Goodbye Sales Funnel - Hello Hybrid Funnel
Summary
TLDRThe transcript emphasizes the importance of minimizing customer acquisition costs in B2B to maximize margins and growth. It introduces sales funnels as a strategy to increase efficiency and reduce costs, explaining their role in guiding prospects from discovery to closing. The speaker shares practical tips for creating effective funnels, highlighting the need for smoothness, qualification, and speed. They also stress the significance of trust in B2B sales, using a personal example of a cold email campaign to illustrate how addressing pain points and building credibility can lead to successful sales.
Takeaways
- 🎯 Reducing customer acquisition cost (CAC) is crucial for maximizing margins and reinvesting in business growth.
- 🚀 A well-optimized sales funnel can significantly increase return on investment (ROI) and efficiency.
- 🍽️ Using sales funnels is akin to a chef using a funnel to fill bottles with sauce, minimizing waste and maximizing output.
- 📈 Lowering CAC allows for more customers to be acquired faster, thus increasing overall revenue.
- 🔄 Sales funnels are a series of steps that prospects go through from discovery to closing.
- 🔗 A strong call to action (CTA) on platforms like LinkedIn can drive traffic to a conversion-optimized website.
- 🚫 Avoid weak CTAs that don't engage or qualify prospects, such as 'shoot me a message'.
- 📊 Three keys to a good sales funnel: smoothness, qualification of leads, and speed.
- 📈 For high-priced products, a sales funnel often involves generating demand, a conversion page, and a closing call.
- 🚀 For lower-priced products, the goal is to close leads on autopilot without the need for sales calls.
- 💡 Trust is the foundation of B2B sales; funnels aim to build trust that leads to transactions.
Q & A
What is the main challenge in B2B customer acquisition?
-The main challenge in B2B customer acquisition is keeping the customer acquisition cost as low as possible to maximize margins and reinvest in business growth.
How does reducing the customer acquisition cost benefit a business?
-Reducing the customer acquisition cost increases the margin per customer, allowing the business to acquire more customers faster and reinvest in further growth.
What is the significance of a sales funnel in business?
-A sales funnel increases efficiency and return on investment by directing efforts precisely towards conversion, minimizing waste, and maximizing revenue with similar effort.
What are the three keys to creating an effective sales funnel?
-The three keys are: 1) making the funnel smooth and fast, 2) allowing for prospect qualification to save time, and 3) ensuring the funnel is as quick as possible to increase sales velocity.
How does the price point of a product or service affect the sales funnel strategy?
-For higher-priced products or services, a closing call is often necessary, while lower-priced offerings can aim for closing leads on autopilot without sales calls.
What is the ultimate goal of a sales funnel?
-The ultimate goal of a sales funnel is to build trust with the prospect, convincing them of the value a product or service will bring in terms of making more money or saving time.
How can social proof be utilized in a sales funnel?
-Social proof can be used in a sales funnel by mentioning well-known individuals or industry successes to establish credibility and intrigue.
What is the importance of a clear call to action in a sales funnel?
-A clear call to action is crucial as it directs the prospect to the next step, ensuring they understand what is expected of them and increasing the likelihood of conversion.
How can a business measure the effectiveness of its sales funnel?
-A business can measure the effectiveness of its sales funnel by tracking the conversion rate from each step to the next and analyzing the overall customer acquisition cost and margin.
What is the role of follow-ups in a sales funnel?
-Follow-ups play a critical role in maximizing reply rates and keeping the prospect engaged in the sales process, leading to potential conversions.
How can businesses acquire more customers with the same effort?
-By optimizing their sales funnel to be more efficient and effective, businesses can acquire more customers with the same effort by reducing customer acquisition costs and increasing margins.
Outlines
🔍 Efficient B2B Client Acquisition
This paragraph discusses the challenges of customer acquisition in B2B and emphasizes the importance of keeping the customer acquisition cost (CAC) low to maximize margins and business growth. It introduces the concept of sales funnels and their role in increasing return on investment (ROI) by directing effort efficiently towards customer conversion. The example given illustrates how reducing CAC from $400 to $100 can significantly increase the potential for customer acquisition. The paragraph also outlines the three keys to creating an effective sales funnel: ensuring it is smooth, qualifies people promptly, and is as fast as possible to maintain high sales velocity and business growth.
🚀 Building Trust Through Sales Funnels
The second paragraph delves into the specifics of building trust in B2B sales, which is crucial for converting prospects into customers. It uses a real-life example of a sales funnel designed to address the issue of no-shows in scheduled meetings. The paragraph outlines the strategy of generating demand through cold emails, highlighting the importance of addressing a relevant pain point and using social proof to establish credibility. The detailed process of crafting an effective email, including the use of intriguing subject lines, social proof, and clear call-to-action, is discussed. The paragraph concludes with the results of the strategy, which led to qualified meetings and increased sales, and offers a free resource for further learning.
Mindmap
Keywords
💡B2B
💡Sales Prospecting
💡Customer Acquisition Cost (CAC)
💡Sales Funnel
💡Margin
💡Conversion Page
💡Customer Lifetime Value (CLV)
💡Lead Qualification
💡Sales Velocity
💡Trust
💡Cold Email
Highlights
Finding clients in B2B is achievable through sales prospecting or advertising, but the key is to minimize customer acquisition cost (CAC) to maximize margins and reinvest in business growth.
Lowering CAC can significantly increase the number of customers acquired, as it raises the profit margin from each customer.
Sales funnels are crucial for efficiency, as they can amplify returns on investment with the same initial effort.
A good sales funnel directs effort efficiently, much like a chef using a funnel to fill bottles with sauce, minimizing waste.
Sales funnels consist of a series of steps that prospects go through from discovery to closing.
An effective sales funnel should be smooth, fast, and should qualify leads to save time for both the seller and the prospect.
For high-priced products or services, a sales funnel often involves generating demand, a conversion page, a meeting, and closing deals.
For lower-priced products or services, the goal is to close leads on autopilot without sales calls.
Building trust is the core of sales; funnels aim to establish trust that the product or service will deliver value.
The example of a cold email campaign targeting the 'no-show' rate for meetings is provided to illustrate an effective sales funnel.
Social proof is used effectively in the cold email campaign by mentioning a well-known figure in the industry.
The importance of a clear and direct call to action in the sales funnel is emphasized.
Follow-ups are crucial to maximize reply rates in the sales process.
A free Notion dock with various funnel templates and strategies for generating revenue is offered.
The transcript provides practical advice on building and growing a B2B business without unnecessary complexity.
The speaker shares personal experiences and strategies that have led to significant revenue generation.
The transcript emphasizes the importance of sales velocity in determining business growth.
Transcripts
no matter what you might think finding
clients in B2B is not hard if you spend
a lot of time doing sales prospecting or
if you decide to spend a lot of money on
ads you will be able to generate leads
what's really difficult is to make all
your uni Economics work essentially your
customer acquisition cost needs to be as
low as possible so you can maximize your
margins and invest more to grow your
business for example let's say that you
spend $400 to acquire one customer that
will pay you $500 it means that your
margin is $10000 and with that $100 you
won't be able to acquire another
customer since your customer acquisition
cost is $400 but now let's say that you
manage to reduce your customer
acquisition cost to $100 it means that
your margin is now $400 so technically
you could acquire a lot more customers
faster now so how exactly do you
decrease your customer acquisition cost
well that's where sales funnels come
into play a good sales funnel can 10x
your return an investment with the exact
same initial effort to illustrate it
just think of a chef using a funnel to
fill small bottles with sauce without
the funnel pouring the sauce directly
from a large pot would be inefficient
with much of its spilling and going to
waste similar to Broad unfocused efforts
but by using the funnel the same amount
of source is directed precisely into
bottles answering minimal waste and
maximum efficiency and the reason we
look at the funnel before acquiring
customers is because we don't want to
waste our effort with a good sales
funnel you will generate more Revenue
with a similar effort and with a good
sales funnel your customer acquisition
cost will be lower which mean that your
margin will be higher and when you have
higher margins it mean that you can
spend more money on customer acquisition
and therefore generate more Revenue if
you're new to sales funnels it's
essentially a series of steps your
prospect will go through from the
discovery phase to the closing phase
let's take a simple example from a
launch we did recently so here's a
LinkedIn post from with a clear call to
action from that CTA people will visit
our website which is optimized for
conversion then we will measure how many
new accounts are created through the
duplication of any template and from
there we will know the amount of paid
customers obviously that works if you
manage to create a really strong self
service and producted gross motion like
we did at lemlist because without a real
funnel that is optimized it would look
pretty much like this as you can see on
this LinkedIn post there is no real
value it's very like s hethy and
self-centered the call to action is
simply shoot me a message but there's
zero engagement so you probably had only
a few people watching that post but in
the end I highly doubt that there's
going to be any deal close from that
single post and that's because the whole
funnel is extremely weak there are three
keys to creating a good sales funnel
number one you want the funnel to be
smooth I've seen people adding calendar
links in their funnel where you can only
book 3 weeks from now that's not smooth
nor fast second you want your funnel to
allow you to qualify people time is your
most precious asset don't waste yours
and don't waste your prospect's time if
they're not a fit that should be clear
in the funnel for example if you have
something saying our pricing starts at
$10,000 per month is it a budget you're
comfortable with you know that every
single person who is not in that Target
of price will not continue and number
three you want your funnel to be as fast
as possible it's either a yes or a no
but you should know as quickly as
possible sales velocity is extremely
important as it will determine whether
or not you can grow fast so now you're
probably wondering if all sales funnels
are the same well your funnel will
depend on the price of what you're
selling most often if the price point is
above $11,000 you will have to go
through a closing call unless you have a
really strong brand and it will usually
look like something like this at first
you need to generate demand and that
usually comes with cold emails or sales
prospecting a post on LinkedIn or a
newsletter then you'll have a conversion
page page where the goal is to push
towards the meeting and from the meeting
this is where you'll need to close deals
something that most people forget is
that each step of the funnel is supposed
to sell the next step on your conversion
page you should always sell the C not
the final product or service if your
funnel is to sell a product or service
that is less than $400 your funel should
be a bit different where this time your
goal is going to be to close leads on
autopilot without having to do sales
calls exactly as I show in the first
example overall if you want to build
efficient B2B funnels you need to
remember that sales is about one thing
trust Let Me Explain If I tell you that
if you give me $10 today I'll give you a
$100 back in a week would you do it I
guess the answer is yes because if
you've been watching my videos and have
followed me for a while you already
trust me because you know that I'll be
able to deliver on my promise but if
it's a random person in the street would
you say yes now probably not because you
don't trust them and even though I know
that everyone loves to over complicate
business B2B is all about trust trusting
someone to deliver a product or service
that will either help you make more
money or save time your entire sales
funnels goal is to build that trust so
before I give you another Secret gift I
want to go through one very specific
example of funold we use to generate
revenue for lmal the first step is to
generate demand through a Cod email
essentially here I want to focus on a
paino that is relevant to my get and the
biggest pain point we wanted to solve
with lmal was what we call the noow rate
that's when people book a meeting on
your cly and never show up so we took a
list of people using cenly and we
started cold emailing them as you can
see the subject line is very intriguing
and focusing on the pain points because
it says reduce noow rates question mark
then I add social proof in the first
line mentioning someone who's well known
in the industry for example here I'm
mentioning Beck who was the former head
of sales at chorus then I explain why we
did it which will add even more social
proof if they Google my name which
honestly they probably will because
whenever you're receiving a cold email
from someone you don't know the first
thing you say if they're saying
something intriguing is to check who
they are what they've done and whether
or not it's the case and finally my call
to action was straight to the point
would might make sense to chat about
that for 15 minutes next week I would
also add a few follow-ups to make sure
to maximize my reply rates and I'll give
you access to the full campaign so you
can duplicate it for free all of that
led to these kind of replies I would
then send a link to that page leading to
qualified meeting and more sales overall
as always I've prepared a free notion
dock that you can steal with tons of
different funnels templates including
how we made a $100,000 in one hour with
a webinar how we generate thousands of
signups every time we launch a new
feature and how our Sal team book calls
on autopilot every week I'll publish new
videos on how to build and grow a B2 be
business that generate millions of
dollars without any BS and giving you
practical templates that you can steal
see you on the other side peace love and
profit
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