Lifecycle Marketing: 7 Steps to Business Prosperity
What is Lifecycle Marketing & Marketing Automation?
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Three Questions 1. Why do so many businesses fail? 2. Why do some businesses thrive? 3. What tools can we offer to help more succeed?
Why do so many businesses fail?
Three Black Holes
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2
3
MULTI-SYSTEM MADNESS
FLAWED STRATEGY
ALL SURVIVAL MARKETING
#1: Multiple-System Madness
Disjointed systems. Manual work. Lost opportunities.
#2: Flawed Strategic Approach
CHAOS 1. 2.
Hard Costs Per System Opportunity & Time Costs
#3: All Survival Marketing
Survival Marketing in Action 1. 2. 3. 4. 5.
Generate interest Sell to hot leads Get new customers Sigh in relief START OVER
Lost Opportunity 1. Lost traffic 2. Lost leads 3. Lost customers
Hunting Transactional Feast or Famine Reactive Chaos Habit Point Solutions
Harvesting Self-Sustaining Predictable Systematic Confidence System All-in-One
Problems With Survival Marketing 1. We are frequently chasing the next deal (The market is in control) 2. Our marketing is often disjointed (on again, off again) 3. We don’t have confidence that our marketing plan will bring a surplus of customers [We’ve been there]
LIFECYCLE MARKETING
Why Some Businesses Thrive (And Others Just Survive)
Two Foundations of Lifecycle Marketing
1. Prospects Are People. 2. Systems Scale Relationships.
1 2 3 4 5 6 7 There are
Phases
The 7 Phases of
The Customer Lifecycle
Visitors
Opt-Ins
Hot Prospects
Sales
Customer Satisfaction
Lifetime Customer Value
Referrals
Know thy customer • • • • • •
Basic Characteristics Pains, Problems and Challenges Benefits They Seek Why They Buy From You Most common Objections Who is not your target customer
Exercise: Clarify your Target Customer.
Attract Traffic
Online AD
Offline
Human Healthy Vending • Started as pure “hunters” • Created targeted lead magnets • Grew prospect database by 10x
Exercise: Pick a topic for your educational magnet
Gut Check:
How many more visitors could you attract with the right magnets?
Questions?
Capture Leads
Online AD
Offline
Lead Capture: Examples • Join Our Newsletter
• When was the last time you woke up and said: “Today I need to join another newsletter...”? (Answer: 1998)
Lead Capture Gaps • • • • •
Web Traffic that leaves your site Walk-ins that walk out Networking contacts that leave Inbound phone calls Tradeshow visitors who walk by
Gut Check:
How many visitors are coming to you without you capturing their information?
Questions?
But remember:
Just because you’ve captured a lead doesn’t mean you’ve earned the right…
TO SELL
And it’s NOT about: setting up a 42-step auto-responder to hammer
people
It’s about being Targeted
Relevant Timely
Personalized
To establish trust, educate,
and convert.
Building a relationship
Nurture Prospects
SEO AD
PPC
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The “Why” Behind Nurturing •
81% of sales happen after __ 5 or more contacts
•
85% of the time we stop after 1 or __ 2 contacts __
*As referenced from a study of the Sales and Marketing Executive Club of Los Angeles http://jamesriverjournal.com/business-coach/16865-do-not-give-up-follow-up.html
The Cost of Not Nurturing 10,000 (audience)
And the Other 90 Prospects?
Fall through the cracks ZERO follow-up
100 (prospects)
They'll go to your competitor! It’s all about TIMING!
10 (customers)
Gleason Tax
1. Spent thousands on marketing and were getting poor results. 2. Discovered gold with educational marketing 3. Benefits of Magnet: • •
Decreased marketing spend by more than 50% At the same time, increased leads by 120%
Lifecycle Marketing – Before and After
Example: Original Runner Company • •
•
From Shoebox to customer database Today: 20 different lead nurture follow up systems - Sample swatch + follow up - Based on wedding date Results: Increased Conversion by 60%!
Example: Minutes Matter
•
Used lead nurture campaign to follow up with Free Trial prospects: • Day 1: Fast Track Plan (sets expectations and preps them for success coach) • Day 3: Welcome • Day 6: Meet success coach • Day 14: Series of how-to’s and Studio tips • Day 20: Four-day special 20 percent off • Day 30: Last day of trial • Day 45: We haven’t heard from you
•
Increased conversion by 30%!
Gut Check:
How many prospects do you “drop” each month because they aren’t ready to buy today?
Convert Sales
SEO AD
PPC
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Earn the right
HELPFUL VERSUS PUSHY [Eliminate the Salesman Stigma]
Human Healthy Vending • • • • •
Were spending 8-10 hours per prospect Changed model so reps only talked with qualified, educated prospects (magnets) Decreased time spent selling by 75% They operate like a 20-person marketing department Grew from 0 to $5M+ in 3 years
Example: Attorney • Problems: Impatient shoppers, Client frustration • Solution: use content, videos, reports & emails, free value to the prospect/client • Breaks mold & pre-empts questions • Much Higher Close Rate!
Gut Check:
How many additional prospects would buy each month with great follow-up?
Questions?
Deliver and Satisfy
SEO AD
PPC
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GIVE Customer Service As Marketing
Colorado Example: RARE
5 Reasons Wowing Customers is Important • • • • •
Affirms buying decision. Excites customer about spending money with you and your company. Is an extension of your marketing. Creates opportunities to upsell (more touches). Leads to referrals, gives you a platform to ask for them.
Customer WOW! Strategies 1. Lottery ticket stapled to invoice. 2. CD/DVD telling company story, and what they are to expect as a customer. 3. Starbucks “welcome to the family” gift card. 4. Gift Card to Restaurant.com
The Customer WOW Challenge
What could you do to “WOW” every new customer?
Gut Check:
How many customers decide to stop doing business with you each month because you failed to WOW them?
Upsell Customers
SEO AD
PPC
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Buying Mode
What Company Upsells Masterfully? (for years)
Avg. Transaction Size 27% Increased by ____ Small Business Beat the Recession Kit Attract Capture Nurture Traffic
Leads
Prospects
Convert Sales
Deliver Get Upsell & Satisfy Customers Referrals
$400.00 Upsell
$400 Upsell
Gut Check:
How many past customers should be buying again this month but aren’t because of poor follow-up?
Get Referrals
SEO AD
PPC
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Gleason Tax (Jeanette and Joe) • Launched customer referral program ($10 gas card) • Tax clients automatically got an email. • Doubled referrals
Gut Check:
How many referrals do we lose each month because we don’t ask?
Questions?
Exercise: Adding Things Up
How Could Lifecycle Marketing Benefit Your Business?
What Now? Map out the plan
SEO AD
PPC
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Maps Help You Create A Fluid Strategy Attract. Capture. Nurture. Convert.
What tools are out there to help?
All-In-One Sales and Marketing Platforms • • • • •
Attract and Capture Leads Nurture Prospects Close Sales Wow and Upsell Your Customers Get Referrals
