Presentation on theme: "LIFECYCLE MARKETING Why Some Small Businesses Thrive ( And Others Just Survive )"— Presentation transcript:
LIFECYCLE MARKETING Why Some Small Businesses Thrive ( And Others Just Survive )
Infusionsoft Small Business Growth Seminar Denny Morrow So. Cal. Regional Development Director c: o:
Why are we here? 1.Help you grow your business. 2.More sales from current customers. 3.Close more sales from prospective customers 4.Share Infusionsoft insight about why small biz succeed and fail 5.Introduce new way of thinking about sales & marketing 6.Give you a personal work book – Lifecycle Marketing Planner 7.Help you leave EXCITED about opportunities to GROW
We Help Small Business Succeed!
Our 10-year Research Project
Three Questions 1.Why do so many small businesses fail? 2.Why do some small businesses thrive? 3.What tools can we offer to help more small businesses succeed?
WHY DO SO MANY SMALL BUSINESSES FAIL?
Results of Small Business Failure Not enough customers Not enough sales Not enough money
NO ROADMAP OR STRATEGY NO ROADMAP OR STRATEGY ALL SURVIVAL MARKETING MULTI- SYSTEM MADNESS Three Black Holes 123
Multiple-System Madness Disjointed systems. Manual work. Lost opportunities.
Survival Caveman marketing 1.Wakes up in the morning 2.TAKES HIS STICK (which has the word “buy from me” on it”) 3.Goes to find the herd 4.Sneaks up on them 5.Singles out the weakest of the herd 6.Chases them down and beats them with the club 7.Drag back to cave 8.Start over
Am I In Survival Mode? 1.I am always chasing the next deal 2.My marketing is disjointed (on again - off again, spray-and-pray) 3.I don’t have confidence that our marketing plan will bring a surplus of customers [We’ve been there]
Survival Marketing 1. Generate interest 2. Sell to hot leads 3. Get new customers 4. Sigh in relief 5. START OVER
Lost Opportunity 2. Lost leads 1. Lost traffic 3. Lost customers
What does this really mean? Lost traffic - marketing is no good without lead capture Lost leads - getting leads and prospects is useless without lead nurturing ( People buy when they are ready to buy) Customers - are a “waste” if they are not followed up and wowed
No Roadmap or Strategy Work Work Work Busy Busy Busy Do Do Do You work IN the Business vs ON You ARE the Business !
What makes some small businesses thrive?
The 7 Phases of The Customer Lifecycle VisitorsOpt-Ins Hot Prospects Sales Customer Satisfaction Lifetime Customer Value Referrals
Prospects Are People
IMAGINE YOU ONLY HAD ONE CUSTOMER How would you take care of them
Know thy Customer (target) ^ Basic Characteristics Pains, Problems and Challenges Benefits They Seek Why They Buy From You Most Common Objections Who is not your target customer PG 7
Attract Traffic Online Offline AD
What’s YOUR Lead Magnet?
Lead magnets o Not buy from me (the quick sale) o Get information from me to HELP YOU o How can I get people to ENGAGE with me o Why do people keep passing by o The “only” enticement we have is – sale, free, etc o Lead magnets position you as expert
Exercise: Pick a topic for your educational magnet PG. 10
Human Healthy Vending o Started as pure “hunters” o Created targeted lead magnets o Grew prospect database by 10x
Gleason Tax o Spent thousands on marketing o Getting poor results o Discovered gold with educational marketing
Results of Benefit Marketing (Lead Magnets) for Gleason Tax Decreased marketing spend by more than 50% At the same time, increased leads by 120%
Big Lead Mistake: Join Our Newsletter Join Our Newsletter When was the last time you woke up and said: “Today I need to join another newsletter...”? (Answer: 2002)
Opportunity Analyzer Exercise pg 10: How many more visitors could you attract with the right magnets?
Capture Leads Online Offline AD
Lead Capture Gaps Web Traffic that leaves your site
Lead Capture Gaps Lead Entry Form Walk-ins that walk out Telephone calls that hang up
Lead Capture Gaps Networking contacts that leave Tradeshow visitors who walk by
Number of additional visitors we should be capturing each month, but are not. Opportunity Analyzer Exercise: pg 12
But remember: Just because you’ve captured a lead doesn’t mean you’ve earned the right… TO SELL
To establish trust, educate, and convert It’s about being Timely Relevant Building a relationship Targeted Personalized
Nurture Prospects SEO PPC ++ AD
The “Why” Behind Nurturing 81% of sales happen after 81% of sales happen after __ or more contacts 85% of the time we stop after 85% of the time we stop after __ or __ contacts 5 12
The Cost of Not Nurturing 10,000 (audience) 100 (responders) 10 (customers) And the Other 90 Responders? Fall through the cracks ZERO follow-up They'll go to your competitor!
The Benefit of Nurturing 10,000 (audience) 100 (responders) 10 (customers)
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
Marketing Sherpa 2011: Lead Nurturing – Campaign Lead Nurturing – Campaign Steps Step #1. Nurture the fresh leads first Step #2. Maintain an on-going program Step #3. Design Long-term “tips” series Step #4. Avoid overwhelming the audience
Marketing Sherpa 2011: Lead Nurturing – Campaign Marketing Sherpa 2011: Lead Nurturing – Campaign Results The team's average sales cycle is under 30 days, yet they now see: 37% of customers come from leads generated over three months ago 20% of customers come from leads generated over a year ago
Number of prospects we “drop” each month because they aren’t ready to buy “today”? Opportunity Analyzer Exercise: pg 14 ( People buy when they are ready to buy)
Convert Sales SEO PPC ++ AD
Steps to Converting MORE Sales Magnets and Education Nurturing Targeting Better Qualified Prospects Michel Gerber on Systems: “The True product of a great entrepreneur is an Intelligent System!”
How many more prospects may have bought with the right Nurture and offer? Opportunity Analyzer Exercise: pg 16 Know your Target Client
Deliver and Satisfy SEO PPC ++++ $ AD
Wowing the Customers + Great Customer Service = Low Cost Marketing and Customer Retention
How many customers STOP doing business with you each month because you failed to WoW them ? Opportunity Analyzer Exercise: pg 18
or from INDIFFERENCE !!!
Upsell Customers SEO PPC ++++ $ AD
Upselling customers is more profitable than acquiring new ones Repeat customers: spend an average of 67% more than new customers are 6-12 times cheaper to sell to Bain and Company, 2012 Nurture Creates Upsell
What Are Your Fries?? And can you think of ways to best deliver them?
Get Referrals SEO PPC ++++ $ AD
Advance Referral Strategy Ask For Them.
Gleason Tax Launched customer referral program $10 gas card Tax clients automatically got an . Doubled referrals
Suggestions on Asking for Referrals s Phone Calls Thank You Cards Competitions Special Events Just After You WoW’d Them Systematize and Automate as much of it as you can
Number of lost referrals each month? Opportunity Analyzer Exercise: pg 22
The 7 Phases of The Customer Lifecycle
Opportunity Analyzer Exercise: pg 23 Total Value That Exists in the Gaps you have Today?
Is Lifecycle Marketing for You? Attract and Capture More Leads? Nurturing Prospects? Close More Sales? Delivery & Satisfy & WoW Your Customer? Upsell and Enhance Lifetime Value? Generate More Referrals Systematically? Do you want to Grow?!