Have you ever felt anxious about maintaining a strong client base, hoping that they continue to work with you each month? Were you affected by the economy slump when your clients couldn’t afford your services? I know I was, and that was the moment when I vowed to protect my business from that uncertainty. I changed my mindset about my business and started thinking about it as a company! That’s right – a company that had a variety of products and services available at different price points.
You have the same company at your fingertips. The best protection against the valleys in our business is multiple streams of income. By creating a marketing or product funnel, you provide a variety of opportunities for coaches to get to know you, work with you, and refer others to you. Plus, you’ll increase your revenue without having to do much more work.
So today we are looking at generating or creating revenue streams, product funnels, that allow you to have income that complements the work you do as VAs. Your product funnel should be an intentional tool you use to introduce people to you and move them through your offerings of products and services so that they become a loyal customer. And loyal customers bring about referrals.
Did you know that a product funnel opens up the door for you to get referrals from current clients? A lot of times people won’t give you a referral because they are afraid that if you get too busy it will affect the work you do for them. Another reason may be that they are worried about the confidentiality between you or that their friend may share things about them with you. One of the ways a product funnel can remove that fear is when it has other options for their referral to work with you.
The marketing funnel that works for our coaches can also work for your virtual assistance business. Here are the three basic parts:
- Free or low fee products and services
- Medium fee-based products and services
- High-end products and services
What benefits of the product or service do you want to bring to the customer? What fear, pain, or problem of theirs will you be solving? And, what’s the bigger picture, what’s the bigger objective for you? You want your product funnel to be intentional in that it leads to something next in your funnel.
So, let’s start at the bottom of the funnel where the choicest services are delivered. We want your 1-on-1 VA services to be part of High-end products of the product funnel because these services involve the most amount of your time and should be priced higher than the rest of your funnel.
Now, let’s move up the product funnel, where there is less of you available to deliver the service or product. How can you modify your 1-on-1 services so that less of your time is required? How much of the work could a coach do on their own with a step-by-step guide or audio lesson? If your 1-on-1 services include weekly check-in calls, your mid-level product may only include a monthly check-in call along with the step-by-step guide.
And now for the free or low-fee product. Remember that you want this product to act as a foundation builder. What do you find that most of your new clients need on a basic level? What is it you wish they knew before you started working with them? This is the easiest to produce but the hardest to nail down to the most important. If you find yourself in this dilemma, just write a list and then prioritize.
When you complete this activity for your business, you will feel more confident to repeat the steps with your own coach. Trust me, if you can help your coach to prepare this funnel, they will value your contribution and rave about you to others.