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M ULTI -M ILLION -D OLLAR S ALES F UNNELS Reid Wilson Quintify Database Solutions, Inc. ( A. K. A. S MALL B USINESS M ARKETING D ONE.

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Presentation on theme: "M ULTI -M ILLION -D OLLAR S ALES F UNNELS Reid Wilson Quintify Database Solutions, Inc. ( A. K. A. S MALL B USINESS M ARKETING D ONE."— Presentation transcript:

1 M ULTI -M ILLION -D OLLAR S ALES F UNNELS Reid Wilson Quintify Database Solutions, Inc. ( A. K. A. S MALL B USINESS M ARKETING D ONE R IGHT )

2 M Y B ACKGROUND When it comes to marketing, Fred Meyers taught me about 90% of everything I know. (I.e., old-school catalog direct marketing applied to modern technology. W HAT Q UINTIFY D OES We build highly customized web-based database software systems for “small” multi-million dollar companies and franchisors

3 Three main uses of databases in business

4 T HREE M AIN U SES OF D ATABASES IN B USINESS 1. Information Store / Data Warehouse

5 T HREE M AIN U SES OF D ATABASES IN B USINESS 1. Information Store / Data Warehouse 2. Process Management / Transactional

6 T HREE M AIN U SES OF D ATABASES IN B USINESS 1. Information Store / Data Warehouse 2. Process Management / Transactional 3. Actionable Reporting / Analytical

7 Inadequate data management leads to poor marketing (unless you are just lucky)

8 C OMMON M ISTAKES IN S MALL B USINESS D ATA M ANAGEMENT MS Excel

9 C OMMON M ISTAKES IN S MALL B USINESS D ATA M ANAGEMENT File Folders Your customer info is only accessible by one person at a time in a particular place. Regarding marketing, data is very tedious to accumulate and analyze

10 C OMMON M ISTAKES IN S MALL B USINESS D ATA M ANAGEMENT Sticky Notes or Random Pieces of Paper Little pieces of paper fly away when the wind blows. Big pieces of paper get stacked and put in boxes when guests come.

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12 C OMMON M ISTAKES IN S MALL B USINESS D ATA M ANAGEMENT Sticking with a legacy system that no longer meets your needs

13 C OMMON M ISTAKES IN S MALL B USINESS D ATA M ANAGEMENT Ignorance

14 (Direct) Marketing Is Math Applied to Data

15 The Million Dollar Question: Where do I spend my marketing dollars?

16 The Direct Marketing Approach: Test and measure! 1. (and let analytics tell you what you should do)

17 K EY M ETRICS Cost per lead acquisition per channel/promotion Conversion Rate How many “touches” does it take to convert? Retention / Reorder Rate Reactivation Lifetime Value / Profitability RFM (recency/frequency/monetary) cell analysis

18 C OST P ER L EAD A CQUISITION SourceCountCostCPA Google Adwords547$4,732$8.65 Affiliate Program120$625$5.00 LeadSource259$3,147$12.15

19 T HREE - MONTH C ONVERSION R ATE SourceCountConversionRevenue$/Lead Google Adwords 54715%$4,512$8.28 Affiliate Program 12022%$1,716$14.30 LeadSource25927%$4,247$16.40

20 L IFETIME R EORDER % OVER TIME FOR 1X CUSTOMERS

21 N EW C USTOMER R EORDER R ATES BY INITIAL O RDER S IZE

22 L IFETIME S ALES PER C USTOMER

23 L IFETIME S ALES FROM I NITIAL O RDER S IZE

24 W HEN S HOULD W E T RY T O R EACTIVATE ?

25 M ARKETING D ATA T O C APTURE IN Y OUR DB Track the source of each prospect / new customer – source type and source detail and any promotion they first responded to Segment your customer into various groups, e.g. by industry, size, location Track lifetime sales per customer (and carry that over to lifetime sales per segment and lifetime sales per source)

26 M ORE D ATA T O C APTURE If your business has many customers/orders, track “RFM” – recency, frequency, monetary – and incorporate it into decisions on who to send promotions to Track costs (COGS, fulfilment costs, advertising costs) to each order and each customer, so that profitability can be watched

27 T EST A ND M EASURE R EDUX Test and Measure Put more focus and money into what’s working Stop what’s not But realize that long-term results are most useful when making decisions (e.g. three month payoff as opposed to immediate payoff when evaluating a lead generation promotion)

28 E XAMPLE RFM REPORT (F ILE C OUNTS OVER TIME BY CELL )

29 Q UESTIONS ? Reid Wilson Quintify Database Solutions


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