Featured image by Andrew Neel
We’ve all heard the saying “work smarter, not harder.” Hacks make things easier in the business world by getting you to your end goal without the struggle.
Funnel hacking is no different.
But what is funnel hacking exactly?
Funnel hacking is the art of thoroughly researching your competitor’s sales and marketing processes and using and testing those processes within your own company.
It’s important because it gives you insight into what your competitors are doing and what’s working (and not working) for them. You can use that information to mold their process into something that works for you.
Start with a List of Competitors
Before you can start funnel hacking, you’ll need to have a complete list of all your direct competitors. These are the companies who have models that are working, and funnel hacking will be your guide to applying those tactics within your own organization.
You should already know your main competitors but thoroughly look for any that are not on your radar and add those to your list.
Screenshot the Process
Once you have your list of competitors, you’ll want to take screenshots of every tactic they’re using. Look at social media ads that lead to a particular landing page, ads on industry websites, and landing pages and the offers on each page.
You’ll also want to look into any consistent language that is used in their copywriting, color schemes and whether they reveal product pricing or include it in their information. You want to look at everything and take notes and screenshots every step of the way.
Once you have your research done it’s time for the fun part.
After you’ve compiled everything you can about your competitor’s marketing and sales funnels, the next step is to journey through those funnels yourself. Let’s use the blog as an example. Once you click on a blog post go to the call to action (CTA) at the end of the post. This could be anything from webinars to white papers and special offers.
Once you click on the CTA and fill out your information you’ll be able to see what they’re using as a thank you page (if any) and you’ll be added to their email list. Now you’re in!
This will give you insight into what is sent to all new subscribers, how many emails are sent and what incentives they use. Click on all the assets and incentives to take you further into their marketing funnel.
Get as far into the process as you can. If they offer webinars, attend them. If they have video tutorials, watch them. Take notes in where they fall short and what they’re doing right. This will allow you to fill any gaps you have in your process. It will also bring light to gaps you may not have noticed before.
Reaping the Benefits of Funnel Hacking
Once you’ve gone through the steps of competitor research, have ironclad notes and screenshots and have tested their sales and marketing funnels directly, you’ll be ready to apply their tactics to your own funnels.
Funnel hacking is one of the simplest ways to grow a business and is particularly helpful for startups. By effectively funnel hacking your competitors, you’ll get insight into the strategies they’re using that work for them so you can apply them within your own organization and reap the benefits of a tried and true process.
Ready to learn more about funnel hacking and how to apply it within your business? Reach out to us today for a free consultation.