Step 3 – Funnel Creation: Core Product
Your core products/services are the absolute heart of your business. Most customers need to be nurtured prior to reaching this stage of your funnel – in the graphic above, customers only reach your core product offer if they’ve first purchased your tripwire offer. Remember the case study at the trade show? Getting someone into your tripwire first explodes the conversions for your Core Offer.
You likely already have a Core Offer. The Core Offer is the flagship product or service that your company is ultimately trying to sell. This is what you are known for, and this is where most of your time and energy is focused.
Definition: The Core Offer is what most businesses already have. This is the flagship product and is usually a higher dollar amount. (this is what you wanted them to buy in the first place, but the tripwire allows them to be more willing to convert as they already bought some of your stuff already)
By making Core Offers to cold prospects is the main reason why most businesses get nowhere or really struggle. With the addition of the Lead Magnet and Tripwire, you’ll see your Core Offer sales explode.
After all, you’ve already had two successful transactions with this buyer.
This is why it’s critical to over deliver with the Lead Magnet and Tripwire.
Sales from the Core Offer in some cases will make you profitable. But this is not always the case. You could take everything you make from the Core Offer and reinvest it to acquire more customers, if you follow through on the CVO process.
The key is to build a system in which you can spend more to acquire a customer than your competitors.
Don’t be like your competitors who are making a Core Offer and then trying to make a living from it. You don’t need to make a dime from your Core Offer.
Remember, as Jeff Bezos says, your competitor’s margin is an opportunity. It is your opportunity to, for example, spend more on traffic acquisition, conversion rate optimization or increase the value of your offers.
It may surprise you to find out that many of the most successful businesses in the world make no profit until they reach the next two stages, Profit Maximizers and Return Path.