HOW TO 3X YOUR PROFITS
APPLYING THE MARKETING FUNNEL
APPLYING THE MARKETING FUNNEL
By Leo Gamayunov
President / COO @ MINÖÖMA
President / COO @ MINÖÖMA
on October 25, 2017
Running a business is not an easy task. Sooner enough, all business owners ask themselves the same question: How do I increase my sales?
Of course, the first word that comes to mind is (drumroll)… Marketing. Unfortunately, the word marketing can be somewhat ambiguous.
Of course, the first word that comes to mind is (drumroll)… Marketing. Unfortunately, the word marketing can be somewhat ambiguous.
Social media, search engine optimization, Google Adwords, retargeting, email marketing, the list goes on... It can be hard to understand where each piece of the puzzle fits in your business, and more importantly, when.
It is easy to get lost in the marketing noise.
At TTBA Group, we believe the key to maximizing your ROI is structuring your marketing budget. Here's how we break down the process for our clients...
1. Aim
2. Reach
3. Acquire
4. Warm
5. Sell
Example:
Say you have a dentistry practice and you want to increase your sales. To boost traffic, you spend $1000 on Google AdWords for $10 per click. Your campaign directs 100 potential customers to your website, and 1 converts into a purchase of services.
While this is a "successful" campaign, your profit margin on the job is only $700. What do you do now? Our funnel model can guide you to triple your profits:
While this is a "successful" campaign, your profit margin on the job is only $700. What do you do now? Our funnel model can guide you to triple your profits:
AIM: Be smart when choosing your audience
Understand your potential customer. What are their key deciding factors when making a purchase? What's the first thing they do when they start searching for your product or service?
Design your campaign based on the buyer persona. Don't attempt to successfully hit everyone with the same message or the same approach.
REACH: Use the appropriate channels to reach your demographics.
In the Dentistry case, we use Google AdWords, because most of the potential patients will search for a dentist using Google.
Understand what your patients are looking for, and design appealing ads that answer their questions in order to get the best click-through rate.
Select keywords that have cheaper costs-per-click (CPC).
Confirm that your ad relevance score is 7+ to save on the CPC.
Make sure your clicks are at $8.00 by targeting your key groups only on weekends, for example. In this case, you would have 125 clicks at $8.00.
AQUIRE: Capture leads (phone number, email address, retargeting cookie).
Instead of sending 125 potential patients to your website, send them to an appealing landing page that explains, in clear terms, why they should choose your dentistry.
Include an "irresistible offer" for teeth whitening (or a complementary inexpensive service).
Collect email addresses and phone numbers in return for coupons and discounts.
Of the 125 potential patients that landed on your page, you're likely to receive thirty leads for individuals seeking teeth whitening services.
WARM: Warm your lead. Don't sell. Instead, educate.
Grow your retargeting audience by installing Facebook pixel on your landing page.
Use behavior-based retargeting when running your ad campaigns on Facebook, Google, or any other ad services.
When using Facebook, segment the visitors that reached your landing page. Highlight your expertise by sharing "knowledge" videos or blog posts. Give them the opportunity to understand your value over the competition.
Your goal is to be memorable enough that they contact you when they need a dentist.
Don't let your leads go cold. Follow up with them in three days and invite them for a discounted service or a free consultation.
SELL: Convert your leads to sales.
Similar to your previous metrics, you convert one potential client into a paid service.
From your thirty leads, three individuals have agreed to receive discounted services, and three have scheduled appointments for a free consultation.
Of the three consultations, one is converted to a complementary cleaning through in-person up-sell. Remember, your product must always reflect the value of your brand promise. (Read more about why you need to always put your product first.)
Understand your potential customer. What are their key deciding factors when making a purchase? What's the first thing they do when they start searching for your product or service?
Design your campaign based on the buyer persona. Don't attempt to successfully hit everyone with the same message or the same approach.
REACH: Use the appropriate channels to reach your demographics.
In the Dentistry case, we use Google AdWords, because most of the potential patients will search for a dentist using Google.
Understand what your patients are looking for, and design appealing ads that answer their questions in order to get the best click-through rate.
Select keywords that have cheaper costs-per-click (CPC).
Confirm that your ad relevance score is 7+ to save on the CPC.
Make sure your clicks are at $8.00 by targeting your key groups only on weekends, for example. In this case, you would have 125 clicks at $8.00.
AQUIRE: Capture leads (phone number, email address, retargeting cookie).
Instead of sending 125 potential patients to your website, send them to an appealing landing page that explains, in clear terms, why they should choose your dentistry.
Include an "irresistible offer" for teeth whitening (or a complementary inexpensive service).
Collect email addresses and phone numbers in return for coupons and discounts.
Of the 125 potential patients that landed on your page, you're likely to receive thirty leads for individuals seeking teeth whitening services.
WARM: Warm your lead. Don't sell. Instead, educate.
Grow your retargeting audience by installing Facebook pixel on your landing page.
Use behavior-based retargeting when running your ad campaigns on Facebook, Google, or any other ad services.
When using Facebook, segment the visitors that reached your landing page. Highlight your expertise by sharing "knowledge" videos or blog posts. Give them the opportunity to understand your value over the competition.
Your goal is to be memorable enough that they contact you when they need a dentist.
Don't let your leads go cold. Follow up with them in three days and invite them for a discounted service or a free consultation.
SELL: Convert your leads to sales.
Similar to your previous metrics, you convert one potential client into a paid service.
From your thirty leads, three individuals have agreed to receive discounted services, and three have scheduled appointments for a free consultation.
Of the three consultations, one is converted to a complementary cleaning through in-person up-sell. Remember, your product must always reflect the value of your brand promise. (Read more about why you need to always put your product first.)
The results:
Before you optimized your marketing budget, you converted one sale for a $700 profit.
After using the funnel method, you have tripled your revenue from the same 100 clicks. One sale ($700), three discounted complementary sales ($900 or $300 x 3), and one full complementary sale ($500) has increased your profit margin by 300%.
This example shows how much you can accomplish with your $1000 marketing investment simply by utilizing every channel of the funnel effectively.
Map your actions accordingly and follow these steps to jumpstart your marketing campaign:
1. Build your funnel
2. Pick your battle (Do you want to obtain leads, focus on awareness, or launch a warming campaign?)
3. Analyze and prioritize your marketing goals (what are your KPI's?)
4. Convert your goals into measurable campaigns with an action plan (integrate a discounted "irresistible" offer on your landing page)
5. Track the success of your campaigns
After using the funnel method, you have tripled your revenue from the same 100 clicks. One sale ($700), three discounted complementary sales ($900 or $300 x 3), and one full complementary sale ($500) has increased your profit margin by 300%.
This example shows how much you can accomplish with your $1000 marketing investment simply by utilizing every channel of the funnel effectively.
Map your actions accordingly and follow these steps to jumpstart your marketing campaign:
1. Build your funnel
2. Pick your battle (Do you want to obtain leads, focus on awareness, or launch a warming campaign?)
3. Analyze and prioritize your marketing goals (what are your KPI's?)
4. Convert your goals into measurable campaigns with an action plan (integrate a discounted "irresistible" offer on your landing page)
5. Track the success of your campaigns
I hope you've found this article helpful. I'd love to hear your thoughts and comments.
You can always contact me directly at leo@ttbagroup.com.
Good luck!
You can always contact me directly at leo@ttbagroup.com.
Good luck!
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