Oh No! My sales funnel is leaking!!!
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Following on from several recent conversations with business owners, primarily in the micro to small end of the market (turnover as opposed to ambition), there is a consistent message floating around – all of my budget has been allocated to SEO!! – “Smart” I hear you say, “just what I am/will be doing” – The right thing to do, OR is it?
According to Marcus Sheridan – Genius business owner, the “web-guy”, the “pool-guy” and author of They Ask, You Answer! 70% of buying decisions take place before any sales conversations; you may be thinking therefore that SEO is clearly your best option to fill your sales funnel. What you are missing is the fact that Marcus’ funnel is water-tight and Seth Godin turns his funnel into a megaphone – We all can learn from both as they are amongst the best in the World at marketing.
Why are these last 2 points so important – Let’s consider the old sales model of the sales funnel – The more leads we put into the top (through SEO and others), the more pressure builds up and the faster the leads filter through to becoming a client – All good so far.
Unfortunately, there is a problem called CONVERSION RATE. This is the mechanism that determines how many leads become clients and is normally shown as a %. The reality is that your sales funnel is made of sieve-like materials – the more you cram into the top, the faster it pours out the sides.
Given that you have to buy leads, you are pouring money down the drain – but it is OK as you can just invest at a quicker rate and hope for the promised “whale” that gives the ROI required.
So what are the other options?
Turn your sales funnel upside down and create a NURTURE CYCLE. Use ‘marketing touches’ and ‘moments of truth’ to build trust with your prospects, use CRITICAL NON-ESSENTIALS (Paddi Lund) to move people up the loyalty ladder and build world-class strategies to plug the gaps in the lead sieve!
Companies with the best marketing deliver 5 – 10 marketing strategies, simultaneously and all of them are World-Class. Relying on one “Hail-Mary” marketing strategy, explained by a marketing expert, to someone who doesn’t really understand the mechanics of the ROI, is close to madness.
Having 1 marketing strategy, irrespective of which, is like going to the gym and only ever working on the left bicep – putting every resource at your disposal into it, in the hope it will be amazing! The reality is you would end up out of balance, with 1 gun that probably shoots blanks!!!
So before you throw all of your money at a single marketing strategy, figure out which others you will use, what your budget is for each and how you will TEST and MEASURE the ROI. Before you throw all your budget at SEO and Lead Generation consider plugging your conversion rate gaps and please consider your capacity to take on more work.
The WHOLE POINT of business coaching is not ‘just’ to coach you but to help you achieve an improved business performance – Yorkshire Powerhouse strongly recommends investing in a skilled business coach who can support and develop your performance to allow your business to grow.
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