Marketing is a Numbers Game

As you plan for 2024 you likely have an important number in mind. No, not the pounds you will lose, but the clients you will gain. Almost everyone we talk to has a goal (or aspiration) to hit a certain number of new client signups for 2024 or a new revenue target.

But very few have the path nailed down.

The math here is very simple.

Let's consider a scenario where your goal is to add 100 new clients in 2024. From a marketing funnel perspective, you'll start with "N" prospects and aim for an "x%" conversion rate over a "t" sales cycle. Experience tells us that a 10% conversion rate over a 6-8 month sales cycle is a great achievement when selling high-ticket products or services to Institutional Investors and money managers.

More likely your conversion today is around 5% with a 12-month cycle (Of course, great marketing improves these numbers)

If you want to add 100 new clients in the next year with a 12-month sales cycle and a 5% conversion rate you need to solve for N in this simple equation: (N * x) / t = 100

if t=1 (one year sales cycle), x= .05 then N will be 2,000

That means you need 2,000 prospects now, and a process to continue generating new prospects if you want to continue growth beyond the 12-month cycle.

Note: if you reduce the sales cycle to 6 months then you will only need 1,000 prospects to get to 100 clients in a year. You can also increase your conversation rates to get the same effect.

To grow the top number (Top of Funnel or TOF) create content that attracts NEW leads to your brand - usually accomplished by website visits through SEO, Social campaigns, and ads.

Remember, not everyone in your prospect lists will be ready to pull the trigger. You need to engage your prospects to convert them to SQLs and eventually clients. It's like establishing a relationship based on trust.

Your prospects will travel through this funnel and the more touchpoints you control with engaging, value-added content, the better your 2024 will be.

Continue reading to get some great ideas for each stage of your funnel: https://www.goodbrand.io/blog/structure-your-marketing-as-a-funnel

Have an amazing 2024 and GO HIT THAT NUMBER!