Removing Friction From Your Conversion Process
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HubSpot's Richard Mander flew all the way over from their Dublin office to teach us about the inbound flywheel and how to convert more of your leads into customers using HubSpot.
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Removing Friction From Your Conversion Process
- 2. REMOVING THE FRICTION FROM YOUR FLYWHEEL
- 3. YOU’LL (hopefully) KNOW: AFTER THIS TALK 1.What the flywheel is 2.Why it matters to your business 3.What you should do about it 4.How your HubSpot tools can help
- 4. WHAT IS THE FLYWHEEL
- 6. Source: State of Inbound Report 2018
- 9. ATTRACT prospects with solutions to problems (Marketing hub)
- 10. ENGAGE people on their terms (Sales/Marketing hub)
- 11. DELIGHT at every stage of the process (Service hub - but really everything)
- 12. CUSTOMERS are at the centre of everything (CRM - Single view) CUSTOMERS
- 13. CUSTOMERS THE FLYWHEEL IN MOTION
- 14. WHY THIS MATTERS TO YOUR BUSINESS
- 15. 80% OF CEOS BELIEVE THEY DELIVER SUPERIOR CUSTOMER EXPERIENCE
- 19. FRICTION ● Handoff points ● Data source / location ● Poor internal process ● Confusing comms ● ‘Not my problem’ ● Customers = a number ● Manual
- 20. ● Onboarding ● Feedback ● Testimonials ● Reward programmes ● Problem solving (ticketing) ● Customers = our lifeblood ● Automated / Self service FORCE
- 21. ● Leads ● Referrals ● Customers ● Online Reviews ● Partnerships ● Revenue ● Retention ENERGY/GROWTH
- 22. WHAT YOU SHOULD DO ABOUT IT
- 26. HOW HUBSPOT THINKS ABOUT THIS
- 27. Identify the Friction FORCE FRICTION X% referring customers X% retention rate X NPS FORCE FRICTION X won opps X% op to close rate $X revenue $X LTV FORCE FRICTION X website visits X% CVR from Fb X signups X% avg CVR on LPs $X Fb ads CPA Positive trend this month Neutral trend this month Negative trend this month
- 28. In order to grow better, we need to change.
- 29. How It’s Done Today
- 30. Customers Deserve Better ❏ One login ❏ No spam ❏ A personalized experience ❏ Recommended content ❏ Free software tools ❏ All in one place ❏ All free forever
- 31. How To Retain & Monetize ❏ You can’t monetize if no one is coming back so focus on retention ❏ Trigger emails based on usage data ❏ In-app chat bot ❏ Recommended content ❏ Lead scoring for sales based on usage data
- 32. 35% of Amazon.com's revenue is generated by its recommendation engine
- 34. POP-UP FORMS
- 36. Pop-Up Form Scheduling (Live since March for Pro/Ent Customers)
- 37. Exit Intent Offer Pop-Up
- 38. EVENTS
- 39. Create clicked elements & custom events
- 41. CRM & SALES TOOLS
- 44. CUSTOMERS
Editor's Notes
- In HubSpot 2.5 years working with our direct customers mostly & providing paid for consulting services across first of all our Marketing & Sales Hubs and now the new Service Hub also. What I want to do today is introduce what may be a new concept for some of you and then also give you some direct tips that you can use in HubSpot and maybe demo a couple of new features that you may not have seen as well...
- Title of the presentation but could be a little confusing so I want to check first of all with a show of hands - who’s heard about this concept of the flywheel? I’ll introduce the topic but then also focus in on some things that could be causing issues particularly around the way that potential leads and prospects convert into customers.
- To explain flywheel, we need to remind ourselves of the funnel. It’s linear. Marketing leads to sales leads to customers. Makes sense right?
- Customers are seen as the output. The end result of the work you do. Not the starting point of a beautiful relationship that leads to so much more.
- The flywheel looks at the business holistically. Everything feeds into each other and the customers are at the centre driving the momentum
- HubSpot loves a methodology and this is no different. Basic principals are the same
- Get an email out ASAP: the sooner you can get an email out, the sooner you can track cookies when they interact with your content. Activate Sales notifications for returning customers: with sales people specifically, do LOW risk, HIGH value activities (show them meeting links, sequences and templates that will help them straight ahead, and won't piss them off as if you were trying to modify all their process suddenly). Install Conversations on high value pages: pricing page or BOFU page to help alleviate the questions a visitor may have. 77% of buyers won’t purchase without chat. Build a basic lead scoring system: with the details and the engagement criteria that you have. Create quick BOFU offers Retarget current customers Slice & Dice their database Ask for testimonials from current customers / NPS
- Get an email out ASAP: the sooner you can get an email out, the sooner you can track cookies when they interact with your content. Activate Sales notifications for returning customers: with sales people specifically, do LOW risk, HIGH value activities (show them meeting links, sequences and templates that will help them straight ahead, and won't piss them off as if you were trying to modify all their process suddenly). Install Conversations on high value pages: pricing page or BOFU page to help alleviate the questions a visitor may have. 77% of buyers won’t purchase without chat. Build a basic lead scoring system: with the details and the engagement criteria that you have. Create quick BOFU offers Retarget current customers Slice & Dice their database Ask for testimonials from current customers / NPS
- When you know how the business can and should operate like my wonderful spinning gif, you start to see friction enter the fold. The more friction there is, the more frustrated your customers will get and the less likely they will be to repurchase or spread positive feedback.
- Companies that have no friction: Spotify, Uber/Lyft High friction examples: multiple calls with sales rep, trips to a store, 9-5pm opening times, buy first and try later. Low friction examples: Self service, online 24/7, Trials These are all B2C examples. Friction in B2C is no longer working B2B this is a huge opportunity to be a disrupter. Your product needs to be 10X better actually should be your customer experience should be 10X lighter, easier than the competition. It used to be what you sold now it’s how you sell! 80% of your interactions should be self service and 20% with a human. Employee training to avoid ‘hand-offs’ no to specialists. USE EXAMPLE OF UBER AT COACHELLA
- But where should you apply the force? Engage – sales reps but in the early days of HubSpot this had shifted. Sales rep and prospect had the same amount of information so it made sense to Attract them with as much information as possible. Now it’s the DELIGHT stage – referrals. Give an example of a Delight process – Patagonia replacing jackets, walking, talking flywheel. Boojum tshirts. Fix a problem in your flywheel – HubSpot commission program. Clawback commission if the account churns. Highest retention rates get a kicker.
- GROWTH – scalable materials. As if you are applying more and more force and removing friction it will break if not able to manage this. HubSpot example for scalable material. Additional Hubs and products. PLATFORM – apps, integrations, APIs. Growth = Marketing, Sales, Service / Friction
- Well 1st thing is to map out your own flywheel and identify where the friction is, what force can you apply… Before asking you to answer this or even attempting to answer it for you… I wanted to give you some real life examples of business flywheels that other customers have mapped out but also some examples of flywheel tactics from out in the wild. Boojum Ones from Halligans talk Examples from wiki
- Our marketing team looked at this & mapped out their own flywheel. And this is what they came up with… we had this steady flow of leads from blog, landing page conversions, ebook downloads, etc. but it was just that steady & slowing even though we rank for tons of terms, get loads of website traffic, the number of MQLs we were passing to the sales team wasn’t increasing so...
- Quote Light
- It’s not what you sell - it’s how you sell… 2009: Your product needs to be 10x better than the competition 2019: Your customer experience needs to be 10x better than the competition
- Top of the funnel This is like a full conversion path in one tool Strong Image - simple text - good call to action - simple form.
- https://app.hubspot.com/forms/3012120/
- https://app.hubspot.com/forms/3012120/
- This has 2 elements in terms of optimising for conversions as it allows you to: Map out the steps in your conversion process See where leads fall away in that process
- The marketing/sales funnel has retired and been replaced by the flywheel but event funnels are here to stay… https://app.hubspot.com/reports-dashboard/1976760/create/391757
- First step of effective use of our CRM & Sales tools is mapping your sales process into the tool. So here’s another funnel. By layering flywheel thinking on top of your funnel charts, you’ll be able to find even more places where your processes can be improved.
- If there’s an exceptionally big drop off between step one and step two, it could be that your sales team is over eager in turning qualified leads into opportunities. Any place you see an especially precipitous drop between two stages, you should do some analysis and find out what the problem is. It’s also helpful to look at charts like this for individual reps and see if there are coaching opportunities to help them improve their metrics in individual stages. Or tools that can help to improve things e.g. big drop between demo & appointment scheduled deal stages could mean the Meetings tool + Sequences to automate follow ups. Big fall off in the lifecycle conversion from MQL to SQL could mean Saved Filters, Task Queues to increase the speed new leads are being reached out to by a rep.