Hey there! In this article, we’ll be taking a look at Jason Wardrop’s video on achieving higher lifetime value with the challenge funnel in his $1M GoHighLevel SaaS Mode Sales Funnel. This is part three of his series on GoHighLevel Saas Mode. The focus of the video is on the “cleanup funnel” which aims to convert leads that initially didn’t make a purchase into monthly recurring subscribers. Jason shares his experience using a challenge funnel to attract exclusive leads for his real estate lead generation CRM platform. He explains how the challenge funnel starts with a 97 lead challenge and offers order form bumps and upsells. Jason highlights the higher lifetime value and lower churn rate of customers who came through the challenge funnel compared to those who bought from a webinar. He also teases the next video, which will discuss how to enforce virality with marketing to further grow the software platform. Jason offers his paid program with all the funnel templates for free to those who sign up for GoHighLevel under his affiliate link or upgrade their payment plans and give him affiliate credit. So, let’s dive into the details of this interesting strategy!
Understanding the Challenge Funnel
Definition of a challenge funnel
A challenge funnel is a marketing strategy that involves offering a specific challenge or goal to potential customers in order to attract and engage them. This funnel typically starts with a low-cost or free challenge that provides value to participants and encourages them to take action. Throughout the challenge, upsells and order form bumps may be offered to increase revenue. At the end of the challenge, participants are transitioned into a subscription or higher-priced offer.
Purpose of a challenge funnel
The purpose of a challenge funnel is to build a relationship with potential customers, showcase the value of your product or service, and ultimately convert them into paying customers. By offering a challenge that addresses a specific pain point or desire, you can capture the attention and interest of your target audience. This allows you to establish yourself as an authority in your industry and generate leads that are more likely to convert.
Benefits of using a challenge funnel
Using a challenge funnel can offer several benefits for your business. First, it provides a low-barrier entry point for potential customers to engage with your brand. This can help build trust and credibility, as they experience the value you provide firsthand. Additionally, a challenge funnel allows you to segment your audience and target specific individuals with relevant offers, increasing the likelihood of conversion. Finally, a challenge funnel can help increase customer lifetime value by transitioning participants into ongoing subscriptions or higher-priced offers.
Examples of successful challenge funnels
There have been numerous successful challenge funnels implemented by various businesses. One notable example is Jason Wardrop’s real estate lead generation CRM platform. Offering a 97-lead challenge in 30 days, Jason was able to attract exclusive leads and generate high conversion rates. Another example is the fitness industry, where challenge funnels have been widely used to promote workout programs or weight loss challenges. These challenges often result in increased engagement, customer retention, and revenue for fitness coaches and trainers.
The Cleanup Funnel and its Role in Achieving Higher Lifetime Value
Introduction to the cleanup funnel
The cleanup funnel is a specific type of challenge funnel that aims to convert leads that did not initially make a purchase into monthly recurring subscribers. It focuses on cleaning up the “leftover” leads and maximizing the customer lifetime value. This funnel is designed to re-engage potential customers and offer them additional value, ultimately increasing their chances of converting.
Converting leads into monthly recurring subscribers
The goal of the cleanup funnel is to convert leads into monthly recurring subscribers, ensuring a consistent stream of revenue for the business. This is achieved by offering additional incentives, upsells, or order form bumps to entice potential customers to upgrade their subscription or purchase add-on products or services. By providing ongoing value and addressing their needs, businesses can increase the lifetime value of their customers.
Importance of higher lifetime value
Increasing the lifetime value of customers is crucial for the long-term success and profitability of a business. Customers with higher lifetime value not only generate more revenue but also tend to be more loyal and are more likely to refer others. By focusing on increasing lifetime value through strategies like the cleanup funnel, businesses can establish a strong customer base and improve their overall financial performance.
Comparison between cleanup funnel and other funnels
The cleanup funnel differs from other funnels, such as traditional sales funnels or webinar funnels, in its focus on converting leads that did not initially make a purchase. While traditional funnels primarily target immediate conversions, the cleanup funnel provides a valuable opportunity to re-engage with potential customers and convert them into long-term subscribers. By addressing their objections or concerns and offering additional benefits, the cleanup funnel can significantly increase conversion rates and customer lifetime value.
Implementing the Challenge Funnel Strategy
Identifying the target audience
Before implementing a challenge funnel, it is crucial to identify the target audience. By understanding who your ideal customers are, their pain points, and their motivations, you can tailor your challenge to resonate with them. This will increase the chances of attracting the right participants who are more likely to convert into paying customers.
Creating a compelling challenge
The success of a challenge funnel relies heavily on the quality and appeal of the challenge itself. The challenge should be relevant to the target audience and offer clear benefits or solutions to their problems. It should be engaging, easy to understand, and provide a clear path to achieve the desired outcome. By creating a compelling challenge, you can capture the attention and interest of potential customers, increasing their likelihood of participating and converting.
Setting up the lead capture process
In order to effectively implement a challenge funnel, it is essential to have a system in place to capture and manage leads. This typically involves creating landing pages or opt-in forms to collect participant information, such as names and email addresses. Integrating an email marketing platform or customer relationship management (CRM) software can help automate the lead capture process and facilitate communication with participants throughout the challenge.
Designing order form bumps and upsells
Order form bumps and upsells are key components of a challenge funnel strategy. These are additional offers or upgrades that participants can choose to purchase during the challenge. Order form bumps are smaller, lower-cost offers that are presented at the checkout page, while upsells are higher-priced offers presented after the initial purchase. By strategically designing order form bumps and upsells that complement the initial offer, businesses can increase their revenue and customer lifetime value.
Managing the 30-day transition period
After the challenge is completed, it is important to effectively transition participants into the next stage of the funnel, whether it be a subscription or higher-priced offer. This can involve providing clear instructions, setting expectations, and offering ongoing support or resources. By managing the 30-day transition period effectively, businesses can maximize conversions and ensure a smooth customer experience.
Real-Life Example: Using a Challenge Funnel for Real Estate Lead Generation CRM
Overview of a real estate lead generation CRM platform
In this real-life example, Jason Wardrop shares his experience of using a challenge funnel for his real estate lead generation CRM platform. The platform helps real estate agents generate exclusive leads through various marketing strategies.
How the challenge funnel was implemented
Jason implemented a 97-lead challenge in 30 days as the entry point of his challenge funnel. Participants were offered the opportunity to get 15 exclusive leads in the next 30 days. This challenge appealed to real estate agents who were looking for exclusive leads to grow their business.
Results and impact on lead conversion
The challenge funnel proved to be highly effective, with participants experiencing great results and surpassing their expectations. By offering valuable training, templates, and support throughout the challenge, Jason was able to build trust and credibility with participants. This resulted in a high conversion rate of leads into paying customers, significantly impacting the success of the real estate lead generation CRM platform.
Lessons learned and best practices
Through the real-life example, Jason shares valuable lessons learned and best practices for implementing a challenge funnel. These include the importance of under-promising and over-delivering, providing hands-on support, and continuously improving the challenge funnel based on participant feedback. By continually refining and optimizing the challenge funnel, businesses can maximize their conversion rates and customer satisfaction.
Comparing Challenge Funnel Results with Webinar Sales
Measuring customer lifetime value
Customer lifetime value (CLTV) is a crucial metric for evaluating the success of different marketing strategies, including challenge funnels and webinar sales. CLTV measures the total revenue generated by a customer over their lifetime as a paying customer. By comparing the CLTV of customers acquired through challenge funnels and webinar sales, businesses can assess the effectiveness of each strategy in generating long-term revenue.
Churn rate comparison
Churn rate refers to the percentage of customers who stop subscribing or using a product or service within a given period. Comparing the churn rate of customers acquired through challenge funnels with those acquired through webinar sales can provide insights into which strategy is more effective in retaining customers. Challenge funnels, with their emphasis on building relationships and providing ongoing value, are often associated with lower churn rates compared to webinar sales.
Benefits of challenge funnel over webinar sales
Challenge funnels offer several advantages over webinar sales. Firstly, challenge funnels allow for a more personalized and interactive experience for participants, creating a stronger connection and engagement. Additionally, challenge funnels provide ongoing support, resources, and benefits throughout the challenge period, increasing the perceived value and reducing the likelihood of churn. Webinar sales, on the other hand, may have a higher upfront conversion rate but often lack the ongoing engagement and support that challenge funnels provide.
Case studies and success stories
There are numerous case studies and success stories from businesses that have successfully implemented challenge funnels and webinar sales. These case studies highlight the real-world results and benefits achieved through these strategies. By analyzing these case studies, businesses can gain valuable insights and inspiration for their own marketing efforts.
Enforcing Virality with Marketing to Boost Software Platform Growth
Introduction to viral marketing
Viral marketing is a marketing strategy that aims to create content or campaigns that are widely shared and spread rapidly through social media and other online channels. By harnessing the power of social sharing and word-of-mouth, businesses can significantly boost their visibility and audience reach.
Incorporating virality in challenge funnel strategy
Incorporating viral marketing tactics in a challenge funnel can greatly enhance the growth and success of a software platform. By designing shareable content, encouraging participants to invite their friends, and offering incentives for referrals, businesses can leverage the viral nature of social media to exponentially increase their audience and customer base.
Tips for creating viral marketing campaigns
Creating successful viral marketing campaigns requires careful planning and execution. Some tips for creating viral marketing campaigns within a challenge funnel strategy include:
- Crafting compelling and shareable content: Create content that resonates with your target audience and prompts them to share it with their networks.
- Utilizing social media platforms: Choose the social media platforms that are most relevant to your target audience and optimize your content for maximum reach and engagement.
- Encouraging user-generated content: Encourage participants to share their progress, results, or testimonials, creating a sense of community and social proof.
- Implementing referral programs: Offer incentives such as discounts, freebies, or exclusive access to encourage participants to refer their friends and networks to join the challenge.
- Leveraging influencers: Collaborate with influencers or thought leaders in your industry to promote your challenge and increase its visibility and credibility.
Maximizing the reach and impact
To maximize the reach and impact of viral marketing campaigns within a challenge funnel, it is important to track and analyze key metrics such as shares, likes, comments, and referrals. This will provide insights into the effectiveness of the campaign and allow for optimization and improvement over time. Additionally, implementing social sharing buttons, providing easy ways to share content, and actively engaging and interacting with participants can further enhance the virality of the campaign.
Offering Funnel Templates and Affiliate Program
Jason Wardrop’s paid program with funnel templates
Jason Wardrop offers a paid program that includes funnel templates and resources to help businesses implement challenge funnels effectively. This program provides step-by-step instructions, examples, and templates that businesses can utilize to create and optimize their own challenge funnels.
Eligibility for free access to the program
To incentivize sign-ups for GoHighLevel, Jason offers free access to his paid program and funnel templates. Users can gain access to the program by signing up for GoHighLevel under Jason’s affiliate link or upgrading their payment plans to support him.
Affiliate link and upgrade options
For those interested in supporting Jason and gaining access to his program, they can use his affiliate link to sign up for GoHighLevel or upgrade their existing plans. This provides a win-win situation, as users can benefit from Jason’s program while supporting him as an affiliate, granting him affiliate credit and additional incentives.
Benefits of joining under Jason’s affiliate credit
Joining GoHighLevel under Jason’s affiliate credit offers several benefits, including free access to his program and funnel templates. Additionally, it allows users to leverage Jason’s expertise and experience in implementing successful challenge funnels. By supporting him as an affiliate, users can access valuable resources while contributing to Jason’s business growth.
Conclusion
In conclusion, challenge funnels are a powerful marketing strategy that can effectively attract, engage, and convert potential customers. By understanding the importance of challenge funnels, businesses can achieve higher lifetime value, retain customers, and drive growth. Through real-life examples, comparisons with other strategies, and tips for implementing and optimizing challenge funnels, businesses can harness the full potential of this marketing approach. By incorporating viral marketing, offering funnel templates, and utilizing affiliate programs, businesses can further enhance the success of their challenge funnels. Ultimately, challenge funnels offer a compelling way to connect with and convert customers while creating long-term value for both businesses and their target audience.