Casino Royale

Joe Freeman      Wednesday, February 1, 2017

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How can you turn your sales funnel into a two-way one to one marketing channel?

To discuss marketing metrics and data collection you first need to understand why the collection of this data is important to your business no matter what products or services you are bringing to the market.

Most marketing professionals focus on mathematical marketing with the sole goal of utilizing metrics to calculate the effectiveness of their marketing campaigns so that they can take the guesswork out of their marketing and project profitability. However, there are so many metrics that are available to marketers today that it can be somewhat overwhelming.

“Statistics say that it takes 7 or more touches to get a perspective client to know, like, and trust you or your company”

Acronym Mania

(CTR) Click Through Rate, (uCTR) Unique Click Through Rate, Frequency, People Reached, (CPC) Cost Per Click, Cost Per Website Click, (DPL Or CPL) Dollars/Cost Per Lead, (EPC) Earnings Per Click, (CVR) Conversion Rate, (CPA) Cost Per Customer Acquisition, Email Open Rate %, Email (CTR) Click Through Rate, Relevance Score, Webinar Show Up Rate, (CPR) Cost Per Webinar Registration, Webinar (CPA) Cost Per Attendee, (CCR) Contacts Conversion Rate, (BR) Bounce Rate, (LCV Or CLV) Lifetime Customer Value, (ROR) Rate Of Return Visitors, Churn Rate...and there are much more.

In some cases the old adage: “What isn’t measured cannot be managed.” can lead to information overload and get you stuck in a sea of overwhelming.

All of the above metrics can provide insight into your marketing and can provide value if you learn to look at each one for their value over time instead of trying to focus on them all at once. These are the eight core marketing metrics that Conversionfly and Todd Brown have encouraged digital marketers to utilize when measuring each sale funnel.

 

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Tuesday, December 11, 2018

 

Total Sales Volume = Your total $ sales (for a given funnel)

Average Visitor Value “AVV” = 
Your total $ sales / Your total visitors

Revenue Per Lead “RPL” = 
Your total $ sales / Your total leads

Average Cart Value “ACV” = 
Your total $sales / Your total buyers

Cost Per Acquisition = 
Your total $ ad invested / Your total buyers

Lifetime Customer Value “LCV” = 
Your total $ sales + Jump Revenue / Total buyers

Return On Investment “ROI” = (Your total $ sales / Total ad dollars invested)*100%

Break-Even Speed =
 Your total $ sales in a given point of time /
 Total ad dollars invested

I could go deeper into what each metric tells you and how to use it, but there are many resources available that discuss these topics. Personally, I would like to challenge you to look at marketing metrics from a different standpoint which is more focused on the data each user provides when traveling through your marketing campaigns specific to them.

The more you know about your perfect client, why they need or want your product or service, how to talk to them, how to serve them, and engage them in conversation the better chance you have for your business to thrive in the current age of information and technology overload.  

What are your primary goals in your marketing campaigns? Are they to gain brand and product awareness, generate leads, nurture those leads, acquire a customer, maximize your conversions and sales, engage your customers, retain customers and gain repeat buyers, earn your customers loyalty.

 

 

The truth is you may have a Sales Channel for each of these goals, and one sales funnel may have multiple goals depending on where and when they are used. Your company sales funnels may have similar but tactically different marketing strategies, copy, and images but each one of these goals has one thing in common, and that is that each of your marketing campaigns is another chance for you to have a conversation with your perfect audience.

In most of the cases above the leads, you have already driven to your campaigns have already raised their hand by entering one or more of your sales funnels. Many marketing professionals create campaigns with visually pleasing designs and emotionally charged copy and broadcast it to the world either via blog posts, forum articles, email broadcasts, direct mail, television, radio, social media, etc. There are an abundant number of opportunities to communicate with your audience in our civilization today.

However, if you do not monitor your metrics and collect data you’re having a one-way conversation with your prospective client, and you run the risk of losing touch with your audience and in some cases even annoying your audience. Statistics say that it takes 7 or more touches to get a perspective client to know, like, and trust you or your company and become a customer but once you create that relationship your client is 100% more likely to continue going to you, the company they trust on a repetitive basis.

I believe that the first step in converting your sales funnels over to promote a two-way conversation is to select your mathematical marketing metrics strategically.However, it’s the following steps that my company and I enjoy focusing our attention and energy towards.

Step two in transitioning your marketing initiative over to a two-way conversation is to utilize the things that current leads are naturally telling you about themselves while experiencing your sales funnels without adding additional technology. The utilization of email list segmentation and email triggers can do just that. I would argue that at the very least every digital marketer should be efficient with email list segmentation.

What can email list segmentation do for you? Have you ever bought a marketer’s offer just to continue receiving emails day after day, week after week, encouraging you to buy the product you just bought? How did that make you feel? As a follower of a specific individual or company, we as human beings tend to get emotionally involved with the products we purchase we’re looking for a connection, inclusion, and results.

Not being recognized for your purchase feels like a slap in the face and scars that connection. And on the marketer’s side, you are wasting valuable revenue and energy trying to sell me something I already bought when you could be sending me new content and leading up to offering me the next product in your value ladder.

 

 

Let me ask you if you have a sales funnel that promotes.
A free book -> Order Bump -> OTO -> Membership Site
And I invest in the free book but do not take the OTO why would you send me an email promoting the free book especially if I haven’t received it in the mail yet. Wouldn’t it make more sense to send valuable content via email and promote another offer based on my interaction with your email topics?

Email Segmentation can be configured to break your audience down into tiny subsets (buckets) based on their interaction with your sales funnels and email campaigns. One of the keys to this approach is making sure that when you include a client into another email list/bucket (ex. Bought Free Book Offer), you also remove them from the list they were on (ex. Free Book Opt-In). This allows you to promote the book to individuals who are opening your emails but did not buy the book without sending the same promotion to individuals who bought the book previously.

Step three would be making sure to have a strong “CRM” Customer Relationship Manager and Survey Solution which would allow you to “ASK” additional questions and get to know your clients based on the data you already have. This can be a fun way to not only create a few more “buckets” of individuals who are your top clients and get to know their needs more but also prepare for step four.

Email Segmentation can be configured to break your audience down into tiny subsets (buckets) based on their interaction with your sales funnels and email campaigns. One of the keys to this approach is making sure that when you include a client into another email list/bucket (ex. Bought Free Book Offer), you also remove them from the list they were on (ex. Free Book Opt-In). This allows you to promote the book to individuals who are opening your emails but did not buy the book without sending the same promotion to individuals who bought the book previously.

Step three would be making sure to have a strong “CRM” and Survey Solution which would allow you to “ASK” additional questions and get to know your clients based on the data you already have. This can be a fun way to not only create a few more “buckets” of individuals who are your top clients and get to know their needs more but also prepare for step four.

 

 

Step four is my personal favorite and is something I’ve had experience in for the last six years. Adding personalized content to your sales funnels based on the data you’ve collected while having a one on one conversation with your client’s. Personalized Sales Funnels are usually referred to as “PURL” Personalized URL or Cross Media Campaigns.

This approach allows me to use the data from my CRM taking into consideration segmentation and other data values to send a pinpoint marketing campaign to my current clients. PURL Campaigns are not primarily used to acquire leads but are instead used to maximize the value of a customer, lead nurturing, customer engagement, customer retention, loyalty, and referral programs. Each recipient receives their own completely personalized marketing campaign.

The email, direct mail piece (postcard, letter, etc.), landing pages, funnel steps, offers, survey questions, etc. are all personalized based on the information you currently have on your customer as well as any answers they provide during the customer’s engagement in the campaign.

As a marketing professional in the industry, today the more you approach your marketing initiatives as a two-way conversation and collect the data needed to promote the right offers with the right content at the right time the better your marketing metrics will be. I’ve had marketers argue that you can’t get 30%+ open rates in an email campaign. But if you utilize segmentation and personalization in conjunction with multiple touch points to nurture a house list it can be done.

I’ve been working with casinos now for 10+ years, and they know how to use every tool available to them to not only get players on the floor and keep them there but to keep them coming back over and over and over again. Segmentation, Personalization, Direct Mail, Email Marketing, and Personalized Sales Funnels are being used right now to promote custom offers to players based on their actions both on the casino floor and in the marketing sent out by the casino multiple times a month. You can use these proven tactics as well, and I would encourage you to do just that no matter what product or service you have to offer your ideal audience.

 

Casino Royale

Wednesday, February 1, 2017


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