I am a big fan of implementing systems in your business. That said, you should take into consideration that your FUNNEL is also a kind of system.
In fact, it’s one of the most important systems you can implement in your business. And there’s a mistake that I see people making with their funnels (and in other areas of business) that leaves a lot of profits on the table.
When it comes to rapidly scaling both your business and more importantly, your funnel, one of the things I’ve noticed is that people have a tendency to jump to the next thing far too soon. And you see this in many areas of business. So many times people tend to chase after acquiring new customers before they’ve maximized the customers that they already have. In other words, sell more things to the people that you already have in your world versus people who are new to you. You can see this with product lines as well. Before people fully maximize and fully saturate a market with the product that they’re selling, there’s a tendency for them to want to do product line extensions or enter into new markets.
When it comes to specifically building your funnel, this happens a lot when scaling up traffic. Now, there’s a great post and conversation that’s going on right now in Next Level Mastermind, where one of my private- high-level private clients, someone that I’ve worked with for the past three years, revealed our traffic roll-out strategy. In other words, when you’re building out your funnel, what traffic source do you start with, how do you fully maximize that, and where do you go next, as well as when you decide it’s time to go to that next traffic source. One of the key takeaways is that you want to go deeper than you might think, or otherwise be comfortable with, before you move on to that next traffic source.
Now, I was thinking some more about this, and about the things you need to get really good at before you can scale your business to the next stage.
One of the high-level members of the Next Level Group Mastermind, who runs a multi-seven-figure business, was sharing his observations about the differences that businesses go through when you’re going from $0 – $250,000, $250,000 – $1,000,000, and $1,000,000 – $10,000,000, and the things that you need to be really good at in each of those stages.
And I think that there’s a strong parallel her to scaling up your Ask formula funnel. For example, $0 – $250,000 is all about honing in on your big idea. So in other words, testing different big concepts, what I call the BFC, the Brilliant Frigging Concept, until you find one that totally resonates with your market. Then, once you’ve identified what that is, when you go from $250,000 – $1,000,000, it’s all about choosing one primary traffic source, and massively scaling up that one, and only one, source. So in the markets that I’m in, the top four traffic sources, in no particular order, because they vary from market to market, involve AdWords display, so the Google AdWords display network, Facebook advertising, Yahoo Gemini network, and Native Network, specifically Taboola and Outbreak. Those are the big four traffic sources across all the markets that I’m personally involved in, and what I’ve found is that to go from $250,000 to $1,000,000, to scale up one monster funnel that you’re focusing on exclusively, really focusing in on one specific traffic source.
Then, if I look at the funnels that I’ve been able to scale from $1,000,000 to upwards of $10,000,000, and this is one, single funnel, and I’ve done this in multiple markets, once you’ve maximized the first traffic source, it’s time to move on to others. For example, once you’ve blown up Facebook, and you’ve fully maximized that to get you to that $1,000,000 mark, the next thing that you want to do is maximize that next traffic source. And that same theme remains: Going deep in that one traffic source before spreading yourself too thin.
This is the path that I’ve found, and believe it or not, you can scale to these levels simply by having one monster funnel, provided that your market is big enough, that you focus on scaling, and going through the stages that I just mentioned.
Now, another “boring” topic when it comes to success in business has to do with processes and procedures.
And I’ve been getting some questions recently about the systems and procedures that we put in place in our company to scale and organize.
It doesn’t get a lot of attention because it’s not a “sexy” topic, but it’s arguably the most important thing to put in place when you’re building and scaling your business.
We all know that we need to systematize, but what’s helpful is to know what that means in real life. What does that actually look like?
And people have been asking what level of systems, procedures, processes, and templates we use in our company to scale to the level that we have.
So everything in our business, everything that we do, has a procedure attached to it. We actually go a step further…we even have a procedure for creating a procedure. Why does that matter? As your business scales, you’re going to have more people coming in: part time contractors, full time employees, or even tasks that you’re doing right now that you might want to revisit in 6 months, and forget in between how to do that task.
We use Google Docs as one of the systems in our business, through our Google Apps account, and we have over 200 procedures for things we do in the company. We have 3 different types of procedures:
S procedures, which are processes, R procedures, which are references, and T procedures, which are templates.
An example of an S document would be our “Decision-making guidelines.” The framework we use to make decisions when things aren’t black and white. This is a document that everybody in the company can refer to this to make sure they are headed in the right direction. And I’m sure you can see how useful it is to have something like this in place.
The key takeaway here is that often the most boring things in business are the most important.
And when you set up the boring things, it allows you to live the life you want to live without having to fly by the seat of your pants and constantly be in panic mode.
If this is something that you found useful or interesting, and if it’s something you’d like to hear more about, please leave a comment below to let us know.
Thanks and talk soon,