CMR 18: Why You Should Collapse Your Funnel



 


 

Fun fact to start off today’s episode. There’s a part of your brain, it’s called myelin. It’s fatty tissue and it allows your brain to fire off neurons faster.

What this means to you, is that by deliberate practice, it shows that there’s neurological reasoning that if you do repeated tasks or repeated challenges that are extremely difficult.

Or for you at that time, it’s like leveling up in the game.

Let’s start this off right. We’ll get into today’s episode, and we’ll see you on the other side.

[Intro]

Welcome to Conversion Marketing Radio, guys.

I am so excited. Last week, my wife and I went to Utah to spend some time with my family for Thanksgiving.

It’s always such a pleasure because I get to chat with my brothers and my parents.

There’s a lot of mental work through and processes and lots of cool things that I get to lay out on a very– Like up in the clouds.

I guess that’s the best way to say it. There’s like the down in the dirt, right, where you’re actually doing the work day-to-day.

Then you think about your thoughts or your ideas or your problems up in the clouds. From a very high up bird’s eyeview, trying to figure out where you’re going with everything.

It was really awesome.

I got to stay with my oldest brother. He’s 13 years older than me.

He’s got a lot of success under his belts in business and always admired what he has done in business.

I was talking about this new venture that we’ve started a couple of months ago.

A buddy of mine and myself, we’ve got this new type of agency that we’re really excited about. We’re looking at this go-to market strategy.

What was so awesome was listening to some of my brother’s successes of things that he’s learned either through his mentors or his experiences and really looking at what I would call collapsing the funnel.

Like, simplifying the process.

Making sure that when you’re going to market your business, you’re not adding complexity to it because you want to.

The only reason why you’d ever add the complexity is because you have to.

The way in which you’re scaling and you’re growing requires a more complex challenge or process because of the challenge.

What’s so interesting is, I got caught up in this. We’d laid out this whole process, this whole strategy. All the different things.

Before even going to Utah, I started a book. It’s called Deep Work. It’s by Cal Newport.

I’m trying to look at focusing all my attention, all my efforts, into the things that either I need to be focused on, like learning a turn of skill sets or being a certain position in the company and how it runs forward.

Or the other is, actually just immersing myself into something and taking away the opportunity to get distracted, turning off my phone, turning off any ideas.

Basically, tabling other concepts or opportunities and really immersing myself into one process or one business or one idea.

Then, simplifying that as much as I possibly can and taking out as many variables. That way, I can see where the success is and adding in the variables as they’re needed, not as they are wanted.

As much fun as making a complex marketing strategy and having everything laid out, if it prevents you from actually going and selling your products or your service, clearly, perfection it’s going to prevent you from making something done.

That’s the beauty of having something done. You can optimize it from there. You can change it. But if you never launch, you never produce. We’ve talked about this on this podcast before.

It’s important to start, it’s important to launch and then going through an optimizing. But what’s even crazier is that, there are different phases in your company and in your growth strategy that you might get caught up in.

You might have started your company, you might have started the business or started with your production.

But as you start to scale, it might become more and more complex when there it doesn’t need to be.

Something that I’ve actually had a hard time with in a lot of different businesses that I’ve been a part of, is scaling absolutely vertically.

Meaning, there is no deviation. If you think of it like a skyscraper, it doesn’t get about halfway through and then just start trailing off to the side.

It has to go straight up because it’s building upon the foundation down below. Now, in business, it’s the exact same way.

It’s important to scale up as high as you possibly can go, in one exact vertical.

Then once you’ve been able to scale up, meaning you’re literally just doing the exact same thing over, and over, and over, and over again.

I’m not even talking about it’s a different businesses, in the same businesses in the same nature to the same target audience.

If you can wrap up the whole target audience with a cheap product, let’s say, you’re selling a widget and you sell it for 100 bucks.

Instead of going in buying or making a new widget or making new packaging to sell it to a different audience or different marketing, you’re just selling the same widget with the same packaging, the same messaging, the same everything over, and over, and over, and over again.

That’s what is the most important part, especially, when you’re first starting. There’s a phrase called go-to-market strategy.

Now, when I was working as a consultant and worth of many fortune 500 companies on an executive level, the phrase go-to-market strategy was probably something I heard multiple times a day.

It’s something that’s important here. Your go-to-market strategy has to be simplified.

If your funnel is absolutely insanely long and you haven’t sold the first product yet, what gives you the idea that the rest of those products are going to sell because you can’t sell the first thing.

Back to that same ideology that said in the beginning of the episode, you’re up in the clouds.

But don’t start building your skyscrapers, especially, the top floor.

If you can’t even settle the land down below, if you can’t develop your first layer and maximize that efficiency, get the office setup or whatever.

I’m not talking like a physical office. I’m talking about like give me analogy of this land.

If you can’t utilize the bottom level, then what makes you think you’re going to build every single level all the way up to where you want to go if you really can’t even utilize what’s down below.

This really gave a lot of interesting perspective because I’d thought or initially, our plan was already simplified.

We’d already started to working in our value letter and everything like that.

After talking with my brother about this, it was so interesting to realize those times will come.

We can test all those things out and we can work through them. But the idea of getting started, my last episode, or I mean, two episodes to go.

Then going to market in this episode and collapsing your final judge right away, just saying, “What do we need to do to just scale exactly vertically?”

Now, imagine your target market there is a 100,000 people and you’re like, “You know what I think we can get anywhere between 1% to 10% of the market. We can either get 1,000 to 10,000 people of the market.”

That’s a very potential situation that you can be in your business. From there what you can do though, is go sell the 1,000 people the exact same thing.

As soon as you hit the 1,000 people or if you want to put it on like a threshold for cash or let’s say we had a million dollars selling the exact same thing then we can go build the second part.

I know Russell Brunson talks to his Inner Circle about this…

He’s like, “Don’t make another funnel until you’ve already made a million dollars on one funnel.” Like a webinar funnel or two-steps funnel or lead mining. Whatever it’s going to be just go perfect that.

Only focus on that, keep all your attention on there. I, myself, have had this problem. I was chased the shiny things.

What’s even crazier was that it’s not always the shiny things that would get us distracted. Sometimes there are actually really interesting opportunities that we think are aligned perfectly into our business.

But only they later realize it’s still a destruction from that exact perfect vertical scale.

In fact, I had another opportunity right over Thanksgiving where a very insanely lucrative opportunity came my way from a really good friend. It didn’t require a lot of time and it didn’t require much energy.

The craziest part is, I had to say, “No.” It was so hard saying, “no,” because basically it’s like a get rich, but it’s not a scheme. It’s like get rich because of ultimate blue ocean strategy.

Things that have been building up for years– someone that I fully trust.

It was so hard because it seem like it could fit into my strategy of making success.

Although it wouldn’t have required a lot of hours, it really still would have required taking attention away from what I am ultimately trying to achieve.

I know he’s going to be so successful with it, it’s going to turn into something absolutely maddening but I had to get over the fact that I wasn’t going to regret that decision.

Then I heard this interview with Jeff Bezos recently of why he started Amazon, and he called it regret limits or regrets minimization frameworks.

Regret minimization framework is why he started Amazon meaning by the time that he’s 80, he didn’t have any regrets of his decisions.

It actually took eight hours for me to respond to my friend in order to say, “no,” because it wasn’t just saying, “No. I got to pass on this opportunity.”

It was really more of a redefinition of, “Do I ultimately believe that what I’m doing in my exact vertical scale is going to be successful?”

Then from there, I can then go horizontally meaning if I go and upsell the 1,000 people that I’ve already sold one thing, what’s the likelihood of me having that success happen again, and again, and again, and again?

As soon as I’ve scaled as vertically as my threshold that I’ve made whether it’s purchasers or a cash limits.

Scaling horizontally makes perfect sense because now your upsells and everything develops in there is so perfect.

You got to markets to just literally keep selling thorough. It’s why the importance of an email list is, is so highly regarded.

Or just even having any less whether it’s followers on a social media platform or just even if it’s by phone and you’re calling every single person on there.

Whatever it is, it allows you to just keep the cash flow running so fast every single time after you’ve scaled to that certain point.

Then upsell and keep scaling, maybe there’s a different, a slightly modified to that specific target audience that can allow you to wrap in another either 10,000 or 100,000 a hundred potential people to your markets.

This has just been on my mind because as we’re looking at scaling our own agency and our own business and developing products and all the stuff.

We had to put a lot of those things on the back burner that we initially thought, “Yes, yes, we could easily like come up with this stuff,” only to realize our go-to market strategy has to be simplified.

We’ve got to collapse our own funnel meaning we are literally just simplifying our own process just so that way we can keep our focus and get into this deep work.

We can be the rock stars at this one thing. If a client asks us to do another thing we don’t do it, we might do it in the future.

But for right now, all we’re doing is this one thing because you don’t want to trip over dollars to pick up pennies.

If you believe that, if you can wrap up as many people as possible with your initial sale, you’re upsell’s going to work.

You’ve built the value, you’ve built the trust, you’ve been able to show why people should keep buying from you.

I use the term collapse in the funnel in a very loose way. It’s got a lot of different meanings what you can essentially do with it.

But in this process, it’s mere personal funnel, the personal go-to market strategy.

It’s the way in which you’re keeping your focus on making that success.

This is something I’m going to be working on even more as the more that we get into so that way it’s easy to upsell, it’s easy to cross.

We could even take the exact same thing and once you’ve wrapped in the whole target market you think that you’re going to be able to get. You can then hop into another target market. You can make something.

You can repackage it.

Now, all of a sudden, you got an amazing offer and the way that you’re scaling is not through a single vertical building. You’re scaling with community of buildings or community of products, community of all these things. But literally, collapse your funnel simplify, your process.

It’s such a crazy way to think because it might sound like it’s going against other podcast that we’ve always talked about. But it’s really not, it’s really just saying, “Do your one thing. Find your one thing and do your one thing better than anyone else and everyone else and from there build the trust.” If they hear that trust from you, they can then get on board with your next idea, your next product, your next service because you’ve shown so much value right from the start.

Keep going guys. I know that I’m going to be holding my feet to the flames on this one because I got to keep accountable.

The craziest thing of all– My buddy Stephen Larsen he’s leaving click funnels which is insane. You got to go listen to his podcast it’s on sales funnel radio of why he’s doing it.

I truly believe it’s going to be something– Just got some awesome things coming his way. But he shared with me something that I too have felt.

But he has allowed himself to be vulnerable, which he opened up for me to be vulnerable too. Which was, he needed an accountability partner and I’m like, “Yes, I do too actually.”

Exact same thing where, how do we keep each other accountable? He had this, I don’t know if he got this from a story or somewhere. But he has this concept thing and was like, “Why don’t we write each other $1,000 cheque?”

Every single week, we’ll just get on the phone with each other and we are just going to be straight up accountable.

If the other person wasn’t able to accomplish what they set out to do that week, then the person they are telling that, their accountability partner gets to cash that cheque.

Steve and I have written cheques to each other and every week we get to be accountable to each other on how we are growing and scaling our companies.

It’s nerve wrecking because $1,000 regardless of what it is. I know he’s going to want to up the game here soon too to make sure that it hurts.

That way, there’s deep work ensuited into our fibers. But the other person gets to cash the cheque if you don’t follow through on what you set out to do.

Simplifying a process and just scaling vertically, is the best way to do it. It keeps out all your distractions so you can remain accountable without getting distracted.

That’s what I wanted to leave with you guys today. If this is your first time here, go ahead and hit that subscribe button if you like this episode and you want to continue to get some updates.

I’ve also still got some free coaching spaces available for the rest of the year. If you want to go to conversionmarketingradio.com/coaching. What we do is, we walk through your business and what’s the best way to either increase your conversion rate.

Maybe start your business. Maybe just realigning what your processes look like and how you too can also scale.

 

Go over there, let me know if you have got any other questions, thoughts, concerns. Maybe, you just want to, I don’t know. If you want to send me a Christmas gift. Just kidding, don’t do that.

Love having you guys. I always appreciate your time. Have a great day and always remember, keep converting.

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