In a world full of entrepreneurs and initiates in the business area, the digital universe and social networks allow us to reach many more people with relative ease, but when it comes to consolidated sales, many sellers look at their web pages and ask themselves: How to convert those visits into customers? For the transition from prospect to client, there is the name MINIMUM VIABLE FUNNEL. The sales funnel is the transitory path and depending on different factors that a lead follows to become a customer/consumer of your brand.
The name comes from the word that in English means ”Funnel”, and it is not an invention without foundation, but an analogy from the world of marketing. What do all funnels have in common? A wider part and a narrower final part.
Lo que sería la parte ancha de este embudo es por donde entran todas las personas que visitan una web o red social. Entre todas ellas, solo algunas se convertirán en seguidores o suscriptores, pasando así a la parte media del embudo, y al final de esos suscriptores, los que acaben como clientes habrán salido por la parte estrecha del embudo.
Es decir, habrá mucho más usuarios que visiten tu página (la parte ancha) que personas que consoliden una compra (zona estrecha). De ahí la estructura de la analogía.
The minimum viable funnel as a transition process
The minimum viable funnel implies all the steps that a potential customer (lead) takes until they buy (customer). Whether it’s with automations or an autoresponder, what you do is make it easy for everyone in the funnel to move toward the sale.
This process involves a greater or lesser number of phases depending on the temperature of the user. The difference between cold traffic and hot traffic is often indicated according to the degree of connection or affinity that Public/Target has with your brand.
There is talk of cold or unknown traffic to all those who arrive through advertisements on social networks and search engines; and hot traffic to those people who already know your brand and are predisposed to purchase or consume, as in the case of people who arrive organically or through direct marketing.
Elements associated with the minimum viable funnel process
Leads:
A lead is a user who has become a follower or has registered in your database, such as a business WhatsApp, they are called leads or “Tracks” because they usually lead to possible sales.
Lead magnet:
It is the tool with which we can attract and get our leads and prospects. What can be offered in exchange for someone to subscribe to the networks?
Valuable content that is quick and easy to consume will surely satisfy many users. For example, small free videos about the brand is a way to capture attention, and even though video material is currently much more in demand.
Lead scoring:
It is a technique that consists of scoring your leads based on their proximity to the sale. It’s about “scrutinizing” your leads and asking them: What are the chances that you will become one of my clients? You can use some scale, direct marketing techniques or surveys.
Lead nurturing:
In marketing, this is one of the great objectives and the main focus of the funnel. Conversion refers to the successful transition from user to client, associating not only with your list of leads but also with consumers.
This occurs when a visitor purchases a subscription to a service, or when an Instagram follower purchases the products you offer.
Conversión:
In marketing, this is one of the great objectives and the main focus of the funnel. Conversion refers to the successful transition from user to client, associating not only with your list of leads but also with consumers.
This occurs when a visitor purchases a subscription to a service, or when an Instagram follower purchases the products you offer.
Upsell:
It is a sales strategy or modality that revolves around offering a more expensive product to your customers, usually associated with improving the quality of consumption or considerably complementing a purchase already made, whether it is an increase in the possibilities of a subscription with a extra cost or a manual or tutorial of the product that the customer has already consumed.
If you sell makeup, you can additionally offer online classes or video tutorials on the use of cosmetics.
Downsell:
Contrary to the previous concept, downselling is the technique in which a lower priced product or service is offered to leads who have not purchased your main product.
It is usually associated with offering alternatives, which involve reaching users within the same target but with different purchasing possibilities. Following the previous example of cosmetics, a downsell would be represented by small workshops of one or two hours instead of an intensive masterclass of 6 hours, this first option being a cheaper consumption that allows more customers to be included.
OTO:
They are acronyms for the term Unique and/or unrepeatable Offer, or One Time Offer in English. It is usually an offer that is made in short periods of time. Usually associated at the beginning of a subscription or when consuming for the first time, a way to “thank” the consumer and generate more interest and rapport with the brand.
Bump:
It is an extra offer that frequently appears on the same page used to pay for a product. The strategy is as follows, before the consumer pays for what they had added to the shopping cart, they are offered to add an additional product or service related to the above (Where both Upsell and Downsell come into play mostly and can be consolidated with an OTO).
Evergreen:
This term (from English ‘‘Perennial’’) is attributed to some type of consumption that is timeless and does not expire.
A combo is evergreen when it has availability of items and purchases throughout the year, while some offers, sales, combos, and promotions are associated with some time of the year or monetizable tradition (for example, a shirt and pants for a men’s outfit is an attractive offer no matter what time of year, while a Valentine’s Day promotion offers a men’s shirt and a women’s blouse as a couples’ combo only in the month of February).
