Where is your marketing leaking? (Video)
Where is your marketing leaking?
Well, the first part is for marketing tools that you generate leads with. Find and put new people in your sales funnel who are interested in your product.
Fill this part with marketing tools you currently use to generate new leads.
What marketing tools can you use?
Everything which is market research. Research new industry trends, research the customers, and your competitors. Everything that give you information you can make better decisions with.
The second marketing tool for lead generation are the marketing channels that you are active on. For example one of my marketing channel is Facebook. My company is on Facebook, and right now, I am using Facebook Live as a marketing channel.
There are online and offline marketing medias. The traditional marketing channels started to be less costly, so it’s a good idea to take a look around TV or radio spots, newspaper, magazines, flyers, direct marketing.
Lead magnets are in this part too. It’s pretty obvious. A free product sample, an event, a video, a downloadable pdf, a cheat sheet, a quick checklist, an infographic, everything that you can get people’s attention and push them into your sales funnel.
Fill this part if you have a follow up system. How to follow up these prospects? If somebody showed interest, when do you send an email to them? What is in that email? When do you send your offer and how? This is also part of your sales funnel, and you have to build in it if you don’t have yet, because you can convert much more leads to customers if you have a good follow-up system.
How do you raise the purchase value.
What is a purchase value? Broadly defined, the Purchase Value is the dollar amount spent (in an individual transaction) on your product or service. It depends on what kind of customers you have, and how much they spend once.
The goal is to make them spend as much as possible – while giving them only the products or services they need and their problems can be solved.
I will show you a trick for this.
What can increase the purchase value? If you have low cost tripwire offers, between $1-$20 that is so inexpensive and so valuable that the customer buys without thinking of it. You can sell a part of your core product, an accessory, or anything that the customer can find interesting and useful. The best is if the tripwire ties with the core product, and the upsell product. I will talk about these in just a minute.
If you have an offline business, you can increase the purchase value with a catalog that shows other products a customer can buy. After every visit, give them a catalog with other useful items they might need.
In an online business, if the customer put something in the cart, you can show relevant other products they might feel valuable. Do you want to buy this too? Or like Amazon does, people usually buy these products together.
The third tool to raise the purchase value is the upsell product. Because you have a 10-15% of your customers who don’t care about the price. They care only about what you offer them. This is like the first class on an airplane. Less people travel there, however the first class provides almost half of the profit to the airlines.
This means, if you don’t have an upsell product, your profit is just half of what it could be. If you have an upsell, a high-end product, something that costs five, ten times more than your regular core product, you can almost double your profit.
The third part of this marketing plan is your campaigns. These are the campaigns that you run to your current customers, and your subscribers.
A campaign built up with 3 different elements: the list – to whom you will send your campaign. It’s important to have an email list and collect email addresses, or group members, if you are a brick and mortal business maybe a list with street addresses.
The second part of a campaign is your calendar, where you write a year ahead, 6 months or 3 months ahead what kind of campaigns you will run.
You have to have a main campaign that runs all the time and generate leads and new customers, but you also need seasonal campaigns, which last for 2 weeks, 3 days, or even 24 hours.
The third is the system how will you rotate different campaigns. You have to advertise three different things: new product or service, luxury or high end products and services, and seasonal actualities. For example a seasonal campaign for the Olympics. Or for president election. Or for Halloween, Christmas. You have to rotate these campaign types along with some sales or discount campaigns.
So we wrote our campaigns in the third circle, the campaigns you send out to your existing list.
The fourth will be your content marketing effort. Content is for example this Facebook Live presentation. Or a blog post. An article. An audio file. Something valuable. Something the customer can use. Useful information.
Two very important thing to mention here: one is that which channels do you put this content, and to whom you create the content.
Every business has 3 target audience: cold, warm, and hot.
The current customers – you give them the best content, the serious information, and high-level tips and tricks. This is for advanced techniques, for customers who are serious. They are the hot audience.
The next targeted audience is those people who are interested. Who follow you, or downloaded your lead magnet, but haven’t buy anything yet. Send them informative, interesting content that they can use in their everyday life. They are warm audience, because they warmed up already.
The third audience is the cold audience, those, who might be interested in your product, but don’t know anything about your brand. They heard about you probably the first time. You have to create shocking, attention grabber, story type content.
The fourth part is the content. Where, how often and to whom.