a sales page. Once a visitor decides to buy, you get the checkout and maybe some up- and down-sells. Yes, there are steps before people get to the funnel, but for this blog, I assume that’s already taken care of.
The primary sales page
In the simplest form, you only have one offer, which is on your main sales page. This is where you guide the people you are trying to reach. Now, here comes the problem. Not everybody buys what you are offering for whatever reason they may have. The average conversion rate is around 2,3%. In the case of a €100 offer on your sales page and 1000 visitors, this means you will probably have (1000*2,3%) 23 buyers, which will lead to a monetary value of €2300.
What are upsells
Then there are things called upsells. This means that once someone bought your initial offer, they will get another offer shown to them as well. They already trust that you can help them with their problem. They already put in their credit card details. An upsell can be something that gives them even more chance of fixing their problem, or do it in a quicker or better way.
Traffic to your upsell
So, let’s say you have an upsell of €200. A conversion rate of 20% is not unusual for an upsell. This means in the previous example, (23*20% = 4,6) probably 4 people will take you up on this offer, which means your revenue increases by (4*€200) €800. With the initial €2300, that’s a nice increase with hardly any more work.
What this means for your funnel
This means that with the same amount of leads coming into your funnel – the part you need to work hardest for – you can easily up your revenue by 30%, depending on your pricing. This all with simply one more offer, for example, a 1-on-1 coaching session, or group VIP package. It doesn’t have to be anything big if you don’t want it to be.
So, is this for you?
This all sounds nice of course, but is this for you? If you don’t have a lot of traffic, then no. If you barely have people seeing your offers, there is not a lot of use in adding an upsell. If you have 100 visitors, you will probably only sell to 2 or 3 of them. 20% of those can result in no upsells at all. If you however DO put in the work of getting a lot of traffic, for example when working with ads, having an upsell might be interesting for you too.
If you have the traffic and would like a sales funnel in your business, book a call with me to discuss if I can help you set up your funnel on your WordPress website!