How to Convert Your Connections Into Lifelong Customers
•Download as PPTX, PDF•
0 likes•601 views
Our webinar goes beyond the data and into treating customers like “real people.” After all, their goal is to learn about your products in a personal and trustworthy way. I know this sounds complex, but it doesn’t need to be that way.
Recommended
Recommended
More Related Content
Viewers also liked
Viewers also liked (13)
More from Three Deep Marketing
More from Three Deep Marketing (12)
Recently uploaded
Recently uploaded (20)
How to Convert Your Connections Into Lifelong Customers
- 1. | Nurture Your Contacts into Lifelong Customers 1 Nurturing Your Contacts into Lifelong Customers
- 2. | Nurture Your Contacts into Lifelong Customers 2 Webinar Topics • The Real Challenge • The Phases (Strategy) of a Lead • Acquisition • Management • Engagement • Sales • Summary • Questions
- 3. | Nurture Your Contacts into Lifelong Customers 3 So what is the Challenge? • Discipline to execute • Discipline to measure • Discipline to drive continuous improvement through these strategies
- 4. | Nurture Your Contacts into Lifelong Customers 4 Lead Acquisition TOFU Top of Funnel MOFU Middle of Funnel BOFU Bottom of Funnel
- 5. | Nurture Your Contacts into Lifelong Customers 5 Generate Leads and Drive Sales Are The Top Digital Marketing Objectives
- 6. | Nurture Your Contacts into Lifelong Customers 6 CONVERSION FUNNEL – RAW INQUIRIES APPOINTMENTS SET 60% APPOINTMENTS ISSUED 75% DEMOS 75% SALES 35% 100 INQUIRIES 60 APPOINTMENTS 45 ISSUED 34 DEMOS Typical Sales Funnel 12 SALES Email Brand LoyaltyD-mail Phone 88 Leads require engagement 40 Need Engagement 15 Need Engagement 11 Need Engagement 22 Need Engagement Promotional$180,000 in Sales
- 7. | Nurture Your Contacts into Lifelong Customers 7 Measuring and Analyzing Start with what you know and can measure Lead Acquisition TOFU Top of Funnel MOFU Middle of Funnel BOFU Bottom of Funnel
- 8. | Nurture Your Contacts into Lifelong Customers 8 Lead Acquisition Poll How many of you align with the top priorities are to generate leads and drive sales?
- 9. | Nurture Your Contacts into Lifelong Customers 9 Lead Management
- 10. | Nurture Your Contacts into Lifelong Customers 10 Focusing on Conversion is an Underleveraged Asset in Most Organizations For every $92 spent acquiring customers, ONLY $1 is spent on conversion. Source: Econsultancy & RedEye CRO Report 2012
- 11. | Nurture Your Contacts into Lifelong Customers 11 What is Lead Management? • Responding to web inquiries within 5 minutes • Managing calls with the intent to qualify • Speed, Repeatable Processes, Persistence • Best practice scripting to assure • Consistent consumer experience • Brand Awareness • Produce quality leads • Produce Brand Ambassadors • Managing leads within a CRM platform • Data driven Key Performance Indicators
- 12. | Nurture Your Contacts into Lifelong Customers 12 Contacting and qualifying an inbound inquiry increases by 2100% if done within the first 5 minutes versus 30 minutes later! MIT Speed to Conversion Best Practices MIT Lead Response Study For inquiries submitted on the web, 78% of the sales went to the first organization to respond. Only 26% of companies respond to queries within 5 minutes, according to a study of 2,241 U.S. firms led by James B. Oldroyd, Univ. in South Korea.
- 13. | Nurture Your Contacts into Lifelong Customers 13 Speed to Conversion and Optimal Number of Calls
- 14. | Nurture Your Contacts into Lifelong Customers 14 Best Practice Lead Management Speed • Leads convert 22x more often when you make contact under 5 minutes • 78% of prospects convert with the company that contacted them first Process • 50% of leads are never engaged a second time • Leads convert 50% more often if you use a system Persistence • 40% of leads closed eventually, with consistent long term engagement • 90% of leads have no activity after 30 days • On average, it takes between 6 and 7 attempts to contact a lead Study from managing 40 million leads
- 15. | Nurture Your Contacts into Lifelong Customers 15 Lead Management Poll How many of you have all or some of the lead management in place at your organization?
- 16. | Nurture Your Contacts into Lifelong Customers 16 Lead Engagement
- 17. | Nurture Your Contacts into Lifelong Customers 17 • Right Message and Offer at the Right Time • Mix of Calendar Based Sends and Triggered Data Sends • Personalization & Dynamic Content Calendar Sends Triggered Sends • Newsletters • Promotions • Events • New Product / Service • Thought Leadership • Surprise & Delight • Email Interaction • Website Interaction • Product Purchase • Lapsed Consumer • Loyal Consumer • Onboarding / Welcome • Birthday / Anniversary Emails Engagement Relevancy
- 18. | Nurture Your Contacts into Lifelong Customers 18 Test and Optimize Measure and Analyze Test and Optimize, Measure and Analyze • Subject Line • Send From • Creative A/B • Copy A/B • Call to Action (CTA) • Offer Testing • Time of Day / Week • Delivery Rates • Bounce by Top 25 Domains • Unique Open Rate • Unique Click Rate • Unsubscribe Rate • Spam Complaint Rate (By ESP) • Forwards / Social Shares • Click/View Rate • Mobile Device Breakdown • Skim / Read Rate • # Printed • Segments / Geography
- 19. | Nurture Your Contacts into Lifelong Customers 19 Promotional Campaign Case Study NoOpenE1 OpenE1-NoClick NoOpenAny OpenPrevious-NoClickPrevious Click E1 – 10/1/14 E2 – 10/15/14 R1 – 10/9/14 B1 – 10/9/14 E3 – 10/29/14 R2 – 10/23/14 B2 – 10/23/14 Everyone Everyone Share – Triggered Landing Page 4 Way Subject Line Tests (All Emails) A/B Heroshot Tests (Lifestyle vs. Product)
- 20. | Nurture Your Contacts into Lifelong Customers 20 Promotional Case Study Promotion Highlight • 126%+ over prior period • 119%+ coupons redeemed • 50%+ of results attributed to email engagement
- 21. | Nurture Your Contacts into Lifelong Customers 21 Post Purchase – Lifecycle Campaigns 0 days Initial Thank You Boot purchases only +4 days Survey Reminder 0 days Initial Thank You Non-purchase version +20 days How Are Your New Boots Working Out? +6 Months Free 6 Month Tune-Up +12 Months Free Heel-To-Toe Check-Up +18 Months Free Heel-To-Toe Check-Up +24 Months Upgrade To New Boots Email Opt-in No Footwear Purchase Email Opt-in Footwear Purchase 3 Engagements within the first 30 days upon purchase 4 Engagements over the next 23 months after first 30 days from purchase
- 22. | Nurture Your Contacts into Lifelong Customers 22 Lead Engagement Poll How many of you do some type of calendar send or triggered send with you current contact list?
- 23. | Nurture Your Contacts into Lifelong Customers 23 Summary • Discipline to execute, measure, and drive continuous improvement with your strategies • Implement lead management as a strategy • Implement an engagement strategy for leads that fall out during the sales cycle • Implement an engagement strategy for leads that have turned into customers
- 24. | Nurture Your Contacts into Lifelong Customers 24 Questions
- 25. | Nurture Your Contacts into Lifelong Customers 25 About Three Deep Marketing • 50 person digital marketing agency in St. Paul, MN • Manage $7+ million in paid search spending annually • Manage 30+ million in consumer database records • 240 million opt-in emails sent in prior 12 months • Certified in popular CRM tool, Salesforce.com • 6 Google Adwords and 3 Bing Certified Professionals • 12 Google Analytics Certified Professionals • Lead Management contact center for conversion • Inc. 5000 Fast Growing Company Award five consecutive years • Multiple Best Company to Work Awards in Minnesota
Editor's Notes
- Thank you for joining our Webinar today and happy holidays to everyone as I am sure we are all gearing up for a bit of time off.
- In this case engagement is nurture Today’s case studies will be geared towards the home improvement category with a general value of a purchase being around $15K. There are a couple examples in our engagement presentation that are in a different category but will illustrate in
- Many of the strategies and processes we will be covering today have most likely been presented to you already or you may have studied many them via articles or blogs or you even may think you are doing them today in your organization. In reality these concepts are quit simple but the lack of discipline to execute and measure them are the real challenge for organization. Discipline is like a muscle; the more exercise it gets the stronger it will become. Especially at this time of year we can all relate to this as this is the time of year when we are thinking of new year resolutions that we are going to take into 2016. Of course we all have been there as we start out strong and possibly by March our resolutions are out the door… Of course with anything we want to be good at or excel at requires practice and practice requires discipline to achieve the goal and beyond. So discipline is the real challenge so keep that in the back of your mind as we go through this webinar and test yourself to see if your organization is discipline.
- So lets go into our first phase and talk about lead acquisition. Quite a bit of time and money is spent in this ara
- As you can see with this slide the marketing objectives or strategies for the B2B and B2C channels are focused on generating leads and drives sales except they are just reversed in priority. With B2B it is generating leads then driving sales. Example of this model would be a manufacturer generating leads for it’s retailers. With B2C it is reversed as they are driving sales then generating leads. This is a focus on the 1st (Top) and 4th (Bottom) phases of a leads cycle which is why we will be focusing more on Phase 2 and 3 (Middle) portions. These are the phases many marketers either take for granted, assume it is happening well, or maybe do not believe these phases are important. The challenge with all 3 of those mindsets is those 2 phases are critical to driving sales long term and creating a consumer who has a brand alliance who will become brand ambassadors (Referrals). And really brand ambassadors can drive a great deal of new leads to your brand and the beauty of it these leads cost you nothing. In fact when measuring the effectiveness of your lead generation channels you will most likely find that brand ambassadors (referrals) out perform all of your other channels of lead generations.
- Example is from the home improvement industry such high performing custom windows, Fiber Cement siding, or even a walk in tub which can typically be a $15,000 K purchase. When looking at a typical sales funnel with 100 inquires generated, you will see at each step of the sales process a % of the leads drop out when the appointment is set, the appointment issued, when a demo occurs to when a sale is completed. In this example we are using an average sale of $15,000 which is a higher end home improvement project which produces $180,000 in sales out of 100 inquiries. Now look at the funnel when you look at how many leads should fall into the engagement phase. Now remember it is critical to measure the ROI for these leads but think about this…. Many think those 88 leads are throw aways but in reality they have given you the permission to engage with them. In essence that lead is already paid for so why would you not keep investing time to convert them? You will see 88 leads should be engaged at various levels of the consumer buying cycle. The engagement strategy should consider multiple channels as it will depend on where the lead dropped into engagement strategy which determines the messaging the lead will receive.
- It is very important to measure and analyze lead acquisition through the sales cycle. Start with what you know and can measure then use that information to inform your strategies and process for continuous improvement. Here we are measuring the online lead acquisition strategies Here we are measuring the lead acquisition totals such as phone calls and web form submissions And lastly we are measuring the sales funnel which we reviewed in the previous slide If we look at the measurement of the typical sales funnel example to a projected full calendar year you will see with just focusing on phase 1 (Generating Leads) and 4 (Driving Sales) you can see there are some solid results. So if we think about it implementing lead management (Phase 2) and engagement (Phase 3) we should be able to enhance the bottom line. Could that be 10% or 20%? The discipline to measure this lift is critical to show the value lead management and engagement have on a lead. We will go into some examples of the lift when we look over some engagement case studies.
- Go ahead and take a moment to fill out the poll and we will review the results.
- This takes us to lead management or what I have been referring to as phase 2 of the lead. Lead management should be considered as a strategic part of the lead lifecycle. I tend to believe most organizations take this for granted and I would say I am bit biased as this is where the Three Deep contact plays a big role for some of our clients. We have studied and become educated over the last 7 years that this is a very critical role in converting leads into contacts/customers.
- In this case conversion is considered lead management and engagement which illustrates the point that marketers are focusing on the top and bottom of the funnel along with why the discipline to implement the Lead management and engagement strategies are critically important. Once a lead is acquired conversion should become the next priority and investment to drive sales.
- Lead management could mean different things to different people. This is what Lead management means to Three Deep which has been established over many years of generating leads for our clients and studying how to manage leads once acquisition occurs. Again without the discipline to execute and measure lead management will have a negative impact on the funnel. When a lead submits their information the time it takes to respond to them is critical. If your team who is managing the inbound phone calls are not prepared to qualify a lead the opportunity is missed as in general the person answering the phone is often responsible for too many things so they do not focus on qualifying the lead. Tracking the leads in a CRM system allows for streamlined approach to repeatable processes as well as measurements. Tracking the proper data that will drive more engagement as well as performance indicators that feed the sales and lead acquisition measurements. Some of that data would include lead source, what phase of the buying cycle is the lead in, what products have been purchased and many more.
- Here are some impactful measurements that show how import lead management is as well as illustrating how big of a gap there is for organizations that are doing lead management compared to the ones that are not. As you can see when a lead is responded to within 5 minutes the chances of converting are dramatically higher versus waiting 10 minutes and almost non existent when waiting 90 minutes. It is hard to understand the scrutiny to measure the cost of generating a lead is often followed up with the lack of scrutiny to move that lead into a customer by not implementing a process to manage the lead. With only about 30% of organizations responding within 5 minutes indicates how big the problem is. Looking at the other end of the spectrum the majority of organizations in this study take longer than 24 hours or never respond to the lead. This should be alarming if your organization is not putting lead management as a priority. Remember the challenge is discipline not what is considered a simple process of taking the action to respond to leads within 5 minutes. 78% of the sales go to the organizations that respond first. This is a direct correlation to lead management driving sales. This metric itself should inspire the action to implement a lead management process to drive more sales. Here is a detailed example of why lead management is important and to use the lead aggregator model illustrate this challenge: The would be the home advisors, Quinnstreet, or Angies list that produce competitive leads. This is the model in which a consumer submits their name to be contacted and they are not aware their name is sold to up to 5-7 organizations. These leads are sold at roughly $35 per organization. The consumer will then be followed up with the 30% of the organizations that do lead management. That could gross $245 to the aggregator but really only 1 organizations is going to get the business. In general the aggregator may have to refund a lead or 2 because the organization that bought the lead will indicate it is a poor lead when in reality they just did not follow lead management best practices. The aggregator also knows that the 70% of the organizations do not have a lead management process and those that do not will generally not ask for a refund because for the very same reason that organization is not focuses on lead management or measurement they most likely will not take advantage of the refunding process. So in essence the aggregator takes advantage of this 70% of the market. Wouldn’t you? Even if you do have a lead management program in place and are going to purchase leads from an aggregator you will find it challenging to produce an acceptable ROI on those programs. These programs often require more intensive follow up as they are considered competitive and the aggregator will coach you to call this lead minimum 3 times in the first hour. (2nd call within 10 minutes of first, 3rd within the hour) Even with this type of aggressiveness you can expect to only convert about 20% in the best case scenario and in doing so you risk the brand if you follow these methods as consumers are not always aware their information is being sold to as many as 5-7 dealers. Consumers have a poor experience and your Brand could be associated to that if you happen to be the 2nd or 3rd reaching out to the consumer within the first hour of submission if the aggressive approach is in place. If you use these services then engagement should be a part of your programs to maximize the ROI for the $35 spent.
- On the left is another illustration of how the lead conversion drops based on the speed to response – just another supporting factor in responding quickly to leads that are interested in your product. The reality is when a consumer submits their information with the intent for you to reach out to them why not do it immediately before the interest leaves the consumers mind. Ultimately this is when they are most likely to be persuaded NOW is the time for them to buy your product or services. On the right is an illustration that Being persistent is critically important as you will see it can take up to 6-7 phone calls before getting in contact with a lead if the first attempt does not result in a connection. Without a lead management process in place along with measurements and the discipline to execute that process then again you are not maximizing your lead acquisition opportunities.
- When implementing lead management sped, process, and persistence must be a part of the program as it will yield the most results. Speed will ensure you are reaching the lead when they are most ready to become a customer. Repeatable Process will allow you to create
- Lets dive into the lead engagement and understand the impact of implementing this as a strategy.
- When a lead falls out of the sales cycle as we discussed previously it should fall into various engagement buckets based on their buying journey. Calendar sends allow the engagement with the consumer on a consistence basis Triggered sends takes advantage of engaging with the consumer based on their current state of interaction with various channels allowing for dynamic and personalized content. Both providing an opportunity to be the right time to engage and reintroduce the consumer to the buying cycle. We will go over a couple of case studies that dive into the calendar sends such as promotions and triggered sends such as a product purchase.
- When implementing the engagement strategies be sure you incorporate testing and optimization of the various attributes that attract the interest of a lead. In a case study we will review next the subject line and creative were tested and optimized to improve performance during the campaign. Measure and analyze the results that feed your testing and optimizing as well as continuous improvement of the messaging or strategy.
- This is a promotional campaign case study that utilized the Test/Optimize – Measure/Analyze from a previous campaign to improve results. The campaign started with the same strategy from a previous campaign targeting retail segment. This campaign drove the lead/contact to a dedicated Landing Page that also dynamically served up the Retail store that they last purchased from as well as other Participating stores in that area. If no store was associated to the lead/contact relevant stores were pulled based on GeoIP location. Once the lead/contact had got their coupons from the Landing Page an email was triggered to them with a link back to the coupons in case they needed them again, but the main offer was to Share the offer on Facebook. This campaign then sent a Reminder email to all Unopens about a week later and also a follow up email to those that opened but did not convert. This campaign had a promo period that was 31 days so the process was repeated half way through and a final send a last chance email right before the promo ended. All emails performed a 4 way Subject Line Test as well as A/B split tests with HeroShots.
- As you can see with these results engagement should not be over looked as a strategies and the ROI of implementing this strategy can clearly be recognized. A 126% gain over the previous promotion A 119% of coupons redeemed 50% or more were attributed to the email engagement as other strategies were a part of this promotional campaign. This case study shows the power of engagement and how to continue to build brand loyalty along that produce brand ambassadors.
- Here is an example of a post purchase Calendar Send engagement strategy that drives Brand Loyalty and long to term sales results along with hopefully generating brand ambassador (Referral) Leads. The first engagement block engages the contact 3 times within the first 30 days. The next 4 engagements span into 2 years from purchase of the product for the second engagement block. There are incentives along the way to act during the engagement cycles. With each engagement the message changes based on the age of the engagement from gaining feedback on how the product is performing you, to a message of needing a yearly check in, to an upgrade after year 2 of having the product. Of course the messaging can and will change if the contact engages with the program.