In simple terms, the “Money Funnel” system is a marketing method that helps you MAKE MORE MONEY as a coach. How does the “Money Funnel” system work? First, picture a funnel, it has a wide opening at the top, and a small, narrow opening at the bottom, right?
As your prospects move down your “Money Funnel,” becoming customers first (buying products and group coaching services), you are essentially qualifying them ahead of time for one-on-one coaching. The idea is to keep people flowing down your “Money Funnel” from top to bottom in a manner that makes you money, yet doesn’t compromise your time coaching too many people up front, like some Broke Coaches mistakenly do. While coaching a lot of people (not having products) is fine, doesn’t it make sense to be doing both? Selling products, creating warm prospects (out of those customers), while promoting your coaching services?
The funnel is wider at the top because more people (prospects) need to be entered into your business at that level. As prospects start to weed themselves out, the funnel starts to get smaller, and so does the amount of people who reach the bottom.
For example, if you put 1,000 people into your funnel at the top level (free info), a certain percentage of those people will want more from you, and move to the middle of the funnel. A certain percentage of those people will want more again, and move to the bottom of your funnel. It’s all about filling your funnel at the top.
Once you have potential clients on your list, it’s one idea to sell them low to medium priced products and services. Having prospects spend “some” money, even if it’s $1, $10, $20, that might indicate their willingness to spend more with you if you can prove that you can help them with (their problem/situation/need/want).
Once customers trust you, and buy one (or more) products/services from you, upsell them to higher priced products and services. Below is an illustration of the “Money Funnel” and how it works to bring in leads and turn them into paying clients!
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