29 Dec SLO funnel: the step by step guide to building yours
If you’ve been in the online business world over the past few years, it’s likely that you’ve been through a Self Liquidating Offer (SLO) funnel, or at least heard the term. In this post, I’ll explain the ins and outs of SLO funnels. Then, I’ll walk you through the steps to building your own so you can start selling your course on autopilot.
What is an SLO funnel?
An SLO funnel is the most common and traditional sales funnel out there. SLO stands for self-liquidating offer, which is a more concise way of saying that the goal of the funnel is to recoup some of your ad costs. (However, many SLO funnels are highly profitable!) The funnel is great when you’d like to build your audience by running ads to the offer.
The best thing about an SLO funnel is that it runs completely on autopilot. It’s more or less passive. It does all the selling for you, without you having to jump on a call or webinar, and without Q&A. While this is a huge time-saver, it also means you don’t have the opportunity to answer questions or crush objections. Because of this, your offer, your copy and the design of your funnel pages will determine the success of your SLO funnel.
If you’re ready to get your SLO funnel up and running, read on! I’ll be breaking down the two most crucial offer types in the funnel – tripwires and one-time offer (OTO).
Breaking down the funnel
Step number one in your SLO funnel is the tripwire page, which is your first sales page. This is what your subscribers will see after signing up for your email list. The challenge here is that you need to invite them to pull their credit cards out and make a purchase. Not an easy task in this age of limited attention spans! This is when you need to go above and beyond and offer something absolutely irresistible.
Here’s an example for you. I’m rolling out a new course soon, so I’m selling all the content from Email List on Autopilot at a discount of $27. Realistically, I could sell all this material, which also includes bonuses, for $97. How often are you able to purchase an entire course for such a low price?
I should also mention that it’s a good idea to add an order bump. This is usually a logical add-on that can be added to the total order for a few dollars more. You’ve probably seen them before – the boxes below the payment details offering something smaller to complement that main offering, such as a course guide or workbook.
That’s the key to creating a successful tripwire. You might believe in the value of your offering, but your audience also needs to perceive this value. You need to make it so irresistible that people will reach for their wallets and make that investment.
Take it to the next level with a one time offer
If you were to end the funnel here, your customers would just go to the order confirmation. While you can certainly stop here, adding a one time offer can help you make a profit.
Before your clients reach your thank-you page after purchase, you have an opportunity to present them with the OTO. For my one time offer, I’m offering my new course, Sell Your Course on Autopilot, which is valued at $297 for $97. This page of the funnel is actually going to be a video that is more high energy and introduces them to the course, like a video sales letter.
This is basically like a one-click upsell, and if you build the page using Click Funnels, all the clients will have to do is click a button to add it on to the order.
A note on emails and integrity
Once you have planned out your SLO funnel, it’s important to take the right steps to make sure you are providing a consistent experience for your audience. If you do have a one time offer, make sure that it is truly a one time offer – meaning you won’t sell it at the discounted rate anywhere else. Who wants to find that same offer sitting on your website for the “one time offer” price. Keep it exclusive to your SLO funnel and you win in the integrity department!
For those who buy the tripwire but not the one-time offer, you can run a bit of an ask campaign to better understand what interests them. Alternatively, you can create an email series targeted at those who didn’t buy the tripwire in order to introduce them to the one time offer. This final step definitely requires some extra work, but follow up is when you really start making the SLO funnel profitable.