Here’s a fact: online marketing is harder than it has ever been before.
It comes down to 3 simple factors:
- Cost of acquisition is increasing: the number of impressions available on FB and Google are going down. Drop in Supply = Increase in Price.
- Conversion rates are decreasing: The average conversion rate for landing pages is only 2.35%, meanwhile the top-performing strategies are becoming less effective.
- Engagement is decreasing: In 2011, the average FB business page reached 26% of their audience. By 2017, that number had dropped to 0.5%
The days of simple tricks and hacks are gone. Now, success comes down to just one thing: how much money are you able and willing to spend to acquire a lead?
If you are able and willing to spend more on lead acquisition, you now have a huge opportunity to steal traffic from the competitors who refuse to adapt to these trends.
Now of course, it’s not so simple. Being “willing” to spend more is pretty easy; being “able” is quite a bit harder. Where is this extra money going to come from?
Your existing leads.
Focus your sales & marketing on improving your average lead value, then reinvest the additional revenue into rising acquisition costs.
So how do you improve lead value?
Ryan Deiss has been working on 3 strategies to combat each of the major marketing challenges. Using all three, his company has more than tripled their average lead value.
Ready for them?
HOW TO: Conquer the 3 biggest challenges facing digital marketers today
Challenge #1: Rising cost per acquisition. Solution: Find and target your high-value segments
There’s no cure-all trick to lower traffic costs, so your only option is to increase the value of the leads you’re already getting. Marketers need a scalable funnel to locate and prioritize the high-value customers that are hidden in their lead flow. Here’s how:
1. Find what characteristics your highest paying customers all have in common
Make a list of your top-tier customers. What are the 1-2 things they all share, which set them apart from your average lead? Is it company size? Job title? Budget?
Now take a piece of paper, and write down 1-2 Yes/No identifying questions — one for each unique characteristic.
2. Embed these questions as checkboxes in your lead acquisition form
The Yes/No format is absolutely critical because it allows you to find high-value leads without adding friction to your funnel.
Automatically segment out the high-quality leads from your customized acquisition form →
If you have a large social media presence, find high-value leads hidden within your followers →
3. Immediately follow up with high-value leads using emails and tailored landing pages
Your follow up email sequence can be a long as 7 or 8 messages. The key is immediacy — lead value drops dramatically after the first few days.
Test conversion rates at each point of your funnel, including the landing pages →
If you’re hurting for content, check this database of engagement emails for inspiration →
Challenge #2: Dropping conversion rates. Solution: human-to-human conversations with your qualified leads
Here’s a secret: some people don’t care about your fancy funnel. They’re already sold on your product, and just want to buy it. LET THEM!
How do you find them? By actually talking with prospects. Chatbots are only half the answer — set yourself apart by investing in real conversations between qualified leads and sales reps.
1. Replace your site’s generic chatbot greeting with a simple, binary question
Instead of starting with “Hey! Want to chat?” open with “Quick question, are you X or Y?” ie. are you a consultant or a marketing agency? And give them button response options: Yes I’m X, Yes I’m Y, or No I’m neither.
This first question triggers a sequence directing them towards the product that will best serve them. If they say neither, then just respond with “no problem, we’re here if you need help!” →
2. If they respond X or Y, follow up with a 4-question automated sequence
1) Tell me more?
- Ie. “That’s great! Are you just getting started or have you been at this for a while?”
- Have 2 automated responses depending on how they answer, and set keyword triggers for each response
2) What brought you here today?
- Ie. “What are your goals: X, Y, or Z?”
- List 3 common goals, plus “all of the above” and “not sure”
- Then follow up with, ”That’s great! We can definitely help with that. Do you want to see <<insert product here>>?”
3) What do you know about us?
- At this question, your sales rep NEEDS to step in. If they are a qualified lead and have made it this far, a human now takes charge to close the deal
- Based on whatever they say, your sales rep should lead them to:
4) Want some help with that?
Remember to customize these automated sequences to the content of the page the chatbot appears on. Ask yourself: What does the content tell you about the person reading it, and how can you customize your chatbot to reflect that?
3. Make human interaction your priority with a new metric: CPC — cost per conversation
Make no mistake, this will be expensive. You can drive CPC down by putting these bot sequences in bottom-of-funnel content, such as thankyou or pricing pages. Or you can set them to appear on your homepage only after a certain number of visits from the user.
If you want to automate everything, that’s fine. But your competitor won't, and you’ll fall behind. The future belongs to companies willing to invest in human-human interaction, on both your site and social media →
Challenge #3: Dropping engagement rate. Solution: Create content that answers specific user questions
This is not a new or revolutionary idea, but it’s often overlooked. Don’t bother posting general information; set yourself apart by delivering a specific answer to specific questions.
1. Create 10 short videos answering the top 10 questions in your industry
Compile a list of the 20 top customer questions. Then pick 10, and record 2-3 minute videos answering each one in absolute terms. It may not be the full answer, but it doesn’t need to be. Viewers need to leave feeling like they have an ANSWER, not more questions.
Source the top questions from user forums →
Once you have your content, use LinkedIn video to take them public →
2. Create a “question and answer” content section on your website
People only want one thing: hope. Hope that a clear answer exists to their question. Be the company that gives it to them.
Figure out exactly how people are wording their questions to rank for their queries →
3. Cater to the lowest common denominator; remember — you get smarter, but your new customers don’t
Customers finding you for the first time will always have the same set of basic questions. As you start learning new information, you’ll want to engage customers with it — resist the temptation.
Monitor your content performance closely to make sure you aren’t losing engagement →
Full Presentation: https://www.youtube.com/watch?v=bmPkgk4-oxo&t=5s