How the Success of Funnel Can Be Applied to Your Business

Got a Fiver?

Fiverr offers everything from web analytics to jingles to human billboards. I can personally attest that Fiverr’s gimmick works well and that it can be quite addicting.

According to Wikipedia, Fiverr is a marketplace where people can try to turn their hobbies into businesses. If their services sell well at $5 apiece, the site offers them the option of increasing their prices to as much as $500 apiece.

This element of Fiverr is not only an incentive to people offering their services on the site, it also gives the public a unique opportunity to be a part of creating a successful business from the ground up. It also allows Fiverr sellers opportunities to fill their portfolios, get testimonials, test new services, and attract new clients. All of these benefits offer tremendous value which exceeds the measly $5 or more they are charging.

Loss Leader

Upon checking out the site, you might notice that some people are already spinning the concept of Fiverr and utilizing it to sell low ticket products and services, and then upsell with added features. This is referred to a "loss leader." Sell items that don't necessarily reap a profit but creates opportunities to profit in other ways.

How can that be applied to your business?

Offering Resources

I recently completed a project for a popular online whose goal is to become a fantastic resource to businesses and entrepreneurs just starting out. Part of what I created with them was a guide offered as a low-risk resource that covers how to make sure you’re ready to launch your business. I'm currently creating a workbook based on their case study that will soon be available for sale on their website. We saw the opportunity to create a product based on the success of their project, which most businesses have opportunities to do as well.

Bloggers turn their articles into published books. Whitepapers can be offered for free or sold to the public. Popular news sites require a paid subscription to read their articles. Do you have a resource to offer your current customers that will also generate new customers? Consider utilizing low ticket products and services that get customers in the door, and impement strategies to move them through your sales funnel.