Tips on Moving the Customer Through the Sales Funnel

Taking a potential customer and converting them to a loyal advocate for life is the goal of most organizations. While I have covered customer loyalty and advocacy in previous blogs, I recently was asked for suggestions on how to move a potential customer down the sales funnel to make that oh-so-important first sale.

Here are a few tips on how to shorten the sales cycle…

A typical sales funnel may look like this:

 

 

 

 

 

 

 

 

 

As your prospect moves through the sales cycle, your goals will change as they meet each stage in the decision process:

  1. Awareness – Perhaps your product or service is well known. Maybe it is not. In either case, the goal is to make sure your service/product is top-of-mind when they eventually have a need
  2. Consideration – Engage with those who are now aware your service/product exists
  3. Preference – Educate those who are now committed to making a purchase but haven’t decided where yet
  4. Purchase – Make the sale!

I recommend you think of moving your prospect through the sales funnel as a series of small conversions. Each conversion leads to the next and will eventually result in a sale. To be successful, it will be critical to define what each stage looks like for your particular company, develop a step-by-step plan to communicate with the prospect for each stage, and to track and analyze the results along the way.

Awareness

I have written blogs on each of the following topics if you care to do further reading. However, I am going to assume we are all in agreement these are some of the more successful ways to generate awareness and drive traffic to your website:

Engage

Once your prospects are aware of your service/products, it is time to engage them. To do this, you will need to get their email address so you can communicate directly with them. Not so simple, you say? Here are some great tips on how to use “lead magnets” to build your database with opt-in subscribers:

101 Lead Magnet Ideas For Every Stage Of Your Marketing Funnel

16 Ridiculously Simple Ways To Get More Email Subscribers in Less than 5 Minutes

Keep in mind, the prospect is not only volunteering their contact information, but they are also volunteering what interests them, based on what offer they responded to when prompted. It is important to keep their interest in mind when reaching out, so to not be considered spam and provide the best chance to engage them.

Tips to consider when engaging your prospects: Continue reading

Measuring Marketing ROI Part 4 – Not “ROMI Made Easy”

Continuing a series of blogs on Measuring Marketing Return on Investment (ROI):

Measuring Marketing ROI – Why Marketing is Not an Expense
Measuring Marketing ROI Part 2 – Tips to Overcome Challenges
Measuring Marketing ROI Part 3 – Developing ROMI Revenue Metrics

Activity Metrics: Measuring the Marketing Details

Executive management may or not may not want to hear the details about which programs or campaigns deliver the best results, but your marketing team certainly does. After all, your day-to-day program execution – everything from email and social media to webinars and web site traffic – provides the insights that ultimately drives your strategic revenue-building efforts.

The metrics that you can extract from email campaigns, web analytics, webinar attendance and other sources are too numerous to go into here. Since websites are such a crossroads and anchor of many other marketing programs, I’ll look at some website metrics. But first, there are some general Activity Metrics measurement criteria that you can use:

Benchmarking Metrics

Marketers track a wide variety of day-to-day program activities because they are easy to measure. These include benchmarks such as:

  • Email marketing and enewsletter open, click-through and response rates
  • Web site visits and page views
  • Content asset downloads such as white papers or published news stories
  • Web site form completion and abandonment rates

These numbers can be very useful. If your email open rates begin declining from the historical rates you’ve previously captured, then it’s time to examine your email campaigns for potential problems. The same is true for web analytics, especially when you compare current data versus historical trends for page popularity and page abandonment rates.

Social media mentions, connections, “likes” and conversations are similar to other softer benchmarking metrics; you’re often comparing your metrics against your own historical data and searching for trends.

The key here, as with benchmarking metrics, is not to confuse social media success with bottom-line impact. It’s one thing to celebrate a record number of Twitter followers; it’s quite another to demonstrate just how those followers convert into leads, opportunities and revenue for an organization.

Measuring Your Brand Power

Back when I first got into marketing in the mid-90s, Chick-fil-A started their campaign “Eat Mor Chickin.” I remember driving on a highway in Atlanta with my new boss and remarking on this billboard and how clever I thought it was. I’ll never forget his response, “Does it make you want to go eat at Chick-fil-A?” He then explained the difference in branding and call to action advertising. In the previous blogs, we’ve talked about call-to-action. Measuring branding is a lot more challenging.

Your marketing investment seeks to accomplish two main goals: grow sales and build customer perceptions of quality service and best-in-class expertise in your brand.

But how do you measure the brand power of your marketing programs in the marketplace? Continue reading

Measuring Marketing ROI Part 3 – Developing ROMI Revenue Metrics

Continuing a series of blogs on Measuring Marketing Return on Investment (ROI):

Measuring Marketing ROI – Why Marketing is Not an Expense
Measuring Marketing ROI Part 2 – Tips to Overcome Challenges

Developing ROMI metrics

Calculating ROMI is not a perfect science. In developing ROMI metrics, don’t let a quest for perfection be the enemy of good. Knowing something about your marketing ROI is better than knowing nothing.

By setting realistic performance targets and integrating the performance targets directly into your marketing objectives you will be able to stay on track. Establishing the right metrics combined with tracking progress will help you assess where improvements and adjustments are needed.

  • Establish ROMI goals in line with marketing and company business objectives
  • Design marketing program and marketing data metrics in tandem to reflect shared marketing program and ROMI measurement objectives
  • Design MROI metrics that speak directly to the bottom line; avoid soft metrics
  • Focus on metrics that provide evidence change and growth in revenue and profitability and, if successful, will improve future marketing effort

ROMI Metric Examples

Measurement of marketing ROI is driven by metrics. Part of the challenge of developing these yardsticks is that there are so many aspects of that effort that can be measured.

There’s no one-size-fits-all guide to determining which metrics are right for your marketing. The right metrics provide insight into performance, and help focus your efforts and refine your strategies.

Albert Einstein once observed:

“Not everything that can be counted counts.”

(I’ll get to the rest of the quote later)

Some of these potential metrics are soft, nice-to-know measurements – often referred to as vanity metrics – such as increases in Facebook “likes” or your number of Twitter “followers.” Unless a Facebook “like” converts to a completed contact form on your website, this metric otherwise has no impact on sales.

Others are good-to-know measurements of marketing department activity, response rates, website visits and PR editorial coverage.

The most important are essential- to-know metrics that gauge the actual ROI impact of marketing programs on revenue.

The good news is that you don’t have to measure every possible data point to build a successful strategy. In fact, the best course is to focus on a relatively small set of clear metrics that capture the most relevant and meaningful data.

Focus on two categories of metrics: Continue reading