What is a Funded Proposal and How Can it Help Your Business?
In this article, I really want to explain a little bit about the concept of a funded proposal. Most of you that are internet marketing professionals have heard about this. Some of you might even have a funded proposal in place but chances are, 90% of the people reading this post do not have a funded proposal in place yet.
So what is a “Funded Proposal”?
A funded proposal is a free report, 7 Tips to a Cleaner Home, 30 Minute Workout Routine that burns 500 Calories, Revolutionary Diet that helps you lose 20 lbs in two months, Daily Devotional, or 5 Tips on Dog Grooming, etc. A funded proposal is something that you know a lot about, and your customer or prospects are interested in learning more about this subject.
Basically you’re asking for an email address in return for “(Fill in the Blank)”. This will help you build a qualified email list of prospects that are already interested in what you do. You’ll use an email marketing service like Mail Chimp, GetResponse or Aweber with a form to capture their emails, and an autoresponder will automatically send out the “Free Report” or content you are giving away.
Tip on Funded Proposals
Make your funded proposal something of value. If you’re not getting leads, change your funded proposal until you get the right mix.
In my opinion, a funded proposal is the “best kept secret” in the internet marketing profession. Simply put, a funded proposal system allows you to capture emails to build a list to market your business to over time. Believe it or not, a funded proposal can allow you to get paid on your prospects before they even make a purchase from your business, therefore “funding” your marketing efforts. If you’re wanting to be successful online, this is a very important concept to master.
Before I begin explaining how it works and how to set one up, think about that concept for a second. Chances are you are marketing your business either off-line or online, and you are paying for advertising; Paying for websites, paying for leads, paying for pay-per-click and so forth but unfortunately, marketing can cost a lot of money.
What a funded proposal allows you to do is build a qualified email list (interested in your product or service) while also building up side income streams that work hand-in-hand on the back-end.
The best way to explain how a funded proposal works would be to use an example…
(follow along with me here)
A prospect visits your website →
Let’s say that they aren’t quite interested in becoming your paid customer yet BUT →
That prospect saw that you are offering a great training on how to…generate high quality leads, train their dog, save on utility bills, play better golf, etc →
So that prospect now subscribes to your training, your list, and maybe even bought 1 or 2 affiliate products they needed to enhance their business or personal life along the way →
This is the beauty of a “funded proposal”. Before you have ever promoted your primary business or introduced it to them, you are in profit mode. You are truly getting paid to generate leads, because you have something of perceived value to give to them.
That person participated in your training, or read your report. Now they trust you, you may have even called them, and answered a question for them during the process. Because of this “givers gain” philosophy, you can slowly introduce your product to them to make them a customer. →
At this point this prospect is 90% more likely to become your customer because you have provided value for them, helped them, shown them you are a leader and a professional, and that you can help them get results…
Simply put, the funded proposal is one of the most powerful concepts that gets overlooked by many marketing professionals, and small businesses. You can build a list of prospects, and market to them over time to convert them to paying customers.
An in-store customer loyalty program is a great example of a funded proposal. Give free stuff for repeat visits and create a win-win scenario for both you and your customers.
You will earn more money, you’ll get more customers, you will create a larger following, and be a top producing business online using some of these techniques.