Conversion Mastery - Convert More Leads into Customers
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This document outlines a strategy to increase conversions by influencing customers through impression compounding. It discusses building desire, trust, urgency, and clearing the path to purchase. The goal is to increase revenue by converting more leads to customers more consistently, cheaply and quickly. Metrics like conversion rate and cost of customer acquisition are defined. Tactics to build desire include compelling copy, offers and addressing objections. Tactics to build trust include easy returns, availability, trustworthy website and branding. Tactics to build urgency include nudges, scarcity, incentives and compelling calls-to-action. Tactics to clear the path include website and checkout usability.
Conversion Mastery - Convert More Leads into Customers
- 1. Exploring the transformative effect of impression compounding. CONVERSION MASTERY
- 2. OUR JOURNEY ● What we’re going to do ● Why we’re going to do it ● Core metrics ● Build desire ● Build trust ● Build urgency ● Clear the path to purchase
- 3. WHAT WE’RE GOING TO DO
- 4. THE GOAL Increase revenue via converting more leads into buying customers. (more consistently, cheaper, faster) Existing Stream of Leads More Paying Customers
- 5. ASSUMPTIONS They are already a ‘lead.’ We are going to focus exclusively on what it takes to convert a pre-sale relationship (lead) into a sale relationship (customer). ● Online only ● Research is done ● Segmentation is done
- 6. IMPRESSION COMPOUNDING It’s the small things that add up. And every little experience a lead has with us creates a micro decision in their mind — an impression. So we’re going to stack as many of those micro decisions in our favor.
- 7. 4-PRONGED STRATEGY We’re going to structure your marketing and checkout process to influence customers to… ● Feel an emotional ‘want’ for your product ● Feel a sense of confidence in your business ● Feel a sense of eagerness to buy now ● Feel a sense of easiness while purchasing
- 8. STEP #1: BUILD DESIRE It all starts with a want or need.
- 9. STEP #2: BUILD TRUST Would you buy from someone you don’t trust?
- 10. STEP #3: BUILD URGENCY Buy now, versus later.
- 11. STEP #4: CLEAR THE PATH Make it frictionless to buy.
- 12. WHY WE’RE GOING TO DO IT
- 13. EXPONENTIAL LEVERAGE POINT Greatest impact for the least amount of work.
- 14. WHAT IT CAN DO FOR YOU You’re spending money attracting leads into your sales funnel, so let’s increase the success rate at which you convert those leads into paying customers. Making your sales machine more efficient, more effective, and more profitable. Then, throwing more leads into the mix yields an exponential growth of your bottom line.
- 15. WHERE IT FITS Increase Margin Expand Products Boost Conversion Compound Transaction s More Leads Optimize up-sell, reactivation, and longevity strategies. Optimize profit and positioning strategies. Optimize closing strategy. Get more traffic. Offer more solutions.
- 16. CORE METRICS
- 17. WE’RE GOING TO... Define ● Unit sales ● Sales volume ● Number of sales ● Number of customers ● New sales Calculate ● Conversion percentage ● Cost of customer acquisition ● Sales cycle time
- 18. But first, a couple definitions...
- 19. LEAD A person or business who has in some way expressed interest in what you are offering, by doing one or more of the following: ● Clicking ● Visiting ● Downloading ● Emailing ● Attending ● Writing ● Subscribing ● Calling ● Registering In some way or form, they have ‘raised their hand.’
- 20. CUSTOMER A customer is anyone who gives you money in exchange for your product.
- 21. UNIT SALES The number of individual things sold.
- 22. SALES VOLUME The amount of money that you received.
- 23. NUMBER OF SALES The number of individual sales transactions. ● Does not necessarily equal “Unit Sales.”
- 24. NUMBER OF CUSTOMERS The number of people or businesses that bought from you. ● Does not necessarily equal “Number of Sales.”
- 25. NEW SALES The number of 1st time sales. ● This should equal the “Number of Customers” ● It can also equal the “Number of Sales,” if you don’t do any secondary sales ● It can also equal the number of “Unit Sales”, if you only sell one thing to each customer
- 26. Back to the metrics...
- 27. CONVERSION PERCENTAGE Conversion % = Number of New Sales ÷ Leads (x 100) Can also be expressed as: Conversion Ratio C.R. = Leads ÷ Number of New Sales
- 28. COST OF CUSTOMER ACQUISITION How much does it cost to acquire a new customer? C.C.A. = All marketing expenses for 1 year / Total customers acquire for respective year ● Expressed in dollar amount ● Recommend segmenting by product type or customer type
- 29. SALES CYCLE TIME S.C.T. = Date of sale – Date you got the lead + 1
- 30. BUILD DESIRE
- 31. People buy things they desire. People don’t buy things they don’t desire. So let’s stack the desire factors.
- 32. COPYWRITING “Always enter the conversation already taking place in the customer's mind.” ~Robert Collier ● Benefit-oriented copy ● Write to one person, not a group (you, etc.) ● Use ‘power words’
- 33. COMPELLING OFFER Must have the right offer for the right market (Offer-to-Market Match). ● Tweak your core offer (from Margin Mastery)
- 34. OBJECTION HANDLING Focus on eliminating comparisons. What’s the ‘because?’ ● Costs too much ⇨ You don’t understand what it’s worth ● Can’t afford it ⇨ You don’t understand the ROI ● Don’t have the time ⇨ You’re spending doing something else ● Don’t believe it works ⇨ You’ve failed with other options ● Already have a solution ⇨ It clearly doesn’t solve your problem ● Not interested ⇨ I don’t understand it
- 35. BUILD TRUST
- 36. People buy from people they trust. People don’t buy from people they don’t trust. So let’s stack the trust factors. Do they believe you will do what you say you’ll do?
- 37. EASY RETURNS ● Return policy (make it prominent & clear) ● Return period (15 days, 30 days, etc.) a. Longer tests for more sales AND fewer returns ● Cost of return shipping (e.g. Zappos)
- 38. BEING AVAILABLE ● Thorough About Us page (values, staff photos, etc.) ● Contact Us information (be a ‘real’ business) ● Hours of operation (more is better, each dept.) ● Answer the phone (add response time to greeting) ● Answer emails (add response time to website) ● Live chat
- 39. TRUSTWORTHY WEBSITE ● Easy navigation ● Breadcrumbs ● Website directions ● Readable text ● Break up navigation ● Look & feel ● F.A.Q. ● Trust seals (TRUSTe) ● Credit card logos ● Accreditation (AMA) ● Images (10k words) ● SSL(!) ● User Reviews (bad) ● Point of Action assurance
- 40. MESSAGING Must have the right message for the right market (Message-to-Market Match). ● Trustworthy copy (Copywriting) ● Familiar language ● Risk Reversal
- 41. COPYWRITING ● Balanced hype level (sell, but don’t overdo it) ● Proper grammar ● Correct spelling ● Orderly thought
- 42. BRANDING Have they heard of you beforehand? ● Blogging ● Social networking ● Articles ● P.R. ● Offline branding activities
- 43. BUILD URGENCY
- 44. People buy things they want now. People don’t buy things they don’t want now. So let’s stack the urgency factors.
- 45. GIVE THEM A NUDGE Even if you’ve done everything right, some people still won’t make a decision. So we need to give them a little more ‘why.’
- 46. SCARCITY ● Limited units ● Limited time ● Limited space ● One-time offers (can be linked to bonuses) Obviously, don’t lie.
- 47. PRICE INCENTIVES ● Sales ● Discounts ● Packages
- 48. IMPENDING EVENTS ● Holiday ● Life event
- 49. EGO FACTOR ● What’s hip today? ● What do they want to belong to? (the ‘in crowd,’ etc.)
- 50. TRENDS & BUZZ What’s hot?
- 51. COMPELLING CALL-TO-ACTION ● “Buy now” ● “Subscribe” ● “Get it now” ● “Download this” ● “Click here to start now”
- 52. CLEAR THE PATH TO PURCHASE
- 53. People buy when the sale is easy. People don’t buy when the sale is annoying. So let’s stack the easy factors.
- 54. WEBSITE STRUCTURE They should think… “I know where I am, I know what I’m doing, I have a good feeling about this.”
- 55. USABILITY ● Keep visitor informed ● Speak the visitor’s language ● Support undo & redo ● Consistent terminology ● Remove error-prone stuff ● Don’t make visitors remember ● Onboard novice visitors ● Remove unnecessary stuff ● Plain language error codes ● Provide help & documentation nngroup.com/articles/ten-usability-heuristics
- 56. PRODUCT SELECTION PROCESS Keep it simple and streamlined. In general, the more options you offer, the lower your conversion will be.
- 57. CHECKOUT PROCESS ● Fulfillment options (UPS, USPS, costs, etc.) ● Speed of fulfillment (next day, etc.) ● Payment options (all cards, split it up, etc.) ● Transactions (make sure your cart is bulletproof) ● Catch failed transactions (email follow-ups, etc.) a. Use a 2-step check process
- 58. CLOSING
- 59. CLOSING THOUGHTS It’s all about helping your customers… ● Feel an emotional ‘want’ for your product ● Feel a sense of confidence in your business ● Feel a sense of eagerness to buy now ● Feel a sense of easiness while purchasing
- 60. THANK YOU Chris Mohritz / chris@mohritz.co A B O U T
- 61. UNLEASH YOUR BUSINESS EMBRACE EXPONENTIAL 10xeffect.com