But are you converting these opportunities? Do you really know if your marketing is offering a tangible return on investment? Are you able to make financial projections for your marketing plan?
You should know the answer to these questions. And if you don't, that's okay. I want to share an example of an organisation that was doing things the same way as always for years before they decided to align their practices using financial analysis for their marketing plan.
The blame game
A medium-sized construction company was spending $5,000 on their traditional advertising and marketing per month. This organisation was getting calls every day from leads who had seen their ads, and their website was seeing plenty of activity with over 1,000 form submissions a quarter.
But they didn't seem to be closing many more sales than before. The marketing department was blaming the salespeople for not being able to close deals. The sales team said their leads were not good quality. And the business director couldn’t make a good call because they didn't have the data to back up either claim.
What is financial marketing?
This is where financial marketing concepts come in to save the day. By incorporating financial marketing objectives and financial marketing operations, the entire customer journey is mapped and measured.
What does this mean? Every time a potential customer interacts with an ad, jumps on their website, fills out a form, makes a call, purchases a product, and then re-engages with your company, we can track it and call on that data for reports and gain analytical insights into your customer base.
But that's only the tip of the iceberg. By following the profit funnel model, we can see that monitoring these touch points are just the start of overhauling a marketing strategy. So we need to dig a little deeper and look at the digital marketing conversion funnel.
Optimising the top of your marketing conversion funnel
By using great content on your website, social media, and blogs to entice readers and potential customers, we are organically getting people to subscribe to emails, go to events, and become loyal customers based on your expertise in a topic.
Coupled with meticulous search engine optimisation (SEO) and some paid ads for featured services, this can be your most powerful method of generating qualified leads.
Improving marketing funnel conversion rates
Now comes the tricky part: conversion. Traditional marketing suggested that every person who filled out a form online – even for email subscription – was a qualified sales lead ready to buy.
This is not the case. Not by a long shot. Normally even the hottest of leads still need some nurturing before they are ready to make a transaction.
This is where sales and marketing alignment comes into play. The marketing team needs to be able to score leads based on their activity, and they really need to determine what the intent of the customer is – are they ready to buy, or just looking.
The sales team likewise needs to ensure they aren't trying to hard sell to every person who comes through their virtual store. Most people will just be looking for more information, or a person to help step them through the service process.
Just because every lead isn't a sale doesn't mean they never will be. That's why great customer service is paramount to give even unqualified leads a good experience.
The better the experience you provide these customers, the more likely they are to buy from you again. It's that simple. Treat your customers like the intelligent humans they are, because they will go to your countless competitors if they don't like their interactions with your business.