Traffic – Conversions – Scaling/Economics
This week’s message is the first in a new series covering the foundational principles in sales and marketing: traffic – conversions – scaling/economics.
Part 1 – Traffic: The sales process begins by getting high quality prospects into your sales funnel. If you’re struggling with a lack of high quality leads you should pay careful attention to these “fundamental principles” for finding high quality traffic.
Remember: Be deliberate. Be disciplined. Test everything.
Step 1: Ideal prospect profiling.
Who is the exact ideal candidate for your product or service?
Do you know?
Describe them in as much detail as you can to include:
- age
- gender
- marital status
- Company seniority
- lifestyle traits
- leisure activities
- media consumption habits
List everything you can think of.
If possible you should use your existing customer base to determine the information above. The best future customer very likely resembles your best current customer.
What if you don’t already have a robust customer list to draw from? If not, you’ll have to use your imagination to envision your ideal candidate. As you start gathering data from real customers you should refine your assumptions and use your analytics to build a more and more accurate profile.
Step 2: Fish where they’re already biting.
Where should you spend your time and money finding new prospects?
Wherever your current customers are.
The old saying is accurate: “Birds of a feather flock together.” That’s why you complete step one before spending any money on marketing.
One of the most important questions is: Where do your customers currently spend time consuming media? Refer back to step 1.
Demographics are going to be a huge factor here. For example, if you’re targeting a prospect in the 40+ age range then this fact should inform your choice of media channel.
Snapchat? Try again.
Instagram? Probably not.
Facebook? Getting warmer.
LinkedIn? Probably.
Referrals? Definitely!
If you have extremely informative and impactful content, but aren’t developing any quality leads from it then look for a new distribution channel. If you aren’t sure what the right channel is start here with this article from Pew Research.
PS: Do not only focus solely (or even primarily) on social media! , especially if your target demographic is in the 45+ age range. Think instead about using traditional media like trade journals, newspapers, magazines, direct response letters, etc as you move into the more senior demographics.
Step 3: Disqualify as cheaply, quickly, and easily as possible.
Sales is a disqualification process (read my article on that here) so the rule of thumb is do not spend money targeting a prospect unless that have already completed an action step that pre-qualifies themselves as being inclined towards your product or service.
Tattoo this on your forehead so that you don’t forget it!
The gold standard for pre-qualification is they have already spent money on a product that:
1) closely resembles your own
or
2) is something they would use before, after, or in conjunction with your own.
Once you’ve figured out what those products/services are you can approach them and rent their customer list, have them do an endorsed mailing to their customers, or work out a joint venture so that you both win.
The possibilities are as wide as your imagination is wild.
Run with it.
Does this give you any ideas?
To Your Success,
Steve