Episode 1
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[00:00:00] Hey, and welcome to today's podcast episode where we are talking about what actually goes into a digital product funnel. Like at its core, what is a digital product funnel? So my name is Morgan Nield. I'm over at morgannield.com, and I am so excited to chat with you today because I am all about teaching creative entrepreneurs how to create their own digital product funnels.
[00:00:22] I've seen the magic. They work in my own business, and I can't wait to share with you the magic that they can work in your business too. So first things first. What is the digital product funnel? Okay. You've probably heard the term floating around. You probably have a basic understanding of what that can be, but let's talk about what it actually is and what it looks like.
[00:00:40] In its simplistic form. Okay, so a digital product funnel is essentially a curated collection, meaning at least two or more, ~uh, collection~ of digital products that work together to lead each other into a purchase for your customers. So essentially, if you look at like a digital product shop, for example, there's a whole bunch of digital products, [00:01:00] right?
[00:01:00] And somebody may purchase one, two, maybe three of those if you're having a good day. And then that's it. Okay. And ~end of,~ end of purchase, right? They ~may,~ may come back, they may not.~ It doesn't really matter, ~but the products all kind of work independently. Now with a digital product funnel, we designed the digital products,~ again, at least two~ to feed into each other.
[00:01:17] So somebody that purchased your first digital product will want to purchase the next digital product and then they will want to upgrade to the next digital product offer. Okay, so essentially we are guiding our customers on kind of this curated journey that answers their every question and frustration and problem along the way so that our product, our next digital product, makes the most sense for them to purchase, therefore increasing that customer.
[00:01:43] ~Um,~ value that purchasing value. So you're earning more for every single customer, because, let's be honest, it is so much easier to earn money and make sales from people that have already purchased from you once than to find a completely new customer where you have to build that awareness and that trust again.
[00:01:57] So this is the simplest way [00:02:00] to make sales consistently and increase that purchasing value. Now, the reason we want to create a funnel is it's gonna help you automate sales. Alright? If you are like, I like marketing, okay, or maybe I hate marketing completely, that's totally fine. You're totally normal. This is a way to take a lot of the pressure off of the marketing because your products literally set themselves up to sell each other, okay?
[00:02:24] It's also going to build trust right out of the gate. You're going to warm up those new email subscribers. Before they buy very, very quickly with the funnel we're gonna talk about today, and it, like we mentioned, it increases revenue, right? So you're gonna maximize those profits per customer, which is a huge impact on your bottom line.
[00:02:41] And also it simplifies marketing because it creates this clear path of purchase for your customers. So instead of having to, you know, go from here to here to here and jump all over your digital store trying to look at everything. With a digital product ~funnel~ funnel, there is a clear path to purchase.
[00:02:58] Okay? Less questions for the [00:03:00] audience. They know exactly what they need now, and once they solve that problem, they know exactly what they need next because you only have two to three digital products. Okay. ~So it just makes it very simple when, um, people come to you with their problems, which is what your digital products, no matter what kind of digital products, um, operation you run, they always have a problem.~
[00:03:08] Your digital products should always provide a solution to at least one of those problems. Okay? So they are coming in with problems, frustrations, decision fatigue, right? As business owners, we know what that means, and so the less questions your audience has in making a purchase, the better. Okay. ~They want,~ they don't want a billion options because that's overwhelming.
[00:03:28] Then they have to weigh the pros and cons. They have to see, well, what's different from this offer and this offer? Well, would this be better for me or would this be better for me? Right. There's so many decisions they have to make. This simplifies it. Okay? They already have a problem. You are literally handing them the exact solution they need, and there's only one solution.
[00:03:44] Okay? There's not 17 different solutions, and one may be better for others and dah, dah, dah, right? We don't wanna overcomplicate it. We wanna keep it simple. So it simplifies your marketing and creates a clear path to purchase for your customers, which increases the sales you make. Because there's no [00:04:00] questions.
[00:04:00] There's no hours and hours of browsing. They know exactly what they need because you have one product that solves that problem. And they can purchase and move on. Alright. So if that all sounds good, let's talk about what the core elements are of a digital product funnel. Now, there are tons of options here.
[00:04:16] Okay. There are a lot of really, really complicated digital product funnels out there that have like 15 different products and eight different email sequences and you know, 13 different opt-ins and just all those things that is, there's absolutely nothing wrong with that, but I'm not about that. Okay?
[00:04:32] Especially if you're just getting started with digital product funnels. You should not be about that either. You should not be trying to emulate that. Because you are gonna get burned out before you even get anything up and running. So you can absolutely make consistent daily sales with a stupid simple funnel.
[00:04:48] Okay. And it just has to have three parts, like that's it. Okay. This is what I call the fast profit funnel. It's what I teach on morgan nield.com, and I call it the Fast Profit Funnel because you don't have to wait. [00:05:00] Until you've completed your funnel before you start seeing sales, okay? You will literally start seeing sales from this funnel the minute you slap on your first paid digital product.
[00:05:08] Okay? So we're gonna talk about the three elements that go into this, but the minute you slap on that first paid digital product offer. And have it for sale, you will start earning sales from it. Okay? And then we'll add to it to increase ~the,~ the amount we earn from this funnel. But you can start making sales with just one product, which is so amazing, so awesome.
[00:05:27] And that's why we call it the Fast Profit Funnel. Alright, so let's break down how easy a digital product funnel can be and how easy this fast profit funnel that I teach is. Okay, first things first, and you probably already have this, you need a lead magnet, a freebie. This is what you're going to use to capture emails, okay?
[00:05:44] This is not a complicated thing. That's like a 40 page ebook or a, you know, 13 page word document or a huge design Canva graphic file or anything like that. This is simple. Okay. Things like a checklist, a template, [00:06:00] a quick guide. ~Okay?~ A cheat sheet. This should be stupid simple to create, and it should not take you more than an hour or two to create it if it is taking you longer than that, you are creating something beyond lead magnet. Okay? So it should take you one to two hours max to create this. We wanna get it up and going as quick as possible, ~okay?~ And the purpose of this lead magnet is to build trust and most obviously grow your email list, ~okay?~ We want it to be easy to digest for your people so that they see your offering.
[00:06:27] This freebie. It is valuable. It is going to help them. They want it now. ~Okay?~ So this is at its simplest form,~ just, you know, a checklist, a cheat sheet, ~something that's very easy for you to create and very easy for your audience to digest. Now you've probably already got that work with what you've got.
[00:06:40] You don't need to create something new. If yours is like, if you're thinking, well, mine's completely different than that, that's okay. That's totally fine. But if you are starting from scratch, this is a great place to start from scratch. Okay? Just something fast, easy to create. You can create it in Canva. You can create it in a ~word, you know, or ~Google Doc. You can create it in a spreadsheet. It doesn't really matter where you create it, as long as [00:07:00] it's something your audience will find valuable. Formatting? Not a big deal.
[00:07:03] ~Okay?~ Now, once you've done that, that's your free offer. Now we're going to create your first paid offer, and this is called a Tripwire, which kinda has a funky name, but essentially this is just a low cost offer priced between $7 and about $47.
[00:07:18] Now the purpose of this tripwire is to convert those new email subscribers into paying customers, right? The whole purpose of having an online business. So the customer, you have to think about the customer journey here, and we wanna get into the kind of the shoes of the new email subscriber. The new e email subscriber, when they subscribe for your freebie, your lead magnet, that is the peak interest they have in your business right then and there.
[00:07:43] They are so excited about your business. They've discovered you. They are ready for that freebie. That is when their interest is completely peaked and they are ready to take action. And so a trip wire is an offer we present to them immediately after they sign up for that freebie. So instead of ~re~ redirecting them to a thank you page [00:08:00] after they've entered their name and email you are going to direct them to a page that kind of says, Hey, wait, you know, your freebie is being delivered to your inbox, but in the meantime, you kind of might like this offer. Okay? An example of this would be like a template, um, maybe a teeny tiny mini course, like teeny tiny mini course.
[00:08:17] ~Um,~ or my personal favorite and my recommendation, a toolkit bundle of resources. Okay? We want this to be a quick win. Easy to implement for your audience as well, and we want it to feed off of the lead magnet. So if your lead magnet, for example,~ is like a, let's say like a watercolor. Um, practice sheets, like,~ let's say it's like watercolor practice sheets for them to print off a trip wire ~would be a toolkit, ~could be a toolkit bundle of resources you create.
[00:08:36] So maybe it has some digital product brushes, maybe it has some color palette guidelines. Maybe it has, you know, some done for you watercolor graphics. Whatever that looks like for your audience and what, who you are serving and what would be useful for them. We want this to be a bundle of resources that they can use right outta the gate that's gonna save them mega amounts of time. That's the big thing. We want this to save them time, okay?
[00:08:59] And we're [00:09:00] pricing it at kinda a no-brainer price point. When you price things higher, you need to build trust and have a relationship with your audience, right? But when you price things lower, people are more likely to make that impulse purchase.
[00:09:10] That's what this trip wire is. Now we can add onto this trip wire, an optional, like an order bump. Kind of like an upsell, but it's just right there on the checkout page for the trip wire ~called an order bump.~ And this is essentially just another way to increase cash. Now we're not gonna talk about that today 'cause we're talking about digital product funnel in its simplest format. But that is another option that you can do to increase the average value per customer that ~you're or~ you're achieving.
[00:09:34] So this tripwire low cost offer. Seven to $47 max. Okay? Now, once you've given them the option to purchase that tripwire, you are going to have the third element of your digital product funnel, and this is your core offer, ~okay?~
[00:09:49] This is where the money is made. So this is your main income driver. Now, this will be priced between $97 and probably about $997, depending on what elements you include in this core offer. [00:10:00] What it achieves. Who you are actually serving, what the pain point is that you're solving, all that kinda stuff.
[00:10:05] There's a lot of different factors that go into it, but essentially the core offer is where you're gonna deliver that transformation and provide that solution to your audience. ~So the trip,~ So the lead magnet kind of gives them like, you know, just this little, this quick win, this little cheat sheet or whatever, the trip wire takes it to the next level and does some ~done for you things. ~Done for you elements that just kind of saves them time. And then this core offer is going to educate them and really provide that full transformation. They're still missing pieces when they take the freebie. They're still missing pieces when they take the tripwire, but that core offer is gonna fill in all those missing pieces and really give them that complete solution that they need.
[00:10:41] Now, this may look like an online course. This may look like a coaching program, a membership. There's a lot of different formats that this can take. But I don't want you to get bogged down by, oh my gosh, that sounds like so much work, Morgan. Okay. It can be a lot of work. It doesn't have to be a lot of work, and it shouldn't be a lot of work.
[00:10:57] This can very easily be a mini course that you [00:11:00] create in just, you know, a couple days. It doesn't have to be a crazy thing. And so your goal with this though, is to provide that transformation of main value and have it be the next step past a tripwire. ~Okay?~ So then after that, there are many things you can do.
[00:11:13] We talked about adding an order bump to your trip wire, right? We talked about how you can, um, add more things to this product funnel, right? We, I shared the example of like, you could have 15 different upsells and a million different things. You can absolutely do that, but at its core, you digital product funnel, simplest way, lead magnet, tripwire, core offer, that's all you need, which is so amazing and so simple to set up.
[00:11:37] ~Now you can go beyond this. You can have, you know, more premium offers. You can have multiple core offers. You can have multiple trip wires, you can have multiple lead magnets. There are so many different options, but ~all you need to start and get set up with in the very beginning and start earning daily sales is just ~that lead magnets.~
[00:11:43] That trip wire. Okay? And then we add in the core offer, and then you can expand from there. But this is all we need to have a very profitable digital product funnel. Now, this is kind of a quick overview. There's obviously a lot more that goes into it, and if you are ready to work with me one-on-one to create your own profitable digital [00:12:00] product funnel.
[00:12:00] Shoot me an email at [email protected]. I would love to work with you and make it happen so you can start automating sales in your business. ASAP. It doesn't matter if you're starting from scratch or if you have products that just aren't working together and you're looking to kind of streamline everything so it becomes this revenue generating machine.
[00:12:18] Let's work together. Let's get things happening, and let's start automating your sales and your profits. ASAP. Thanks for joining me and I'll see you next time.
