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Get inside your Buyers Head - Improve Funnel Conversion Rates

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SaaStock 2018 Dublin.
Everyone wants more sales. In this presentation, David Skok unlocks the secrets to how he has been able to work with company after company and help them discover breakthroughs that drastically improve their conversion rates. The secret behind it all is become a master at understanding how your buyer thinks as they go through their purchasing journey, and as they experience your marketing and sales.

Veröffentlicht in: Marketing
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Get inside your Buyers Head - Improve Funnel Conversion Rates

  1. 1. [ ]GET INSIDE YOUR BUYERS HEAD IMPROVE CONVERSION RATES
  2. 2. WHY DO WE NEED A GROWTH PROCESS?
  3. 3. MyProduct.com HOW IT WORKS DESCRIPTION Our collaboration product allows you … BUY NOW! Only $9,999 In a perfect world…
  4. 4. WHY DOESN’T THIS WORK?
  5. 5. BUYER QUESTIONS AND CONCERNS BUYING PROCESS
  6. 6. How do we respond?
  7. 7. Break the process down into a series of steps… Design a series of steps that we want customers to go through Website Free Trial Purchase
  8. 8. Results in a Funnel Not all people entering the first step will get to the second, etc.
  9. 9. Studying Funnel Blockage Points Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
  10. 10. The Source of most Problems Vendor Centric
  11. 11. NOT MOTIVATED TO DO THAT THEY ARE CUSTOMERS WILL DO SOMETHING YOU ARE HOPING YOUR
  12. 12. A better way to approach to Funnel Design Buyer Centric Buyer-Centric
  13. 13. THE BUYERS JOURNEY
  14. 14. THE BUYERS JOURNEY Awareness Consideration Purchase
  15. 15. Mismatch: Sales often handle every lead as though they were in the Purchasing phase I’m paid to sell. I better be selling.
  16. 16. Likely Distribution of Web Site Visitors Vendor Web Site 80% Awareness 15% Consideration 5% Purchase
  17. 17. Different Dialog and Content for each stage Awareness Consideration Purchase • Create Problem & Pain awareness • Discuss how people are solving • Discuss benefits people are seeing • Don’t mention your product • Don’t sell! • Help in choosing a particular solution • Explain how your Product can solve their pain • Free Trial / Demo • Customer stories • Nurture with regular content (Newsletter) • Case studies • Results achieved • How you helped achieve them • Other proof points • Customer references • ROI data
  18. 18. • Just lost my data in hard drive crash • Backup software/service • Starting a new software project • Dev Tools, etc. • Performance issues with existing app • APM tools • Difficulties tracking bugs across multi-tier apps • Bug tracking software TRIGGERS
  19. 19. Buyer Personae Who is involved in the buying process? Champion Economic Buyer / Decision Maker IT required for sign off
  20. 20. Getting to know your Buyer Personae • Identifying Characteristics • Company Profile (your ICP) • Any special characteristics relevant to this purchase • E.g. Developers: • Don't have a budget • Prefer Open Source, and don't like to pay for software • Professional Role • What does a day in their life look like? • Key business goals? • What does their Boss expect of them? • How does our product help them achieve those? • Motivations / Aspirations? • What would make their job easier?
  21. 21. Getting to know your Buyer Personae • What pain do they have that we address? • Is it latent pain, or obvious pain? • How do they describe the pain and what they are looking for? • (Helpful for messaging) • Is solving this pain a high priority for them? • If not, what features would make it a higher priority? • What are the triggers that cause them to buy?
  22. 22. Getting to know your Buyer Personae • Are they searching for a solution? • If yes, how do they go about doing that? • Who influences them? (Sites, organizations, and people) • (Helps us figure out how to market to them) • Most important features? Decision criteria? • What are their reactions to our product/company? • What will they like? • What will they not like? • What are the main questions and concerns they have? • What competitors will they also evaluate? • What will they like or dislike about each of those?
  23. 23. FUNNEL DESIGN GET INSIDE YOUR BUYERS HEAD
  24. 24. Designing a Growth Process to match Buyer’s Journey Strangers VisitorsAttract CustomersCloseLeadsConvert PromotersDelight Awareness PurchaseInterest Post Purchase
  25. 25. Top of Funnel Drive the right traffic that matches your ICP and convert to raw leads Middle of Funnel Convert raw leads into MQLs Sales Convert MQLs into closed deals Customer Success Onboard, support and ensure customer success as measured by a customer KPI Designing a Growth Process to match Buyer’s Journey Strangers VisitorsAttract CustomersCloseLeadsConvert PromotersDelight Credit: HubSpot Awareness PurchaseInterest Post Purchase
  26. 26. Top of Funnel Inbound Marketing Paid Marketing Website Strangers Conversion Event Raw Lead Outbound SDR’s Account-based Mktg Targeted Strangers Mktg Qualified Lead Qualify?
  27. 27. Account Based Marketing • ICP powers all marketing • Ideal Customer Profile • Build lists of matching accounts • Discover.org, Lead Fox, ZoomInfo, LinkedIn Sales Navigator, etc. • Track who is in buying cycles • Visiting G2 Crowd, Bombora • Track which companies are on your website • Targeted outreach • Aircover from Ads Thanks to Eric Spett, Terminus
  28. 28. Middle of Funnel Raw Lead Lead Scoring Lead Nurturing Database High Low Nurture Webinars, events, newsletters, etc. Enrich Use software like ClearBit to enrich the email address to identify company, job title, etc. Segment Identify interesting segments based on attributes (verticals, job functions, etc.) or actions Mktg Qualified Lead Yes No Qualify?
  29. 29. Mktg Qualified Lead Sales – Lead Stages Qualify Sales Qualified Lead CustomerClose Discovery Call Opportunity Ready to buy? Sales interaction Note: Your process will likely be different, and there will be more Opportunity stages in your CRM pipeline
  30. 30. Initial Guess at Growth Process Website Free Trial
  31. 31. Map Buyers Process to Your Steps Research Shortlist Vendors Check Review Sites Evaluation Website Free Trial BUYER VENDOR ROI & Justification
  32. 32. GET INSIDE YOUR BUYERS HEAD How are they reacting as they go through our funnel steps? What are they thinking as they go through their process? Research Shortlist Vendors Check Review Sites Evaluation Website Free Trial BUYER VENDOR ROI & Justification
  33. 33. Optimize Your Steps to Fit Research Shortlist Vendors Check Review Sites Evaluation Website BUYER VENDOR ROI & Justification Free Trial ROI Calculator Competitive Features Matrix
  34. 34. Optimize Your growth process to Fit Research Shortlist Vendors Check Review Sites Evaluation Website BUYER VENDOR ROI & Justification Free Trial ROI Calculator Competitive Features Matrix Incent customers to do reviews
  35. 35. ADDRESS ALL DECISION CRITERIA Address Security Concerns 3rd Party Security Audit & Whitepaper BUYER Is this a safe vendor to choose? • Customer Stories • Safe Channel Partners
  36. 36. Choosing a Go-to-Market Model Freemium Viral No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s
  37. 37. How I assumed the two would relate
  38. 38. A rough estimate of CAC versus Sales Complexity Freemium No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s $0- $10 $50 – $200 $1,000 - $2,000 $3,000 - $8,000 $25,000 – $75,000 $75,000 – $200,000 Rough Estimates of Cost of Customer Acquisition (CAC)
  39. 39. The relationship is roughly exponential Clearly adding Human Touch dramatically increases costs
  40. 40. Sales Complexity CAC (logarithmic) 10x 10x 10x
  41. 41. The Obvious Take-away • Do everything you can to remove human touch from sales and onboarding
  42. 42. What creates Sales Complexity • High Price point • Complicated to evaluate? • Integration needed with other systems? • Multiple people involved in purchase decision? • Risk to business of a bad buying decision? • E.g. loss of data, business unable to operate if system is down, etc. • Requires purchase of other products / services to complete the solution? Freemium Viral No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s
  43. 43. Start with the buyer Understand the Complexity of your Sale • Price point • Larger investments need greater justification, & more levels of sign off • How complicated to evaluate? • Single person, or multiple people? • Integration needed with other systems? • How many people involved in the purchase decision? • Risk to their business of a bad buying decision? • E.g. loss of data, business unable to operate if system is down, etc. • Does it require other products or services to be purchased to complete the solution? Freemium Viral No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s
  44. 44. Land & Expand Much easier to get a large order once the product is proven
  45. 45. Product-Led Growth Models $1 $10 $100 $1,000 $10,000 $100,000 $1,000,000 Freemium No Touch Inside Sales Channel Field Sales Sales Complexity  CAC Logarithmic
  46. 46. Fixing broken funnels by getting inside your buyer’s head
  47. 47. FRICTION CONCERNS Find the worst blockage point in your funnel
  48. 48. MOTIVATIONS FRICTION CONCERNS Re-design, or try to use what motivates them
  49. 49. EXAMPLE BLOCKAGE POINT WEB SITE EMAIL CAPTURE FORM Typically a low conversion step
  50. 50. FRICTION CONCERNS Problem: Buyer’s fear Email Overload and Spam
  51. 51. MOTIVATIONS FRICTION CONCERNS We try to motivate with good content But frequently irritate the buyer with the barrier that stops them from getting at the content, and lose them at that step
  52. 52. Drift Redesign
  53. 53. OUTBOUND COLD CALLING
  54. 54. Outbound Cold Calling Cold Call Arrange Meeting with Sales Rep
  55. 55. FRICTION CONCERNS Problem: No Buyer wants a cold call from a salesperson
  56. 56. MOTIVATIONS FRICTION CONCERNS Get inside your buyers head – look for a suitable motivation
  57. 57. Redesign Cold Outreach Invitation to… (something of value) • Educational Event • Meet their peers • See data that is of value • See their own data in a new way • Etc. Build Relationship Build Trust
  58. 58. Use publicly accessible Data to build personalized assessments Hi Barbara, In doing a bit of research on fortinet.com, I noticed that you’ve lost a significant amount of traffic to the site (4,400 visits) over the past month. Is this something the team is aware of or have any idea what could have contributed to it? I also noticed while you folks dropped off the 1stpage of Google in 11 searches, there are tons of opportunities for your team (916 search opportunities!) See below:
  59. 59. USING CHROME EXTENSIONS
  60. 60. CLEARBIT LEADS + DATA ENRICHMENT New Leads Enrich Existing Leads
  61. 61. CLEARBIT • Data Quality • Highly skeptical • Seen lots of products like this before • Enrichment data wasn’t good • Data Coverage • Skeptical • What % of our leads would be covered in this database? Buyer’s Key Concerns
  62. 62. I have to go through IT to get Salesforce connected FREE TRIAL BLOCKAGE POINT Connect to Salesforce
  63. 63. SOLUTION: CHROME EXTENSION Browser connection to Salesforce See enriched data in Salesforce UI Judge quality of data Report shows data coverage % Chrome Extension
  64. 64. CHROME EXTENSION • Easy to install • Low buyer concern • Re-write the page’s HTML
  65. 65. CLEARBIT CHROME EXTENSION - ENLARGED
  66. 66. ELIMINATE STEPS THAT HAVE DEPENDENCIES ON OTHER PEOPLE
  67. 67. Freemium, Free Trials, Open Source The Product is your sales person
  68. 68. WHAT IS YOUR TIME TO WOW! ? Thanks to Gail Goodman of Constant Contact
  69. 69. DEFINING WOW! Thanks to Gail Goodman of Constant Contact A moment where your buyer sees something cool and exciting • Motivates them to continue exploring The moment when your buyer gets excited enough to want to buy Mini Wow! Full Wow!
  70. 70. TIME TO WOW! • How many steps? • How much time does it take? • How much FRICTION is involved
  71. 71. REMOVE STEPS & REMOVE FRICTION
  72. 72. EXAMPLE
  73. 73. As eCommerce shoppers… … what makes us buy?
  74. 74. Photos Feature Summary Recommended Accessories Rich description Video Reviews Detailed Specifications Answer: Rich Product Content
  75. 75. Salsify – Product Content Supply Chain Automation Brands Photos Videos Text Specs Etc. Retailer Portal Retailer Portal Retailer Portal Retailer Portal
  76. 76. Salsify’s Original Trial Experience Sign up Wait for email with Account Open the App Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer
  77. 77. Landing Page Lots of Fields
  78. 78. Next, Wait for Email…
  79. 79. Sign In… Now What? • Lots of work still required
  80. 80. Get Inside your Buyers Head and Analyze for Problems Sign up Wait for email with Account Open the App Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer
  81. 81. Redesign Trial Steps for Problems (Friction, Concerns, & Motivations) Sign up Wait for email with Account Open the App Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Delay causing major drop off
  82. 82. First Step in the Redesign Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Sign up Learn the UI
  83. 83. New Landing Page: JUST YOUR EMAIL
  84. 84. Motivation: “If these guys are using it, it must be pretty good…”
  85. 85. Still leaves a problem: • Locate & Export Content • Then import to Salsify to have something to play with Then: Land directly in App
  86. 86. Major Friction + Other people involved = Long Delays Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Sign up Learn the UI
  87. 87. Offer a chance to start with Sample Data Sign up Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer They now have the MOTIVATION to import their own data Play with Sample Data Mini Wow! Learn the UI
  88. 88. Eliminate the risk that they won’t find the path to Wow! Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer • High friction • Too much risk they won’t find the path to Wow! Sign up
  89. 89. Guided Navigation Human Help available
  90. 90. 0 10 20 30 40 50 60 70 80 90 100 Before After Trial Request -> Logged into App Trial Request -> Product Page Trial Request -> Taking action 3x Overall Improvement Uplift - % Conversion, Before and After
  91. 91. Next Problem Area… Sign up Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Play with Sample Data • High Friction • Long Delay
  92. 92. Google Shopping
  93. 93. Problem Solved – Export to Google Manufacturer Center Sign up Import Content Locate & Export Content Play with Sample Data Export to Google
  94. 94. Last Remaining Problem Area… Sign up Import Content Locate & Export Content Play with Sample Data Export to Google • Huge Friction & Delay • Other People involved
  95. 95. Scrape publicly available data from existing retailer’s pages Sign up Play with Sample Data Export to Google No import needed Scrape Content for them • They have my content in here already • They’re showing me all the issues Mini Wow!
  96. 96. Eliminates Need for Sample Data Sign up Play with Sample Data Export to Google See their own Data Scrape Content for them
  97. 97. Final Redesigned Process • Fast Time to Wow! • High conversion rates Sign up Export to Google See and solve problems with their own Data Scrape Content for them
  98. 98. Funnel Optimization Meeting Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
  99. 99. Funnel Whack-a-Mole • Solve for blockage points • As you fix one, the problem will move elsewhere
  100. 100. SILOED THINKING MARKETING SALES CUSTOMER SUCCESS PRODUCT
  101. 101. THE NEW GROWTH TEAM MARKETING SALES CUSTOMER SUCCESS PRODUCT
  102. 102. USE FUNNEL FLOW CHARTS Website Free Trial Handle other questions Proposal High Level Overview xx xx xxx xx xx xxx MicroFunnels where needed
  103. 103. Treat your Buyer like a Bank Account Make a deposit before you try to make a withdrawal
  104. 104. Selling can be the worst way to sell Build Trust Consult SellFirst Contact First Contact Build Relationship
  105. 105. Design a funnel that Delights Entices and Motivates
  106. 106. [ ]FOR MORE INFORMATION WWW.FORENTREPRENEURS.COM

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