Want ROI from Marketing? Then get this right first...

If marketing is the first 'Hello' in a loving new relationship, then having a great sales conversion strategy is definitely 'Wedding day'! Having a brilliant customer retention programme is your 'Golden Anniversary' (can you tell it was valentines Day recently?!)

Marketing is the first brand imprint at the start or a journey and ROI can only be certified if you convert every opportunity generated. In short, great ROI from marketing is achieved by having a killer sales strategy. I have written just SIX things below, that will transform sales and marketing performance. Read on ...

An effective sales strategy is segmented and tactical. There are actions for both the existing customer base and the acquisition of new customers. For sustainable, ambitious business growth, it’s critical to look at both and have actions against each. Yours are as follows:

1. Download customer data

Name/email address/last order date/order value as a minimum. Any other data that comes out from the dump can be ‘cleaned up’ if not required. This ‘data dump’ should date back as far as possible, ideally a minimum of three years. It should be in an Excel document and please don’t email it anywhere once downloaded. The document must be securely password protected and if it needs to be transferred, it will need to be done so securely to comply with GDPR law.

2. Lost/lapsed

Action one: segment anyone who has bought (or engaged) from you within past 12 months, we will refer to these as ‘current’ customers and they will sit in the ‘bucket’ below ‘Increase volume’. What’s left should represent the customers who have bought from you but have drifted away and also, people who almost bought from you but didn’t’. 

This segment of your data may offer ‘low hanging fruit’ or quick conversions. You should utilise automated marketing workflows to reengage these people. They have invested time and effort purchasing from you previously (or almost) so they are at least partly familiar with your brand and ethics. Tell them something new that’s happening and give them a reason to come back, discounts, competitions, major changes within your offering – until they unsubscribe, they continue to be a prospect, so create a programme of contact that’s light, informative and short/punchy. It is important to keep all contact informative and relevant, not ‘sales pitchy’. Links to blogs are an easy content idea here alongside surveys, all feedback is useful. 

You should invest around 10% of your sales effort here. 

3. Increase volume

This action relates to your current, active customer base. The quickest way to increase profitability is to sell more to the people already buying from you and sell it to them, for more money, as the saying goes. In this section we are specifically looking at ways to increase order volume, either frequency or volume of units. If possible, both. Look at you customer buying trends from recent 12-month period. Are there signs of ‘leakage’, where they buy elsewhere? Is the frequency of purchase lower than expected? Is there a trend suggesting everyone is buying a basic volume, few are ‘adding in’ extra items? This requires some data examination to identify trends and some ‘self-auditing’. Does the sales process you have in place drive cross sell? Does the website and/or the sales team who speak to the customer have a ‘would you like fried with that’ upsell/cross sell style? How easy is it, for a customer to buy from you? If it’s not easy, clear and efficient, you’re creating barriers for the customer and they will find it a frustrating process, to give you the sale.

You should invest around 25 to 30% of your sales effort here, to drive ROI and increase profitability. 

4. Increase the price

86% of customers will pay more if they are getting excellent service and experience (read more here). How do you know you have the right price? If you’re getting it wrong, customers will just leave, regardless of how cheap you make your product to compensate. Examine this: 

The promise: review the clarity of your value proposition and make sure you are crystal clear; what’s in it for the customer? Probing your customers’ needs and wants and then ensuring your website (the first main point of contact) clearly communicates their needs and your solutions, your USP’s and your commitment to the customer. 

The journey: reducing unrequired points in your customers purchasing journey is key, ensuring you provide enough relevant information to your customer to assist them in choosing you, but don’t make them work through ‘extra’ stages, don’t make them take six actions when three would get the job done, each action (especially if it’s frustrating or unclear) is just an opportunity for the customer to give up. 

The service: look at your price points and look at your customer service, do they balance? Customer experience and service can be built in several ways, simple ideas such as adding an FAQ, reviews and Livechat make it easier for people to answer their own questions quickly and efficiently. The most important thing you can do, is stand back from your business, stand away from it and look at it from the customers perspective. Customer surveys may also provide some constructive insight. 

The competition: audit the competitions customer service and experience along with their price point against your own. 

You should invest around 25 to 30% of your sales effort here, to convert all acquired leads and drive ROI from marketing. 

5. Business development

Looking to the left and right of the people already buying from you, find ways to sell more to similar prospects. Testimonials, prospect lists, member-get-member rewards for referral and marketing will all drive growth in this area. 

You should invest around 25 to 30% of your sales effort here, in acquisition. These customers will cost more per acquisition and will become your repeat customers with a higher ROI in time. 

6. Dream goals

You should invest around 10% of your sales effort here. This is long-term planning. It can be a distraction if you’re not careful but equally, if you don’t start ‘paving the way’ now, you’ll never open the doors to big opportunities later. Have a long term plan for the sales effort.

You should invest around 10% of your sales effort here.

We work with businesses to identify the opportunity to revue quickly and efficiently. We build proven, effective programmes to drive results. If you're ready to push revenue up, drop me a line [email protected] - happy to talk, answer questions and see if we are a good fit against your needs.