The Best Place to Invest Your Marketing Dollar
Budgets for marketing are always tight, but these last few years, well, they’ve been stretched beyond tight.
So, how do you decide where to invest the little money you have. Traditional thinking points towards advertising and other ways to make the phone ring, get more traffic to the site, but I say there are lots of low cost and next to free ways to do that and the real payoff is in conversion. It’s amazing how much money is wasted generating leads that go nowhere. If you are generating a decent amount of leads, but only converting 5% to customers, ask yourself what it would take to get that conversion number to 10%. It might not take much at all and you would double your business. Wouldn’t that be worth your time, money and energy.
My guess is you actually don’t need any more leads, in fact, cut out the non qualified ones and you could probably double your business with less leads than you have today if you focused more of your energy on lead conversion. It’s the first place I go to fix a business when asked.
Here’s your plan of attack for greater lead conversion
Get metrics – figure out where you are today – use Google Analytics and pick up Avinash Kaushik’s book Web Analytics 2.0 to find a host of tools and techniques that will help you better understand all of your online and offline conversion numbers. Understand these four variables and go to work on improving them: 1) % of leads converted 2) Average $ amount per customer/transaction 3) Average number of transactions with each customer 4) Cost to generate a customer
Get better – Do some usability and multi-variant testing on your web pages using tools like Crazy Egg, UserTesting.com, and Google Website Optimizer to find out how to change them to get higher conversions. Pick up Tim Ash’s book Landing Page Optimization or better yet consider hiring a page optimization firm like Ash’s Site Tuners to help you increase the interaction, engagement and conversion from all of your web pages.
Get a process – Create scripted process that allows you to qualify, nurture, convert, transact and repeat with each lead that comes into view. Know what everyone in the organization is going to do with a lead to move them to the next step, present your unique value proposition, make an offer and thrill them after they agree to purchase. Have set, documented and scripted approaches for all to follow and follow them. Here’s a hint though: Don’t simply copy what everyone else in your industry does. Use your conversion process as a differentiator. Create an intentional interruption and be prepared to show why your way of doing it is a benefit. Invest whatever it takes in time and resources to get this right and continue to tweak it.
Get training – Not everyone comes out of the womb selling. For some it’s hard and sales training is often a great investment. But that doesn’t mean you have to come off as the stereotypical schmoozer sales person to be effective. Effective sales training is often a matter of creating some patterns and processes that make you a better listener, more authentic, and better prepared to demonstrate you understand the problem a prospect is experiencing rather than simply having an answer. I for one think books like Let’s Get Real or Let’s Not Play or Go-Givers Sell More are more relevant in today’s relationship selling world than the “close them or die” approaches of the past.
Image credit: stuartpilbrow