We all know Goal Setting is an essential part of energising a business - putting it simply it 'gives us a direction'.
Once you've conducted your Digital Marketing audit, and worked out your lifetime value of a customer, then you can set yourself some goals e.g. 20% growth in new customers this year.
But to achieve these goals, you want to look at the sources of new customers, knowing the cost of those sources, and then allocate resources to the best areas.
Let's look at how you can track the source of leads across all channel e.g. as for ‘last month’:
Then you can specify an average number of leads (new contacts) to be generated.
In order to gain insight into the stages of lifecycle of your new leads, you will want to run a spreadsheet like the following:
Once you have done this, you should look to:
Give your Marketing team one primary metric, and the one I would encourage is the generation of MQLs (Marketing Qualified Leads).
To do this, you first need to have the criteria for an MQL e.g. downloaded a brochure, as opposed to a ‘Lead’ being someone who has only downloaded an ebook.
Next, consider what will make an MQL and SQL (Sales Qualified Lead). They may get verified by the Sales Team or through e.g. ‘real world event attendance’.
When you have this, you want some mechanism by which you can see the movement between stages:
In this example, visibility on SQLs to customer conversion rates for last year is showing 44% conversion rate for last year once people reach this stage.
In order to create consistency across products/services, we’d suggest you think in terms of Sales Units as a weekly target. A Sales Unit is roughly the value of the first purchase a person makes with you e.g. £3000.
Let’s say your aim is to achieve 20 sales units per week;
And you aim to deliver 50% of them as ‘new customers’.
Here is the breakdown…
New customers: 10 sales units per week (50% of 20) = £30,000 a week revenue from new customers
And let’s say there are MQLs generated per week*: 50 (i.e. 200 a month)
The average cost per acquisition of an MQL is £50
*MQLs = event bookings, ‘product brochure’ downloads, and potentially a ‘scoring system’ whereby user activity e.g. call requests/email opens/clicks etc moves them over a score of ‘50’
Note: ultimately it needs to be SQLs generated from MQLs that is valued – if not, e.g. you would be focused on people ‘saying yes’ to an event, irrespective of them turning up.
HOW TO USE REAL WORLD ‘PRODUCTION INFORMATION EVENTS’ TO GET SALES:
Trial running 2 hour Face to Face sessions in your nearest cities, with bookings being MQLs, and attendees being SQLs.
This may well lead to quickening the lead time from contact to customer. e.g. this year:
Compared to last year:
I.e. shortening the funnel duration from Opt in to Customer.
The basic model below is targeting 750 sales per year from events = 62.5 sales per month
Let’s say you currently ran events and had the following…
200 MQLs (bookings) to 100 SQLs (attendees), to circa 20 sales per month.
You would look to tighten the funnel so that:
a) Attendees on the night are converted better to sale i.e. to get 33 in every 100
b) Non-attendees are better followed up and converted,
c) Attendees are followed up and converted
Take a look at a more accurate reflection of an overall funnel below:
Look to bi-pass the ‘events’ route when a lead is already warmed up e.g. downloads a brochure on a specific subject matter i.e. 30 MQLs from this source – converting 40% by top sales people.
Attending an event can still be offered by the Sales team when they connect.
As such, we would need an additional 100 quality MQLs per month, with 50% attendance rate, with a conversion rate of 33% to yield 50 sales.
Add this to the ‘bi-passed sales’ (i.e. keener, more educated purchasers), and we can achieve 62.5 sales per month from new contacts with attribution to marketing.
Using cost effective lead acquisition methods (see below) you can work toward 300 MQLs per month.
In terms of ‘breakdowns’, look to optimise each stage of the process to increase
conversion rates. This includes:
1. Sales team connecting with people prior to events (phone/email)
2. Tracking open rates of confirmation emails; using text follow up to increase likelihood of attendance where appropriate (not bombarding)
3. Increasing conversion in the room
4. Non-attendee follow up – giving alternatives to the event to gain more knowledge (e.g. ebooks, meeting, brochure, and ‘webinars’)
5. ‘Attendee non-purchaser’ follow up by the sales team
TIPS FOR YOUR SALE TEAMS:
The greatest resistance(s) for purchasing coaching/training/consulting products and services are as follow (with their ‘objections handled’):
1. “Not enough time to train/be coached etc!” (You need to make time to develop yourself)
2. “Not enough money!” (This is an investment, that gives you XYZ in value, and we can do payment plans).
3. “Thinking of going to another provider…” (Sure, I’ve heard they are really good. But why don’t you chat within one of the community that’s done both types of course? etc)
4. “You seem to be more about ‘Business’, or more about ‘Spiritual’” – depending what they’ve seen. (e.g. Our training is a tool kit of skills that you can apply in all areas of your life – a bit like electricity, you can plug in and supercharge the areas you want).
5. “Now it not a good time…” (What would have to happen for you to take a leap? What are you waiting for?)