Many entrepreneurs get trapped in the dollars-for-hours hustle. I hear from hundreds of people who say, “I need more of ‘me’ to go around.” But while you’re dreaming about cloning, what you really need to be evaluating is your approach to lead generation.
The secret to getting out of the cycle of feast or famine is to create a sales funnel that not only delivers client leads but also brings in a steady stream of income.
How do you accomplish this? By offering an entry-level product that brings prospects into your funnel.
No matter what your company’s core offer is, you can offer a workshop, online course, webinar or e-book that simultaneously brings in revenue while filling your sales funnel. This approach gives focus to your lead generation and solves short-term cash flow issues you might have as you move from client to client.
How to Develop a Product that Creates Leverage
To find the sweet spot, you’ll want to develop a product that blends three factors: your expertise, the problem your ideal client wants to solve, and what they will invest in.
1. Your Expertise
In the new sales funnel, your product is your client’s first impression of your company and your expertise. As you develop it, keep in mind that you have an opportunity to build trust and credibility, which will deliver a segment of these buyers into your high-end offerings.
Ask yourself, what does my company do better than anyone else? What are people always asking me about?
For example, the Bay Area Search Engine Academy recently launched the Get Found Online starter program to help companies immediately increase their search traffic. At a $197 price point, this program delivers immediate value to potential clients and is projected to bring in 50 to 75 leads a month.
2. Your Ideal Client’s Problems
Think about what your ideal client’s wants, the barriers in her way, and the kinds of tools she wishes were available to help.
By providing a solution, tool, or resource that addresses just one of these struggles, you prove that you can deliver the kind of results that your ideal clients want to see and set yourself up for the next sale.
For example, my company was able to generate revenue in this way when we created a downloadable tool that helps potential clients test their product idea and project the revenue it could generate. The revenue from this entry-level product offsets our annual social media advertising investment, meaning the sale funnel pays for itself.
3. What Your Ideal Clients Will Invest In
Of course, not all problems will motivate a client to buy. Looking at your list of struggles, identify which ones you can provide solutions that deliver speed, synthesis, or systems.
Ideally, your leveraged product will give your clients a result faster than one they can achieve on their own, shorten their learning curve by collecting all the information they need to move forward on a project, or deliver results through your proven approach.
For example, a law firm might tap into the growing market of independent business coaches and consultants needing legal advice on a minimal budget. Such a firm could develop a series of low-cost webinars on “The Business Side of Coaching” and include customizable templates and risk assessments to generate revenue and a steady stream of clients needing support as their businesses grow.
Ask yourself, “If I had this need or problem, would I invest in this solution?” And, “Once they solve this problem, will they have new problems that I can help them solve with my services?”
By developing a product in the sweet spot of your expertise, your client’s problem, and what they’ll pay for, you can get out of the endless cycle of chasing down the next client. The revenue this product generates will free up your time to work on long-term projects, and it allows you to be choosier about the clients you do work with.
About the Author
Jeanine Blackwell is the founder of Create 6 Figure Courses, a virtual bootcamp that helps consultants, coaches and authors capitalize on their expertise, and the CEO of 4MAT 4Business.
You’re absolutely right, Jeanine. You never know where your buyers are in the buying cycle (seeking information, tire kicking, looking for a solution, or ready to purchase now) or what their price point is. By offering a series of low-impact entry points, such as a free report or webinar, or a small price entry-level option, you can keep your funnel full.
Another way to figure it out is to just ask your followers in your newsletter or on social media: “What problem do you need help solving today?” The responses will be a great gauge for what you can do to build that funnel.
People have to buy into you before they’ll buy from you, so you have to nurture your audience over time and build that trust with baby steps..