Sales and Marketing Optimization
Download as PPTX, PDF1 like758 views
The document outlines a sales and marketing optimization process aimed at improving customer acquisition and retention, which can drive incremental sales and profits. It details an audit phase to assess current practices, followed by analysis, evaluation, and implementation of specific recommendations. The expected results include increased conversion rates, reduced marketing expenses, and significant revenue growth.
Sales and Marketing Optimization
- 1. Fact #1The typical business invests between 2% and 20% of revenue on sales and marketing to attract and retain customers.
- 2. Fact #2Research has found that many businesses fail to contact 40% to 60% of leads in a timely and proper manner.
- 3. opportunityImproving sales and marketing performance drives incremental sales, revenue and profits.
- 4. solutionSales and Marketing Optimization™
- 5. What is Sales and Marketing Optimization™?A simple process that identifies practical ways to immediately improve customer acquisition and retention performanceFocused onLead GenerationConversionNurturingRetentionReferrals
- 6. Results focused on…Higher quality leadsIncreased conversion ratesIncreased retention ratesIncreased referralsLower cost per new customerHigher lifetime value
- 7. The processFocusing available resources. Improving acquisition and retention performance. Driving incremental sales, revenues and profits.
- 8. Phase I: The AuditWorking with your key leaders in functional areas such as marketing, sales, and service, we study your current processes, activities, performance levels
- 9. Focus on opportunities to improveTarget Market Overview: Validation of your target audience(s) definitions, their motivation for purchasing your product, perspective on competition, etc.Messaging and Offer: Understanding which messages and offers are developed and delivered to the target audience(s) as well as gain insight into recent and/or planned messages and offers tests.Communication Strategy: Reviewing all communications from initial contact and beyond in order to verify that the messaging and offers are consistently delivered. Lead Management and Conversion: Analysis and evaluation of how your organization generates, manages, nurtures and converts leads in order to achieve new customer goals. Campaign Performance: Focus is placed on the performance of communication channels, media, lists, as well as the contact strategy (frequency).Retention: Evaluation of all activities addressing new and returning customers that impact the retention of customers. Examples of topics include new customer orientation/on-boarding, early warning processes to identify at-risk customers, win-back activities aimed at former customers, customer satisfaction data, exit interviews etc.Field Sales: Evaluation of field sales unit roles, responsibilities, objectives, staffing (number, location, and accounts), experience levels and time with the company; training, relationship with internal sales and performance.
- 10. Phase I: The AuditWe also talk with your current customers and prospects in order to gain their perspective concerning your efforts to win and retain their business
- 11. Phase I: The AuditFinally, we also study your competition in order to understand their strengths – and weaknesses
- 12. Phase II: Analysis & EvaluationWe analyze the data, evaluate options and put together a very specific action plan for your organization that is focused on leveraging existing resources
- 13. Phase III: The Action PlanWe present specific recommendations with projected results so you can determine how to proceedThe recommendations are simple, straight-forward and based on your institution’s goals, objectives, culture and resources
- 14. For example…OpportunityMore than 50% of incoming leads will not make a purchasing decision for 90 days to 2 years from the point of initial contactCompany A has no process in place to manage the relationship with these buyers in order to earn their business in the futureRecommendationDevelop a lead nurturing program that maintains relationship with prospective customersLow cost contact via email, direct mail with some outbound telemarketing Focus on reinforcing your value and re-evaluating their likelihood to buyProjected Impact: #% increase in conversion rate generating # new customers and $ in revenue
- 15. Phase IV: ImplementationWe work with your staff on implementing the recommendations in order to ensure your successAn added bonus is that we educate and train your staff as part of the process so they can lead future activities
- 16. results
- 17. What this work has deliveredIncreased conversion rates by more than 15%, generated more than $2 million in incremental salesReduced marketing expenses by more than $300,000 by eliminating under-performing activitiesExceed new product sales goals by more than 50%, generating more than $3 million in incremental sales
- 18. Let’s get started now!Contact Pat McGraw at 410-977-7355 or pat@mcgrawmarketing.com to discuss specifics