Allow us to acquaint you with the most abused and misjudged phrase in online or offline offers and marketing promotions…
Business Growth Strategy or Conversion Funnel.
It’s not only for advanced marketers or advertisers… on website sales or brick mortar businesses, e-Commerce business or anything else, if you are related with any type of business that have customers/clients then you must have some kind of conversion funnel to uplift a stranger to repeat customer (regardless of whether it is called something different).
There are dozens of different ways you can call it. You may say a “marketing pipeline”, “conversion pipe”, “advertising pipeline”, “sales/deals funnel”, “deals pipeline”, “deals process”, “deals cycle”… or another term of different names that are for the most part depicting precisely the same.
Baseline, since you are related with businesses, you have forms set up to…
Getting leads and prospects for new product/service…
Convert existing leads or prospects into customers…
Get those purchasers to purchase increasingly or purchase all the more regularly (or both)!
Presently, it won’t be a streamlined procedure but almost all businesses have their own method for doing everything mentioned just above! Therefore we may say it once more… every business must have gone through a marketing “conversion funnel”.
In any case, to start with, we have to know how business organizations can be relentless by applying the Growth equation as indicated by Jay Abraham:
It’s a similar framework Amazon uses to rule internet business.
This framework works for small to medium and venture level organizations. It works for mother and-pop shops and multi-billion dollar business corporations and retailers. It nicely works whether you offer conventional products, physical or digital products, or services.
This framework works since it applies every last part of the obvious law of business development set forth by amazing marketer Jay Abraham:
There are just three approaches to grow a business:
1.by increasing the number of buyers
2.by increasing the average order value for each buyer
3.by increasing the number of purchase order for each buyer
For this article we should give an unmistakable and compact definition for the last time.
Therefore let us first know…
What is Growth Layer?
Here’s the means by which we characterize a marketing conversion funnel…
Growth Layer – A multi-step (in our case, 4 step), multi-methodology campaign that consistently and unpretentiously drives a leads toward a multi-buyer and lastly a brand promoter.
How about we separate this definition…
1. multi-step, multi-modality:It’s rarely possible that you transform ice cold prospects into leads, clients and multi-purchasers at the same time. A strong marketing pipeline anticipates each progression important to convert a lead into customer by applying the right journey map strategy and transformation.
2. campaign – Based on your specific business and your offer, your business growth layer can require a wide range of various components… sales arrangements, meetings, greeting pages, email development and follow up series, mobile call, offline shopping fromyour brick mortar business shop and in addition to fulfill a definitive objective. The imperative thing to recall is that it’s a procedure, not a solitary occasion.
3. consistently and unpretentiously – A very much oiled conversion pipeline evacuates the erosion between the prospect and the desired transformation.
It is difficult — nothing advantageous is. In any case, don’t stress… I will demonstrate to you various easy routes so that you cannot face the same difficulty that I faced at my own business starting days.
I’ve devoted my vocation to the split testing, streamlining and right execution of transformation channels. I architect hundreds more for our genius individuals and customers… and I’m pretty dang great at it.
By learning and applying what today we are going to share with you, your business will turn into a customer generating well oiled machine.
I realize that sounds “hypey” — however it’s valid!
Are you game? Let’s start, there are as it were…
4 Steps of Business Growth Layers
There are just 4 stage development layers a business will utilize to guarantee smooth growth in their business. Let us begin once more…
There are just 4 steps that each business growth layer falls into…
Step#1: “Build List / Acquisition”
Step #2: “Convert Prospects into Buyer / Activation”
Step #3: “Increase Basket Size / Monetization”
Step #4: “Increase Return Customers/ Retention”
Every part of this growth formula has a specific and important task in specific business.
An acquisition layer ought to be planned to enable the business to gain maximum number of leads and buyers as could be expected under the circumstances (at investment period)…
An activation layer must be planned and designed to enable the business to turn the same number of existing leads and prospects (or idle purchasers) into purchasers…
A monetization layer need to be well designed and implemented to enable the business to produce income from its dynamic purchasers and instilled endorsers.
… And the retention layer should be designed and architected to enable the business to build a considerable number quantities of repeat buyers and transforms them into brand promoters from its dynamic purchasers.
We could guess what you’re likely considering…
“Which growth layer would it be a good idea for me to use for my own business?”
… yet this is not the right way to ask question.
The right way to ask the question is…
“Which growth layer would it be a good idea for me to use in my own business, AT THIS MOMENT?”
Each business ought to deploy the right layer at right circumstances to right individuals.
So let me make an inquiry or two…
“Don’t you have a good number of list of prospects right now? Do you require more prospects and new healthy leads in your business?”
The vast majority INSTANTLY and insistently reply “YES!” though that is not the correct inquiry. On to address number two…
“Do you posses a huge number of prospect list however not a good number of purchasers list?”
“Do you posses an improved automated system for selling purpose and need to produce a huge amount of revenue on auto pilot?”
The appropriate response, obviously, is yes, yes and yes.
Anyway, it may be basic to comprehend:
An Acquisition layer can’t carry out the activity of a Monetization layer. A Monetization layer can’t carry out the activity of an Activation layer.
Each layer is designed to do a specific task and one layer cannot perform the job of the other one’s objective.
Now let’s know where and how to start…
Concentrate creating the perfect development layer that will generate maximum ROI on your business. By constructing that layer — you’ll include the next one and again next one…
The objective is to make perfect growth layer.
So, take necessary action of the following one after the next…
“I need to transform ice cold prospects into leads.” Build an Acquisition Layer first.
“I need to transform my current leads into buyers.” Build an Activation Layer next.
“I need to transform my purchasers into multi-purchasers.” Build a Monetization Layer in next stage.
” I have to transform my multi-purchasers into brand promoters” Build a Retention Layer at the final stage.
How about we take a profound plunge at every stage of these business growth layers
Business GrowthStage 1– The Acquisition Layer
At this underlying stage, our aim is to increase NEW leads, prospects and buyers to earn back the original investment or better.
Acquisition Layer Example: The Splinter Offer Funnel
To generate new leads and prospects we utilize various types of customer acquisition strategies. Some of them are like …
Free Lead Magnet Offer
Flash Sale Offer
Free Trial Offer
Value In Advance Offer
… in any case, the most important offer is the Splinter Offer.
It starts by recognizing a higher-dollar product. We then splintered that offer into low-priced products. Finally we offer it to new strangers.
Why do we use this strategy by making a splintered offer?
Since making a costly or congruity offer to an icy prospect is similar to the business comparable to strolling into a bar, acquainting yourself with a lady and speedily requesting her to be married.
Initially, that is unpleasant. Second, there will be miserably very low conversion rate from that offer.
You require a proposal that is what might as well be called making a request to purchase that lady a drink. You may offer something that is what might as well be called getting some espresso.
and it makes your business low risk and safety.
Your possible objective might be to marry her — however you must go through a sequence that is well behaved and acceptable by the lady. The most straightforward approach to create these okay “front end” offers is to “splinter” your core product and offer a low risky funnel first.
You offer guitars? “Chip” guitar picks and offer them to chilly prospects at cost. (This is called low dollar offer)
You offer online networking promoting services? Splinter the Facebook Page set up administration and offer it to chilly prospects in return for their contact data. (This is called a Lead Magnet)
You sell online courses? Splinter a single module of one your course from the core course and offer it to the cold or warm prospects to identify them as future students. So, you can easily separate your warm prospects from uninterested one.
Our Core Offer is selling digital marketing services. The cost of these offers starts from $47. But it’s not wise to sell a service of $47 to cold prospects at their indoctrination stage.
So, we “splinter.”
There are more than 50 different categories that we offer as digital marketing services to our prospects. One of those is called “Audit Ecommerce Store” — it helps business owners understand what weaknesses and strengths of their current ecommerce website possesses and how can they improve their site for better conversion. We splintered this audit into 3 parts: 1) Audit Header 2) Audit Footer and 3) Audit Whole Site
We “splinter” this whole site audit into audit header and audit footer and offer it for just $1 when it’s (whole site audit) regular price is $197.
But the “splintering” doesn’t stop there. Inside “E-Commerce Site Audit” there are 25 point product offer optimization bullet tips that can be used to create irresistible offer with speed that no buyer can deny but accept the offer.
So, we break those bullet tips into 10 point irresistible product page optimization plan and offer it for free in exchange for a prospect’s contact information…
Which one will convert better?
Drive cold traffic to a lead magnet landing page and invite them to accept that lead magnet in exchange for their contact information? Or asking them to give me $47 core services at the very first moment?
Furthermore, requesting that new lead give me $1 convert superior to making the $47 core services offer immediately.
The $1 offer is a “splinter” of the $197 entire site audit. Also, the free (Lead Magnet) offer is a “splinter” of the $1 offer.
This layer will provide loads of leads and the $1 and $47 deals made to these leads will help balance the cost of paid traffic.
Yet, this layer wouldn’t MONETIZE your leads and buyers. What’s more, it’s not best at ACTIVATING bunches of new purchasers.
So, you require an Activation Layer…
Business GrowthStage 2: The Activation Layer
Activation Layer Objective
To transform a great many leads into purchasers.
Not at all like the Acquisition and Monetization Layers, the Activation Layer objective requires some clarification. Why are we intrigued by “initiating” purchasers?
Here’s the reason Activation Layers are essential…
Once a fruitful purchasing exchange has happened, the probability of another (and third, fourth, and so forth) buying is substantially higher.
Comprehend that the objective of an Activation Layer is Total Number of transformed buyers — NOT huge profit. Revenue and profit will come at the later stage when these actuated purchasers enter a Monetization Layer.
Activation Layer Example: High Discount Flash Sale Offer
There are good number of Activation Layers to convert leads into purchasers. Successful entrepreneurs and business organizations put their own activation layer to activate their cold prospects but one of the top and best favorite layer is The Flash Sale offer.
To initiate purchasers you should answer this imperative inquiry in the prospect’s psyche…
“For what reason would it be advisable for me to purchase NOW?”
Is the cost going high? Is their a limited stock? Is there a deal?
The Flash Sale offer utilizes two important triggers demonstrated to initiate purchasers…
A profound discount offer
A limited time offer
Examples are Groupon, Black Friday Sale, Cyber Monday Sale etc. Keep in mind, the objective isn’t to get profit — the objective is ACTIVATION. Offer as much incentive as you can at the least value you can stomach.
Consider the Splinter Offer we talked in the Acquisition stage of this article.
What might happen on the off chance that we expelled the Lead Magnet from this layer and made a limited time (3-5 days) offer to get The Ecommerce Site Header Audit for just $1?.
Truth be told, we could use any products or services or similar resources we worked for the Acquisition layer and as opposed to guiding traffic to the free Lead Magnet, we send our current leads straightforwardly to the Flash Sale page…
While this Flash Sale offer isn’t probably going to transform well to super cold prospects — this constrained time profound discount is probably going to ACTIVATE substantial quantities of our current leads.
Along these lines, we need to re-align the offers we made in previous layer, we have assembled a completely new layer that meets an alternate business objective: ACTIVATION.
Be that as it may, despite everything we haven’t MONETIZED these leads and buyers. For that, we have to create a Monetization layer…
Business GrowthStage 3: The Monetization Layer
Monetization Layer Objective
To produce as much income (net deals) as could be expected under the circumstances.
Monetization Layer Example:
At this stage, the prospects have gone through a series of predictable and intentional selling system. They already have submitted their contact information to you and a lot of them already accepted at least one flash sale offer from you. What you need to do in this stage is to provide outstanding experience and quality service at after purchase stage. Once they have got outstanding experience from your online shop, they will immediately take you and your business as the trustworthy shop centre. Thus when at later, you promote another product/service to these lists, they will response positively and will buy your product/service again.
We utilize various Monetization Layers to adapt existing purchasers and activated leads, including the…
Webinar Funnel Offer
Teach about the Product Offer
Paid Webinar Offer
… yet a standout amongst the most flexible Monetization Layer is to ask whether they need some more cross-sell/upsell/related product or any help?
Whenever you need existing buyers and leads (think hot prospects) on consultative deals call to offer high-dollar products/services — utilize the super excited conversion layer.
Here’s the “enchantment question”…
“Need some assistance?”
This works in all types of online businesses
“Want some assistance how to use this product?
“Want some assistance designing your site?”
“Need some assistance in preparing your next marketing funnel?”
Just ask them in this way, send them email series, or retarget them in paid media and check their responses!
It’s super exciting !
Create an opt-in page to drive these traffic to your site. From this opt-in form, you can take them to a video that clarifies somewhat about your high dollar products or services and either…
1.Asks them to pay to hold their place for the complete discussion and guidelines;
2.Takes them to a survey to get the data you may need to qualify and close the deal to them on the consultative sales call.
Inevitably, you’ll need each of the 3 layers set up: Acquisition, Activation, and Monetization.
Start with the sort of layer that will have the most effect NOW, yet put the other two on your short list of activities.
Since once you’re leveraging the quality of each sort of growth layer you’ll be obtaining new leads, enacting purchasers and consistently converting them into high-ticket, multi-purchasers…
By applying the fourth and last growth layer…
Business Growth Stage 4: The Retention Layer
The last phase of business growth layer is to maximize the number of transactions per buyer.
The objective of the Return Path is to have key correspondence with your purchasers and prospects that encourage them to purchase over and over.
Since you have gotten their contact data through the Lead Magnet, you can keep advertising and re-marketing.
Since buyers as of now purchased a solitary item from your shop, and they have exceptional experience in their past purchasing cycle, you can keep marketing to them to encourage to purchase some related or higher dollar items.
If necessary, new lead magnets can be offered to them, then again new Tripwires, Core Offers, and Profit Maximizers will be followed since you are permitted to market to them or take them back to the Tripwire, Core Offer, or Profit Maximizer that they didn’t purchase at the first round.
The Return Path is anything that brings the buyer or prospect back more often including…
Retarget in Social Media
Remarket in search engines
Direct response Content Marketing
Come back offer
… yet, none is more effective than email automation series with following up. The second choice is to retarget in Facebook and remarket in Google Display Network.
This is known as the Ascend phase of the Value Journey, where your buyers will be encouraged to purchase repeatedly and frequently. On the off chance that your business has a central core offer, now is the time to offer that one to this existing buyer list. What’s more, once your existing buyer accepts that offer, this is an ideal opportunity to give them other significant offers.
Cross-sell, upsell, bundle offers, multiple order, repeat order, subscription basis order etc are the marketing strategies in this step.
Regardless of whether you send computerized automation email series to your current list or remarket in Google or Facebook, the most essential factor in making progress in this step is to Segmentation.
Segmentation list By Behavior
Begin by sectioning your entire list by their past purchase behavior. What’s more, for our motivations there are 3 classifications of buyers.
1.Not Interested (no chance to buy)
2.Interested (not bought yet, but a chance in future)
3.Buyers/Converted (already bought one/two products and a great chance to buy some more)
Also, we just need to market to the last gatherings: Buyers/converted.
Segmentation List By Time
One of the best indicators of future conduct is past conduct and, particularly, the RECENCY of that past conduct.
Recency of conduct can forecast pretty much anything.
Along these lines, a standout amongst the most capable approaches to segment your remarketing groups of buyers is by RECENCY.
Try not to Ignore the past Buyers! Since a customer purchased an item, it’s the high possibility that he/she will again purchase another item from you.
You can remarket with an upsell or strategically pitch to your purchasers, however, you’ll need different settings and strategy to fulfill that purpose.
You can focus on those that went by your ‘checkout achievement’s page (or thank you page) which shows that they purchased something.
You can marketing upsell promotions to everybody that purchased your product in the previous 1-2 years.
You can likewise generate another group of buyers with the audience whose attributes are similar to the existing one (in Facebook it’s called a “lookalike audience”) where Google looks at all the data that they think about those individuals that purchased from you and generates a list of individuals like them.
You would then be able to market to those new lists.
Utilizing “Occasional Marketing”
Here’s a variation of the remarketing network that we’ve had awesome outcomes with.
Demonstrate your promotions for a timeframe, and afterward turn them off for a timeframe.
You’ll see that the time allotment has changed – again this is only for delineation purposes.
In one advertising effort, you can demonstrate advertisements for the initial 4 weeks, and after that stop. At 2 months, promotions will fly up again for 1-2 weeks and after that stop once more. It will again be shown up again at 3 months later for an additional 1-2 weeks.
Individuals won’t see when your promotions turn off, however, our brains by one means or another recall seemingly insignificant details like business names or logos. At the point when the advertisements fly up once more, they will notice since they’re familiar – yet they haven’t been in conscious mode about your business.
Dive Deep into Segments
Separating the “interested” section significantly further can enable you to stick point a considerably more qualified group of customer segment.
A remarketing list can be generated by utilizing ‘Time spent on the website’, this list can be formed by just adding the most interested prospects or buyers.
A different way is to consider how ‘profoundly’ your traffic observe your site. Thus, individuals that add an item to the cart is first level, seeing the cart is an indication of more profound interest, lastly, a perspective of the checkout page is a much bigger articulation of enthusiasm for your product marketing.
Say, on one occasion we may need to demonstrate a particular promotion to individuals who saw the cart between 5 and 10 days prior, yet haven’t visited the final checkout page. You may, for example, offer more to demonstrate promotions to individuals that have seen the checkout for that same era.
Your site will manage what “interested” implies. There may be half dozens of levels or single one. The time-frame allotment might be weeks or months relying on your specific product items.
Apply remarketing campaign to your own online business and observe the transformation carefully, so it’s carefully fit for the business model you follow, your target market and your revenue.
So to target this gathering we could make 3 Custom Combinations.
1.Custom Combination of cart 30 yet not cart 15 (cart 30-15)
2.Custom Combination of checkout 30 yet not 15 (checkout 30-15)
3.Custom Combination of those two; cart 30-15 yet not check out 30-15 !!!!
Not the most instinctive approach to do this, isn’t that so?
Or, on the other hand, we could essentially make a crowd of people focusing on guests to the cart in the previous 30 days (‘cart 30’):
The main requirement is your creative energy… well and the individuals in each marketing campaign.
This remarketing effort should proceed on both Facebook and Google Display Network.
How about we recap your work list:
1.Experiment with various portions and time periods.
2.Build the lists first and watch out for the number of individuals on each.
3.Test setting up your promotion bunches and running advertisements to each of those sections.
Keep in mind you can utilize the framework to demonstrate distinctive promotions and (more imperatively) offer diverse ads up to each segment.
Business always mean movement. And just applying these 4 step growth layer, it’s guaranteed to build and grow your business within very short time. You need customers, they need you. Customers seek trust and credibility. Once you have positive impression in your customers, they will become multi buyers, lifetime permanent buyers. What’s more? They can be turned into brand promoters of your business without any attempt from your side. You just need to provide Outstanding Customer Experience in each transaction.
Need help setting your conversion funnel? Let us know.