Marketing Rx: 10 Strategies to Diagnose Your Funnel
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It doesn’t take an MD to diagnose your marketing funnel, but it does take a critical eye, knowing which questions to ask, and a few analytical strategies. This session will explore exactly that - how to dig into your marketing funnel to understand what’s working, what’s not, and what action to take. Whether you’re a marketing team of one, managing a small marketing group, or leading a growing team, if you want a primer on keeping your funnel healthy, this session is for you. Presented at #INBOUND16.
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Marketing Rx: 10 Strategies to Diagnose Your Funnel
- 1. #INBOUND16 MARKETING RX 10 Strategies to Diagnose Your Funnel Ellie Mirman @ellieille VP Marketing, Toast
- 2. #INBOUND16 • Start with the Basics • Strategies to Measure Quantity • Strategies to Measure Quality • Strategies to Measure Execution • Strategies to Measure the Market AGENDA
- 4. #INBOUND16 1 KNOW YOUR INGREDIENTS
- 5. #INBOUND16
- 6. #INBOUND16 High Level Quantity Execution Quality Market Detailed Level Campaign/Source Sales Team Demographics Capacity Product Contact Medium What can influence results?
- 7. #INBOUND16 Know Your Funnel Stages Phase 1 Collect Underpants Phase 2 ? Phase 3 Profit
- 9. #INBOUND16 Single Source of Truth
- 10. #INBOUND16 VS. Group Smaller Like Items
- 12. #INBOUND16 Choose the Right Visualization
- 14. #INBOUND16 3 ANSWER ALL THE WHY’S
- 15. #INBOUND16 Why caused the paid media customer acquisition increase? Find a Cause for Every Effect
- 16. #INBOUND16 Why caused the paid media customer acquisition increase? a) Paid media lead volume Not really. b) Win rate improvement rate Yes! Find a Cause for Every Effect
- 17. #INBOUND16 Why caused the paid media customer acquisition increase? a) Paid media lead volume Not really. b) Win rate improvement rate Yes! c) Which step in the funnel improved? Lead-Opp conversion rate. d) Etc. Find a Cause for Every Effect
- 19. #INBOUND16 4 MEASURE EACH INGREDIENT’S FUNNEL
- 20. #INBOUND16 Organic Paid Visits 10,000 7,500 Leads 525 850 MQLs 260 640 Opportunities 200 320 Customers 100 80 Revenue $200,000 $176,000 Visit-to-Lead % 5% 11% Lead-to-MQL % 50% 75% MQL-to-Opportunity % 77% 50% Opportunity-to-Customer % 50% 25% Revenue per Customer $2,000 $2,200 Net Lead-to-Customer % 19% 9% Side-by-Side Funnels
- 21. #INBOUND16 Lead-to-Customer % Indicator Average 13% - 3-10 Website Visits 27% Positive >10 Website Visits 10% Negative Visited Pricing Page 13% Neutral Viewed Case Study Video 23% Positive Viewed 2+ Case Study Videos 35% Positive Visited Blog 18% Positive Subscribed to Blog 13% Neutral Visited Careers Page 5% Negative Etc. Etc. Etc. Etc. Etc. Etc. Etc. Etc. Etc. Influenced Funnels
- 22. #INBOUND16 5 LOOK AT CONVERSION RATE VELOCITY
- 23. #INBOUND16 The speed at which a prospect converts to the next stage of the funnel. This allows you to: ü Measure apples-to-apples conversion rates ü Measure quality in terms of impact on velocity ü Not wait the full sales cycle to measure results “Conversion Rate Velocity”
- 25. #INBOUND16 CONSIDER THE “NEGATIVE SPACE” Problem vs. Opportunity
- 26. #INBOUND16 Sales vs. Funnel Productivity Problem vs. Opportunity Low Converting Lead Source Long Average Sales Cycle
- 28. #INBOUND16 6 EVALUATE THE FUNNEL BY SALES TEAM
- 29. #INBOUND16 Side-by-Side Funnels West Central East Total Leads 525 400 650 1,575 Opportunities 150 130 320 600 Customers 50 50 120 220 Lead-to-Opportunity% 29% 33% 49% 38% Opportunity-to-Customer % 33% 38% 38% 37% Net Lead-to-Customer % 10% 13% 18% 14%
- 30. #INBOUND16 Control for Quality West Central East Total Leads 252 200 520 972 Opportunities 100 90 256 446 Customers 40 40 96 176 L-O % 40% 45% 49% 46% O-C % 40% 44% 38% 39% Net L-C % 16% 20% 18% 18% Organic Only West Central East Total Leads 273 200 130 603 Opportunities 50 40 64 154 Customers 10 10 24 44 L-O % 18% 20% 49% 26% O-C % 20% 25% 38% 29% Net L-C % 4% 5% 18% 7% Paid Only % Organic 48% 50% 80% 62%
- 31. #INBOUND16 7 CAPACITY AND TIMING
- 33. #INBOUND16 Impact of Timing If you follow up with web leads within 5 minutes, you’re 9 times more likely to convert them. Source: InsideSales.com 9x
- 35. #INBOUND16 8 CULTURE AND GOALS
- 36. #INBOUND16 • Clear goals, transparently & consistently visible • Leverage incentives & comp plans • Compete against coworkers or as a team Sales Team Competition
- 37. #INBOUND16 Sales Team Competition Goals & Tracking Established Goals & Tracking Established Summer Activity Contest
- 38. #INBOUND16 STRATEGIES TO MEASURE THE MARKET
- 39. #INBOUND16 9 CHANGES IN OVERALL DEMAND
- 40. #INBOUND16 ØSearch volume ØSurveys and interviews ØIndustry stats Evaluate Overall Demand 73% of Restaurants Want to Upgrade Restaurant Technology within the Year
- 41. #INBOUND16 10 CHANGES IN THE COMPETITIVE LANDSCAPE
- 42. #INBOUND16 Competitive Win Rate Evaluate the Impact of Competition Inbound Demand
- 44. #INBOUND16 #1 GET IN THE HABIT OF REGULAR CHECKUPS Make it easy to get a pulse on your funnel performance. ü Consider all the factors: quantity, quality, execution, market, etc. ü Define the funnel stages ü Have a single source of truth
- 45. #INBOUND16 #2 KNOW YOUR DIAGNOSTIC TESTS Ask and answer all the “Why’s”. ü Compare funnels side-by-side ü Make sure to look at data apples- to-apples ü Consider everything from lead gen campaigns to sales capacity to market dynamics
- 46. #INBOUND16 #3 MEASURE, ANALYZE, ACT, REPEAT In other words, get into a habit of iterating based on your learnings. ü Use regular checkups as a starting place, with drill down analysis as needed ü Focus on what you can learn so that you can improve