Greater Than Business Podcast – Episode 031
This is episode 31 of the Greater Than Business Podcast and today we are going to be talking all about how you can create an additional income stream by using a marketing funnel. So first off, what I want to do is encourage you, if you haven't already, to download my guide to marketing funnels. If you have not done that yet, please do so now because it is going to be incredibly important after this episode. When you go to take action on this tip or lesson or however you want it, whatever word you want to use for this episode, so regardless or what, whatever you want to call it. What I want you to do is go and download that guide so you can find the link to download the guide at our show notes page, which is going to be greaterthanbusiness.com/031 and that will get you everything that you need.
Everything I'm going to discuss in this episode. So if you haven't already got the guide and gone through it, then I'm going to kind of give you a little bit of a rundown of what I cover in that guide and also what a marketing funnel is. So if you are completely clueless as to what a marketing funnel is and you don't know how I use the term and how I described funnels, then I want you to go back and listen to two episodes. So episode one and episode two of this podcast so you can find them greaterthanbusiness.com/001 and /002 so what I cover in those two episodes are what a marketing funnel is and your advanced marketing funnel strategies. So those are two things that you're definitely gonna want to know more about before we deep dive into this episode.
So go back, do your homework, make sure you understand how I use the term marketing funnel and what I hope that you can accomplish from a marketing funnel. And then after you understand that, then I'm going to get into how you can use it to create an additional income stream, which is what we are going to be talking about in this episode. So I'm going to give you the quick rundown here of a marketing funnel is something that you use in your business that runs on autopilot that not only turns your leads into fans, but also turns your leads into customers. I find a lot of people in the online world forget that leads are actually people. They're not just numbers on your dashboard. When you log into your CRM every morning it, they're actually people hiding behind those numbers and those email addresses go to an actual person and in order for that person to want to buy from you, they have to know who you are and they have to feel like a person, not a number on a dashboard.
And that is something really important and that is why I developed the way that I build marketing funnels, which basically takes them on a journey. So it's a curated journey through all of your content or handpicked content. That makes sense and link to what they opted in for. So if you are already on my list, you will know that in order to join my email list, you get put into a marketing funnel. And when you do that you will get a whole bunch of tips all sent to you regarding whatever topic it is that you signed up for. So if it's marketing funnels, then obviously you're going to sign up for the marketing funnel guide. And then once you get the marketing funnel guide, you are going to get access to all of my marketing funnel resources that I've already created. Um, so you basically get backend to that section on my website where anything I create with marketing funnels will be updated there.
So you're not only opting in for one guide, but you're opting in for all of the content that I've ever made about that specific topic. And then from there you're going to get emails that are specially written in a way that they give you value related to the topic that you have opted in for. So you would only get emails providing you tips, tricks, assets that can help you in order to build out your marketing funnel. And the reason why I do this is because it builds automatic relationships with your leads. And those leads, as I said before, are people, and you don't want to buy from someone that you don't know. So why would you try to not let people know who you are in your marketing funnel? And then from there then you get into pitch emails. You're still providing value, but you're letting them know that you do have something that if they pay a little bit of money for it, will help their results or them get the results that they want faster.
So whatever it is that your product or service offers, paying for it is obviously going to expedite that process or you're going to give them a little bit more that they don't get from whatever free offer it is that they have. So that's kind of a quick rundown of marketing funnels. And the way that I want you to think about using marketing funnels in this episode is all about creating that extra income stream. So extra income streams are something above and beyond your bread and butter. So for me, right now in my business, my and butter is my services. So I offer one-to-one services, but they come at a higher price. So for myself, I wanted to get away of creating a different income stream that would allow me to still bring in money, but not necessarily take up too much of my time after I've created the original product.
So this would be something where you would sell a course or a workbook or an audio instruction tutorial, or I sell Infusionsoft campaigns. So if you have a specific campaign that you're looking for, then chances are I already have developed it, I have it in my system and I sell them. If you want to just have the campaign automatically dumped into your Infusionsoft account, and then you don't have to think about how to build out all those automations, they're just done for you. So those are things that I sell as additional income streams. So the way how you can use this to build an additional income stream is think of something that you've created in the past that you aren't currently making money from. Think of an old course or a workbook or something along those lines that you've created once and then you sold and it did well, but something that you've kind of outgrown or something that maybe you can just put a little bit more effort into and then create it as an evergreen product.
Now when I say evergreen, I mean something that is timeless and something that never will go out of style. Something that is a staple in your industry and something that isn't dated in your teachings. So if you say in your teaching that it's, Hey, it's Monday, March 5th, then obviously that's not going to be authentic when someone buys it and it's no longer March 5th, 2015 it is now, um, January 3rd of 2020 and you obviously have just dated your program and people are going to think, Oh, this is five years old. So you want to make something, make sure that it is timeless, make sure that it is evergreen and make sure that it is relevant still in your industry or whatever it is that you're doing. If you have a course like that, then you need to build a marketing funnel around it. So create an opt in offer.
And if you don't already have my marketing funnel guide, this is when you would want to do it and get your copy. Because in that guide, I give you examples of opt in offers that you can create different types and different ways that you can use them. And then once you have that opt in offer created, then you would build the funnel around it. So your opt in offer is obviously going to be what they're going to opt in for. Then you'd build your landing page around it and then your delivery systems so that they will, um, get what they've opted in for. And then you will also get their email address and contact information. And then from there you need to think about a conversion method. So the conversion method in a marketing funnel is obviously the emails because you are converting people through emails and then you also need to think of the way that you're actually going to lead them towards the sale.
So usually a conversion method is something that is leading them towards the sale in a very strategic way. So it's more so than an email. It would be a sales page or a webinar or a sales, a video sales letter or a sales call, something like that where you're actually getting them to click and go to something else beyond your email so that they have a chance to learn more about your product and then make an informed decision on if it's right for them. So that is your conversion method and you're going to meet that inside your marketing funnel because obviously you want to convert these people to customers and the conversion method is solely there to provide more information, give them the ability to make that choice to buy and give them all of the information, cover all of the objections that they may have to buying this product and let them make that decision on their own.
And then obviously the last step of a marketing funnel is the core offer. So we've already touched on what your core offer is going to be. It is going to be that course that you've already developed that is basically sitting on your shelf collecting dust. Now I realized that it's probably all digital and that you don't really have a shelf that you put your digital files on. But for the sake of this argument it is going to be um, sitting on your shelf. And it's just something you haven't touched in awhile. And what you want to do is revamp it a little bit, but make sure that it's still relevant. Make sure that all the advice you're giving is still good, solid advice and make sure that you haven't dated anything in the old course that you've used so you can quickly and easily edit it.
I know some people can just find a video editor or a sound editor on Fiverr that will quickly do it for you. Um, something along those lines where you can just find someone that can help you to maybe edit it and make it, um, something that can sell in an evergreen format. So the purpose of this episode is I wanted to make sure that you could kind of get your brain, trying to think of the word that I'm looking for here, but get your, your thoughts in motion about how you can create this additional income stream by using something you've already created that you're not profiting from currently. So what you want to do is put all of those elements together and create an income stream and then put the link to join your marketing funnel. So your opt in offer link, put that everywhere.
So because it's something that's evergreen, put it on your homepage of your website, put it as your social media links, um, make sure that it's accessible to your already existing fans. Make sure that you email about it in your email, broadcasts, whichever it is your newsletter or whatever emails you're sending out. A simple PS at the bottom. We'll just let them know that you do have this other thing available and then they can download it for free, which is your opt in offer. And then from there they'll get taken on that journey to buy your product. And the journey is going to be a set of emails. And those emails are all inside the marketing funnel guide. And what they are is basically directing someone towards buying your core offer. So I hope that that all makes sense. I kind of went through it very, very quickly, but I'm only touching on the basics here because everything that you need is in the guide.
But what I want you to really start thinking about is what is something that you have sold in the past that you know works that you can, that you're no longer profiting from, that you can start to sell again, but you don't have to do it with a lot of effort. And then once you take it probably won't take very long at all, maybe a couple days. And once you get this whole thing set up, then think of the additional income stream and what that could mean for your business. So my whole goal in my business, to be completely transparent, is to make sure that all of my additional income streams actually cover my business expenses. So I wanna make sure that every single expense that I have in my business is covered plus by my additional income streams. So my bread and butter, the one where I make the most amount of money, I don't want that to be my main source of income anymore.
What I want is my additional income streams. So the passive income that I receive from these marketing funnels, that is what I want to be the foundation of my business finances. Because if you can create a predictable additional income stream that covers your expenses, is that not the goal? Having all of your expenses covered by passive income. Now I just want to hit pause for a quick second because I want to touch on the word that I just used their passive income because I want to make sure that you realize that passive income is not actually passive. You still need to do the work up front in order for it to start making you money. You can't just turn it on and Oh, I'm just making passive income now. Not how it works. It's, it's a very, um, touchy word that I don't like to lead people into thinking that it's something really easy because passive income has to still be a proven method that you're selling.
It has to be a proven product that you're selling and it has to be something that you've already sold in the past and you still need to monitor the system that you're using to, that you're using to sell with. So passive income is never 100% hands off passive. You still need to be looking at your numbers. You still need to be making sure that things are making sense and especially if you have ad spend behind your passive income or your additional income stream, then 100% hands down. You need to be monitoring that every single day. So I don't want you to think that passive income is something where you can just do it once and then never think about it again and the money's just going to keep rolling in. You still need to be monitoring it. You still need to be making sure that it's relevant and you still need to be doing the work with the customers that buy your product and make sure that they feel supported after their purchase.
So the only thing that's really passive about it is that you don't need to keep reinventing the wheel with the core material in whatever it is that you're selling. So I guess that is maybe passive. But anyways, I just kind of wanted to give a little dose of reality to that, that whole subset of passive income because passive income is not actually completely passive. Okay. Now a little tangent is over. Let's get back to the real stuff here. So the goal that I have in my business is to be able to have all of my main expenses covered by my additional income stream. So that is the goal there and I wish the same for you because it is an amazing feeling to have where you can predictably know what your income is going to be from each additional income stream that you have. Now to kind of plant the seed in your head just a little bit.
I want you to consider the fact that if you have one additional income stream and you put it together in a couple days and you have one product that you know you can easily sell, then start thinking about do you have something else that maybe could build another income stream around another marketing funnel? Do you have another product or another service or maybe a onetime phone call or something like that where you could just start building out these additional income streams and basically kind of rinse and repeat this process over and over and over again. And then because it's something that only requires minimal monitoring, then you could potentially grow your income in your business by leaps and bounds just in this one, just by doing this one thing. So I want you to kind of brainstorm, sit down, do a brain dump. Think of all of the old products or old course ideas or things that you could turn into products easily and then sell in a marketing funnel.
Now, one thing that I want to note is marketing funnels don't have to sell your main offering. Your main course, they don't need to sell a $1,400 program. They could simply sell a $9 offer. You could sell a hundred dollar offer that basically the choice is yours, what you want to sell at the end. What I like to do is figure out for myself what product I want to sell that's at a price point so that I can reach my income goals. So I kind of reverse engineer it just a little bit. But I'll think of like, let's say my businesses expenses are $10,000 a month. So of course I want my additional income streams to bring in at least $10,000 a month because that is how I want to operate my business. So in order for that to happen, I need to think of realistically how many people I could bring into my list during that month.
And then I want to think of how many people I could get to convert to that offer and whichever offer it may be. And then I want to think of, okay, so if it's $10,000 that I wanna make in a month and I'm going to have say 10 people opt in for it, then I would know that I would need to sell, no, sorry, not 10 people opt in for it, 10 people to purchase it from the people that have opted in. Well then I'm going to know that I need to sell the product for $1,000 so then all start thinking about, okay, well what product do I have that I could sell that I've already created for $1,000 do I have a product that I'm not currently selling or that I'm planning on selling that I could use and if I don't have something, then is there a way that I could combine products that I've used in the past that are all linked?
That all makes sense that work together, but could I bundle them for $1,000 and if the answer is still no on that, then maybe what you need to consider is building two different funnels and maybe only charging $500 for different products. If you've got two or three that you can't bundle together because it just doesn't make sense. So all of those things are just little aspects that I want you to think of as you're kind of getting the wheels turning on different ways that you can use marketing funnels and also different income streams that you could add into your business. So I really want you to start thinking about it, thinking about ways that you can create these additional income streams. I want you to obviously use the marketing guide that I have for you right now. It is available, as I said, I'm going to link it in the show notes, but you can get greaterthanbusiness.com/031 and from there, once you get the guide, go through it, really digest it all.
Get those wheels turning, figure out a way that you could create a different additional income stream and make sure that it aligns with the goals that you have in your life and in your business. And for me, the easiest one is obviously cover my expenses. So obviously I'm assuming in your business you're not going to have $10,000 worth of business expenses in a month and you'll be able to work with smaller figures that are more easier to digest as well as easier to wrap your head around when trying to think of an additional income stream because trying to create a marketing funnel completely from scratch and then trying to get your first product to sell it, $1,000 is going to be hard. So start small, start with something little start with a product. Generally I would say start with a product that's $97 or less, and that is where you will find, you'll be able to kind of get your feet wet in creating additional income streams and then you can move on to creating products that you can sell at higher price points.
So this whole thing is basically I want you to think of something you have already created that you can sell for a low price point that's going to solve a problem in your business such as expenses that can bring in that additional income stream where you don't have to put in any more time into your business and something where you can test it out and get that additional income stream starting to function. And basically it'll make your life so much easier when you can get something like this in the works. So I'm going to cut this episode off now because I don't want to keep going and going and going because trust me I can, but I want you to sit down, actually get to work on this. And if you need any help or assistance, please, please, please, please email me. My email address is flow at flow automation inc com and you can actually get into my inbox.
I will respond to you and I want to know what you're thinking about, what you're planning on doing and how effective this episode was for you. Did it work? Were you able to build an additional income stream? And if you weren't then I want to know what happened and I want to help troubleshoot with you to make sure that we can get this up and running because it will make such a big difference in your life and in your business when you can remove yourself from a moneymaking opportunity in your business. So I know this episode is a lot to digest. I want you to really take the time to sit down and figure this out. So with that said, I am going to go, I hope you've enjoyed this episode. Please let me know if you need any help with building out your marketing funnel and I can't wait to talk to you next week when we are going to talk about using evergreen webinars to revive an old product. So we've got a little bit of a theme going on for the next episode that kind of links in with this episode. So I can't wait to talk to you then and I hope you are having a fantastic week, and if you haven't already, please head over to iTunes or wherever you are listening to this podcast. Please give us a review. Please subscribe and I hope that we are helping you to live a better life by fueling your business to do better. So I will talk to you guys next week until then, have a great time.
Greater Than Business Podcast – Episode 031