The Lead Conversion Process

Integrated Marketing Approach

• Integrated Marketing Programs to Support Customer Qualification Process


• Distribute Marketing Tools To Support Sales Process


• Develop Triggered based Marketing Campaigns by Source


• Move the prospect through the sales qualification process


• Continuous Optimization Campaigns

Customer Status – Conversion Funnel

Conversion rates in eCommerce occur at every point in the sales funnel, and are tracked to allow customers step through the process.

Lead > Awareness > Consideration > Conversion > Loyalty > Advocacy

Using Customer Data

Data collection is available from a variety of sources:

Customer Centric Messaging

• Preference Data


• Registration Form


• Preference Center


• Survey/Polls

Behavior Data

• Web Analytics


• Online Transactions


• Interaction and Engagements

Response Data

• Email Analytics


• RSS Analytics


• Mobile Analytics


• Social Media Analytics

Offline Data

• In-store Purchases


• Incentive Redemntion


• Sales Engagement


• Customer Service Interaction

All this feeds a Customer Profile Database that allows for a multi=channel digital messaging engine. This allows you to deliver the best message at the best time using the best channel for each customer.

Customer Segmentation

Getting The Right Offer To The Right Person at The Right Time

• Know the audience – “touch” fewer people, fewer times
  
  • Collect the clues in a data warehouse
  
  
  • Use the clues to make offers at the right time geared toward the individual’s need or interest
  
  

• Provide more relevant offers
  
  • The difference is use of technology & analytics
  
  
  • Shows up as differences in conversion rates and customer satisfaction
  
  
  • HIGHER Conversion rates: % of people who respond to the offer
  
  
  • HIGHER Customer satisfaction: % of people happy with the company and its products
  
  

Touch point follow ups

Initiate worklfows to ensure customers and leads are nurtured to the desired outcomes (sales). Begin with a progression of passive to active engagement based on their interactions, including email and telemarketing campaigns, providing specific content that is targeted to their actual engagement and interests.

At each point, offer a clear option for the user to opt out of the process and remove them from the follow up queue.

The goal is to move the lead along the qualification process to allow sales to close the deal, focusoing on stronger, ready leads who are interested in purchasing.

When marketing takes more control of the lead conversion process, sales is able to focus on closing deals, rather than on selling to customers who are not interested or may not be your customers at all.

Summary

• Increase Qualified Prospects


• Establish process for all activities


• Establish trigger-based campaigns


• Provide effective marketing tools to support qualification


• Formalize all communications


• Analyze current marketing programs


• Increase product/company awareness


• Add more value to customer base

Expected Outcomes:

• Allow customers to self-qualify, provides more data for customer service to provide personalized, relevant offers, follow up.


• Quick conversions allow for more conversions


• Incentivize and support existing customers to increase advocacy and LTV

Charter Marketing…

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The Lead Conversion Process

Marketing 2.0: How and Why You Measure Results

Marketing is an essential function of every business. Smart business leaders know that ongoing outreach to current and potential customers is integral to sustaining a healthy enterprise. Like all business initiatives, marketing campaigns must be monitored and the results measured, to evaluate the campaign’s efficacy and determine how to make adjustments if results do not meet expectations.

The measurement of marketing results can be broken down according to a method recommended by Joseph Raymond Roy, a marketing consultant based in Meredith, NH, who gives us the acronym DATA:

1. Defining, identify the results your marketing campaign is designed to promote

2. Assessing, measure the dollar value of your marketing campaigns (calculate the number of customers and gross revenue)

3. Tracking, determine if customers came to your business as a result of marketing activities

4. Adjusting, do more of what produces the desired result and less of what does not produce results; optimize your marketing activities

Begin the measurement by calculating the amount of money invested in marketing activities. Ideally, time invested is calculated as well, but it may be difficult to attach an accurate dollar figure to one’s time. How much is the time spent networking worth? What is the time devoted to blogging worth? You may develop good relationships with potential referral sources, but the process may take five months or five years to pay off.

The value of speaking engagements and webinars is easier to calculate. Speaking at a well-respected organization always has value, regardless of whether you receive referral business or meet a future client, because the very act enhances your curriculum vitae. To calculate the monetary ROI, deduct the value of resources spent to promote your talk from gross receipts generated by customers acquired as a result of the talk.

Tracking (forward tracking), the process of building an identifying mechanism into a marketing activity before it is launched, enables measurement of each actvities’ results. If you present a webinar, the registration process would include an email address for each listener, making this a useful tracking mechanism. Attaching a code number to a special product offer is another excellent tracking device. The marketer identifies customers who are impacted when they announce the code to receive the offer.

There are other tracking methods as well, including Point-of-sale tracking, conducted when new customers are asked how they heard about your business. Point-of-sale tracking may be used when tallying up sales associated with marketing activities, as revenues generated by promoted items are documented.

Reverse tracking is the process of examining your customer list and documenting how current customers became your customers. If you write a blog or newsletter, measure your reach by counting the number of subscribers, email forwards and followers. Use point-of-sale tracking to learn if your long-form content attracts customers.

The value of PR can be measured in at least two ways. First through media impressions, when the marketer counts the number of media outlets that include a story in response to a press release that was sent. Second through content analysis, when the marketer evaluates the accuracy of what was broadcast as compared to the press release, as well as the prominence of those item placements.

Online data analytics systems track visits to your website. Do potential customers quickly abandon your website? How many visitors follow-up with inquiries, or further engage by clicking on your newsletter or blog? What is the impact of your social media activity on your marketing objectives? Online data analytics reports tell the story.

The ultimate marketing metric is the percentage of your customer base that results from marketing activities, known as Marketing Originated Customers. Providers of intangible services or sellers of big-ticket items may wait 6 – 12 months to garner results to measure. Winning a contract from a client entails a much longer sales cycle than selling groceries. Metrics make it possible to know which marketing activities yield the best results and that knowledge allows you to optimize marketing efforts.

You’ll do more of what works, perhaps launching an advertising campaign during a particular season, or increasing participation in certain business associations. Some activities may be diminished or dropped altogether. The gross sales figure attaches a dollar value ROI to the marketing campaigns and you can compare to the pre-campaign sales volume.

Marketing metrics ensure that you receive the desired ROI from your marketing campaigns. Appropriately chosen and implemented marketing activities that are tracked and optimized always pay for themselves.

Thanks for reading,

Kim

Kim L. Clark is an external strategy and marketing consultant who brings agile talent to the for-profit and not-for-profit organization leaders with whom she works. To learn how your organization can benefit when you work with Kim, please visit http://polishedprofessionalsboston.com.

Marketing 2.0: How and Why You Measure Results