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How to increase_revenue_from_new_customers


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How to increase_revenue_from_new_customers

  1. 1. How to Increase Revenue from New Customers: Without Adding More Sales People An exclusive whitepaper from The ROM Group
  2. 2. How to Increase Revenue From New Customers Contents Executive Summary 3 How Buyers Choose: The Purchase Decision Process 4 1. Help Buyers Discover What They Are Trying to Find 5 2. Help Buyers Get the Information They Are Seeking 7 3. Help Buyers See What Others Are Saying 8 4. Help Buyers Experience It Before They Purchase 9 5. Help Buyers Buy the Way They Want 10 Conclusion 10 About The ROM Group 11
  3. 3. How to Increase Revenue From New Customers Executive Summary “Increase sales from The new mantra in marketing today is: Show me new customers by 20 the leads! But not just leads― sales-ready leads— leads that are ready to buy today, ready to place an percent.” order, ready to request a bid or quote— actionable leads that optimize the sales person’s productivity and effectiveness. So how can you cultivate those leads to keep them active and moving towards purchase-ready in the most efficient manner? Cold sales calls? Telemarketing? Social media? Search marketing? Advertising? Generating leads is just the beginning. On average, only 2% of leads generated are purchase-ready. The remaining 98% of leads generated are not just tire-kickers. Turns out that most of them will actually buy sometime in the next 12 months. Until they are ready to buy, they need to be nurtured— otherwise they will drift away and buy from someone else (whoever is most visible at the time they’re ready to buy). The most sustainable and effective solution is to become buyer centric: giving the buyers what they are seeking-- not pushing what you want to sell. For business owners on a tight budget looking to increase the percentage of new leads that close, this whitepaper will present 5 actionable steps that will dramatically increase: • Sales from new customers by 20 percent • Web site visits and engagement by 100 percent+ • The number of registered leads by 100 percent+ 3
  4. 4. How to Increase Revenue From New Customers How Buyers Choose: The Purchase Decision Process To become buyer centric, business owners need to first understand and accept how buyers choose a product or service. Every buyer, before deciding to buy, goes through a series of steps called the Purchase Decision Process. It consists of five stages: 1. Discovery: buyers realize they have a problem and begin seeking someone or something to help them solve it. 2. Information: buyers are actively finding information that answers their questions, solves their problems or shows them how to accomplish a task. 3. Endorsement: buyers read and see what their peers are saying about a product or service. 4. Proof/Demo: buyers want to make sure the solution accomplishes what they need it to do. 5. Conversion: buyers want to purchase the product or service in a way that is easy for them. Buyers want to go through this process without being forced to have a live interface with a sales person. The following pages will describe how you can make it easy for buyers to do that. 4
  5. 5. How to Increase Revenue From New Customers 1. Help Buyers Discover The only way to get found in the myriad of search phrases is to publish relevant, granular content. What They Are Trying to Google relies on Web site content for the most Find relevant match between the search phrase and your Web site's content. This is why sites like Wikipedia and YouTube show up frequently on During the first step of the Purchase Decision the first page when buyers are searching. Process, buyers are seeking a solution to their problem. Leverage Social Media Tools In order to be found, business owners must build Much has been said about leveraging social media a marketing plan that emphasizes these two to sell. But the real value of social media is its mediums: power to increase Web visibility. According to Nielson Online, nearly 20 percent of people on • The Web social media use social networks as their core • Buyer location navigation tool. They search for valuable content within social networks, which directs them to a Web site. How to Optimize Your Web Visibility Both Google and Bing have recognized the trend. They have incorporated social media feed content Research reveals that more than 80 percent of from both Facebook, Twitter, and LinkedIn into buyers search online to research their purchase search results and algorithms. before contacting the seller. You increase your Web visibility by: • Generating a library of deep, authentic content, published in a variety of formats • Leveraging social media tools • Using content sharing sites • Keeping an updated blog Generate a Library of Deep, Authentic Content While searching for the same thing, you and a peer are more than likely to use very unique The chart above shows that the number of site referrals search phrases. Your buyers are no different than from social networks is greater than the number of referrals you, but there may be thousands of them, all with from search engines. their own thousands of individual search phrases-- making SEO virtually impossible. These phrases are called longtail search phrases. 5
  6. 6. How to Increase Revenue From New Customers Use Content Sharing Sites Tradeshows In addition to social media sites, content sharing One of the best location visibility opportunities for sites are also given a lot of weight by search B2B companies are tradeshows. Tradeshows are engines. Sites such as: an excellent place to capture leads. In order to capture these leads, you need to promote several • YouTube for videos high-value content pieces that will encourage • Flickr for photos visitors to register for. • Slide Share for presentations Do a quick search on how to weld, and a series of Trade Associations videos are ranked high on the results page. Trade associations are hungry to provide their Keep an Updated Blog members educational content. They are willing to work with vendors who are committed to Search engines pay more attention to a frequently providing purely that-- not promotional, sales updated blog than to Web pages. While a Web site content. is a very important piece of content, using that content on your blog will further drive your Web Trade Associations can open the door for you and visibility. your company to thousands of buyers. Now be aware, many of these organizations are hungry for revenue; they may want you to pay for sponsorships or other promotions in order to “Location visibility is all participate. You need to judge the value for yourself. about being where the Webinars buyers are: where they spend time and where Along with providing highly valuable content, not sales material, gaining a highly visible partner is they go for information.” key to a successful webinar. Many large companies strive to promote content, therefore you can access their customer base via a co- sponsored webinar. Speaking Events How to Leverage Location Visibility Where there is an audience of prospective buyers, present high-value content and capture leads. Location visibility is all about being where the buyers are: where they spend time and where they go for information. Simple research on the front- end of a marketing plan will show you where your buyers congregate. Use this information to allocate marketing dollars effectively. 6
  7. 7. How to Increase Revenue From New Customers 2. Help Buyers Get the “If you don't have the Information They Are content online to back Seeking it up, buyers will leave The second phase buyers enter into during the you and go to Purchase Decision Process is Information. As someone who does discussed earlier, in this stage, buyers are seeking information about solutions available. No matter have the information they are seeking.” how good your product or service is at solving a particular problem, if you don't have the content online to back it up, buyers will leave you and go to someone who does have the information they are seeking. 3. Help Buyers See As mentioned in step No.1, Help Buyers Discover What They Are Trying to Find, you need to pack your What Others Are Web site with deep, authentic content in multiple Saying formats. But this content should not contain promotional product-centric messaging. Buyers are Step 3 represents the Endorsement stage of the looking for content that helps them with one or Purchase Decision Process. In this stage, buyers more of three things: are seeking to see what their peers are saying about a product or service. 1. Answers to their questions 2. Solutions to their problems Prior to this stage, buyers will seek information until they feel comfortable they understand 3. “How-to's" that show them how to accomplish everything they need to know. They will then a task seek endorsement to gain the confidence that others who have experienced a product or Here are a few formats you can use to get your service have been satisfied. content library started: To create content that provides this • eBooks endorsement piece, have a customer answer • Web casts these two questions about your product or • Videos service: • White papers • Case studies 1. How did the product or service solve your • Product Demonstrations problem? 2. Was this company the best choice? 7
  8. 8. How to Increase Revenue From New Customers Video Testimonials It's better to face the good and the bad-- so you can work on the bad. One of the many ways to provide endorsement content is through testimonials. And in the Web Social Media world, video is king. So, video testimonials are very strong and highly authentic. Authenticity is Finally, social media is turning into a valuable key-- no actors, no glitzy production values. resource for endorsement. Buyers trust these conversations to gain insight into authentic Case Studies experiences. As with open review forums, there will be people out there slamming a lot Another tool to fulfill your buyers' endorsement of people and companies. These people don't needs are case studies. Write case studies that describe how you solved a customer's problem. retain many followers and are mostly just The lesson here is details, details and more making a lot of noise; buyers can determine an details. Buyers want the unvarnished story, not authentic review from a slanted one. the dressed-up story. If there were problems, call them out. Buyers expect problems, and they want to know how you handle them. 4. Help Buyers Experience It Before “They will then seek They Purchase endorsement to gain the confidence that In the fourth stage of the Purchase Decision Process, buyers want proof the product will others who have actually do what they need it to do. You can do this by allowing buyers to experience the product experienced a or service before they purchase. product or service Product Demonstrations have been satisfied.” Again, video is huge. Show off the product from the buyer’s point of view– not what you want to Open Review Forums sell. Open review forums often scare sellers. Many will Free Trial or Low-Risk Offer argue that reviewers on these forums are the same type of people who habitually write hate Free trials put the product or service directly into letters to the editor. There is no question that the the buyer’s hands– getting their feet wet. For Web world is filled with a lot of very scary people. professional service firms that can’t offer a But buyers are intelligent and will recognize tangible product, free trials may be difficult to garbage when they see it. They will also recognize provide to buyers. Low-risk offers can fill the gap. fluff when they see it. As an example, an architecture firm can offer a free or lower-cost planning session. In today's marketing world, you are naked, whether you're willing to accept it or not. 8
  9. 9. How to Increase Revenue From New Customers 5. Help Buyers Buy the Way They Want Subject Matter Expert Even in this stage, the buyer wants it their way and smart sellers will give it to them. Here, the buyer doesn't want to talk to a sales person, because buyers think the role of a sales person is Buyers want to talk with product experts— to persuade them to buy something they don't not sales people. want or need. Buyers want to talk to a product expert or subject matter expert. They don't want to talk to the guy in shiny shoes; they want to talk to the guy that actually does the work. The buyer may have some final questions that need to be answered; the subject matter expert is the only person who can provide them the direct answers they need. Multiple Purchase Options Buyers want multiple purchase options. John Deere's Web site illustrates how to do this. Not too long ago, a major brand manufacturer like John Deere had a dealer network that they protected. Then they forced the buyer to buy from a specific dealer, whether the buyer liked the dealer or not. Today, that has changed. Now a buyer can choose to buy online, from a dealer or even from a big-box retailer like Home Depot or Lowe's. This approach is very buyer centric. 9
  10. 10. How to Increase Revenue From New Customers Conclusion While purchase-ready leads are demanded, cultivating those leads to that point has become a daunting task. Frankly, no one has the time to allocate the required amount of effort—leaving 98 percent of buyers to the wind and hoping it blows them to the seller. In order to optimize this process and ensure you are leading buyers toward purchase-ready, become buyer centric. Doing this will increase: • Sales from new customers by 20 percent • Web site visits and engagement by 100 percent+ • The number of registered leads by 100 percent+ To become buyer centric, follow the 5 steps described in this whitepaper: 1. Help buyers discover what they are trying to find 2. Help buyers get the information they are seeking 3. Help buyers see what others are saying 4. Help buyers experience the solution before they purchase 5. Help buyers buy the way they want If you would like to receive solutions that help you solve your sales and marketing challenges, follow our blog at 10
  11. 11. How to Increase Revenue From New Customers When You Need Top- Line Revenue, The ROM Group Delivers The ROM Group provides buyer centric lead generation and lead nurturing programs for B2B companies. ROM’s approach delivers dramatic increases in top-line revenue by integrating proprietary buyer research, online lead generation, lead-profiling phone calls, lead nurturing, and lead conversion services into a single, simple-to-use solution. At each stage in the life of a lead, ROM (return- on-marketing) measures the key metrics senior About ROM managers need to clearly understand the effectiveness and ROI of their programs. 920.964.5564 11