Showing posts with label sales funnel. Show all posts
Showing posts with label sales funnel. Show all posts

Friday, September 4, 2020

Push VS Pull Marketing


Push versus Pull Marketing aka Outbound versus Inbound Marketing respectively describes a marketer's approach when communicating with the market. Since each approach type is better at helping marketers to meet different aims and objectives, marketers can benefit from evaluating their marketing design plans based on how well the chosen approach meets the desired objective. In short, marketers can use such an assessment as a type of KPI when designing promotions or other forms of communication. This post explains these 2 approaches, gives examples and discusses their ideal application
.

If considered in a visual way, the concepts of push and pull occur from the perspective of the marketer at the moment of engagement, where 'engagement' refers to interaction between your brand and customer. Push marketing can be likened to the marketer pushing a message onto the public via a megaphone with the hope of capturing the attention of at least some individuals, ie  lead generation. The messages are usually general, non-personalized in nature like your business' name, the announcement of a new product launch, the announcement of a store wide sale and so on. Since the public encounters your message when people are likely just getting on with their lives, this form of interaction is somewhat forceful, intrusive and even interruptive. Another analogy is that of a fisherman casting a huge net in search of tuna. However, of the thousand organisms he reaches with his net, he only captures 2 tunas. In short, push marketing provides a relatively low return. This approach  to advertising is mostly what large companies used before the age of the internet.

Conversely, pull marketing involves establishing a form of passive and continuous marketing  to attract customers to find your brand and initiate the engagement, ie to initiate the interaction with your brand with the use of tools like content marketing with appropriate search engine optimization (SEO) and automatic email nurturing. Quite fittingly, pull marketing is often illustrated as a magnet that is set up beforehand but which exerts a magnetic pull on customers towards itself. This form of engagement allows marketers to demonstrate the brand's expertise which will engender a sense of trust in potential customers. So thanks to the new age of the internet, it is possible to use techniques like search engine optimization to attract customers who already have an interest in finding the solution that your product provides when their search is based on something like "how to treat acne" or "how to unclog pores naturally?". Consequently and in contrast with the more general approach of push marketing, your pull marketing message is related to resolving very specific problems. In many cases, your potential customers no longer need the overly general nature of the push approach. This is because they are already advancing beyond those preliminary stages within their buying decision process / funnel. As a marketer, you only have to 'pull' them (deeper) through your sales funnel (with further engagement). To apply the earlier fishing analogy again; this time, the fishing gear would have a smaller reach of only 30 hooks that are left suspended while the fisherman waits for fish to bite before he attempts to pull up the fish. However, each hook has bait that comprises a favorite food for tunas. In the end, of the 30 bites, 20 are tunas. In contrast to push marketing, pull marketing is so targeted that it generally renders considerably higher conversion rates. 

In short, 'push' marketing aims to create demand while 'pull' marketing aims to satisfy that demand

Example: Your company sells 'natural' cosmetics through several product lines.

Your push advertisements may include paid Facebook ads, posters on the noticeboard of your gym and an ad in the free tourist magazine. Such ads offer limited opportunity for more than a basic and general message. So they mention the name of your company and show before and after images for avatars that represent target customers for each product line. 

On the other hand, my pull advertisements may include content marketing with blogs about skin care. One blog may be titled something highly specific like 'All natural solutions for acne'. This post allows you to showcase your business as an industry expert. For instance, you can discuss the structure of the skin and how sulfur dissolves dead skin on the epidermis. You may also mention findings of peer reviewed scientific studies that showed a significant change at the usage rate of 10% and how sulfur offers a gentler, less drying effect than a competing ingredient like salicylic acid. At some point, you can introduce your product which has 10% sulfur, along with other secondary ingredients that together provide an amplified synergistic effect against acne. Your communication need not be such an overt advertisement either. For instance, you may also simply discuss matters that generally keep the attention of your target like how they can correctly identify their skin type, correct techniques  for hand washing and so on.


Is one approach better than the other?

Neither approach is inherently better than the other. Rather, one may be better suited than the other for meeting current objectives. Here are some examples.

  • Objective: brand awareness of a new unknown product or brand; to reach a wide audience.
  • Approach: Push marketing of a general, non-personalized message that simply allows the public to know that the product exists that helps with lead generation. The brand is not yet known like Coca Cola for instance and therefore needs your definite manipulation to get recognition. Examples include the use of billboards, advertisements on the back of buses, radio and television advertisements, curbside store promoters handing out fliers, Point of Purchase (PoP) displays like shelf talkers that say 'New', a social media post that says 'New Line' and so on. NB In addition to applying push marketing, a new product and brand may also need to use pull markering within a single store. 


  • Objective: customer engagement to encourage a long term relationship via continual engagement.
  • Approach: Examples include the use of shelf talkers that promote specific benefits of individual products, announcements of a limited or special editions whose design is based on the usual theme of the already liked brand, a blog with topics that are relevant to the target market.

  • Objective: to differentiate your brand in a saturated industry (like clothing).
  • Approach: Use pull marketing. Examples include celebrity (including influencers) posts showing them using the product. 

  • Objective: A salesman wants his high commission brand to compete favorably with other competing brands in an environment with lots of 'competitive noise'.
  • Approach: Use push marketing.  This approach is far more capable of manipulating the outcome (than pull which allows the customer to take action when or if he wants). However, beware, pushing can force people into sales with which they are dis-satisfied and is less likely to help in building long lasting customer relationships. It is therefore better used for small ticket items that do not require research or any form of due diligence. Examples include the salesman tells customers about the brand he tries to sell them. He does not allow customers to amble through the store alone to allow the shelf talkers to work.

  • Objective: To sell a high end, high consideration big-ticket product.
  • Approach: Use pull marketing that is not pushy or manipulative (like push marketing). This approach encourages greater trust. You listen more closely, responding directly to personal concerns. Examples include one-on-one discussions, live chat technology, encourage customers to leave reviews.

  • CONTENT RELATED TO PUSH AND PULL MARKETING

    • Tribal marketing relies on pull marketing messages to connect with tribe members.

    Tuesday, February 14, 2017

    Retention Marketing & the Hour Glass Funnel

    The Hour Glass Funnel is an advanced stage of the sales funnel. Just to recap, the sales funnel strategically manages key touch points, ie points at which marketers respond to a customer's level of buying readiness with stage-appropriate motivators. Since previous posts did not delve beyond earlier touch points, this post covers a more complete list of customer touch points which are awareness, engagement, conversion and retention. In short, the purpose of the hour glass funnel deals with retention marketing, ie to retain and convert your main product customer into a loyal / repeat customer and sales generating fan / sales ambassador. Essentially, retention marketing aims to extend the customer life value (CLV), aka life time value of customers. 

    Goal 1: loyalty or repeat sales
    Remember, it is many times cheaper to convert an existing satisfied customer. In fact, loyal customers are highly likely (roughly to 70%) to refer your business to friends. Furthermore, loyal customers are 10 times more valuable than new ones as it relates to revenue. Remember then 80-20 rule? It applies. Stats suggest that loyal customers can account for as much as 80% of a company's revenue. Businesses use many techniques that include loyalty programs. Imagine, you may even include a loyalty pipeline in your CRM.
    --
    --
    Goal 2: evangelism
    Unlike the work of a paid sales team, marketing evangelism involves the promotion of a brand not for the promoting person's self interest but for a third party, the brand. Evangelists have a genuine believers in your brand (as opposed to going through the motions in a lack lustre transaction of sales pitch for remuneration). These very valuable customers contribute to the customer acquisition efforts of your business. Naturally, the product must add real value to convert someone into a marketing evangelist. The value should extend beyond the single benefit narrowly associated with the product. For instance, your customer becomes an evangelist when his experience is holistic because, not only was the product very valuable on many levels but so too were the different aspects of his experience like customer support. Furthermore, the passion can be developed by the product's ability to help people to accomplish something that supports larger dreams, political or social will and so on. For instance, kitchen gardening products may be associated with empowering people with healthier lifestyle (something they dream of within the context of genetically modified food and the associate health risks). Marketing evangelists essentially widen your sales funnel in that they reach more leads. They offer social proof which is highly persuasive. In fact, it is more persuasive and therefore more effective in converting prospects into customers than your self praise. See case studies of how companies encouraged evangelism by implementing ambitious referral programs.   

      


    Summary of the major stages of the sales funnel


    • awareness (make prospects aware you exist)
    • engagement (educate the researching lead)
    • conversion (make a sale by promoting product value to leads on the verge of buying)
    • retention / referral (encourages customers to be loyal, ie to buy again and or evangelize your products and business to others)


    Retention Marketing DOs (for loyalty)

    • consistently deliver quality goods and service
    • be responsive to their (changing) needs
    • respond to understanding and resolving problems of dis-satisfied customers. Use what you have learnt as a new FAQ item
    • create value like useful content

    Retention Marketing DOs (for referrals to others / widening the sales funnel)

      • use loyalty programs that encourage customers to engage with your brand in exchange for rewards. (It is also useful to implement that simultaneously increases customer acquisition through referral programs that are designed for loyalty. See the FreeAgent case study.)   

      • encourage the customer to interact with your community
        • use social media
        • for forums, give clear instructions / calls to action regarding where and how to start. 
          • Example: encourage members to create a member profile
      • encourage the customer to evangelize your products and business via
        • product reviews. This involves videos and images. In fact, the latter is useful for lookbooks
        • company reviews
      • encourage the customer to recommend your products
        • using your affiliate program

      Retention Marketing Tools


      • Facebook groups (not Facebook pages). Allow prospects and customers to be members. Encourage the customers, especially the satisfied and successful ones who can showcase the success they enjoy as a result of your products and or services, example they could post some record of earnings / savings per month.  Company reviews and video interviews can also be posted when customers have positive things to say. Additionally, your prospects can ask questions to the more experienced buyers.
      • Wedding registries



      Other Retention Marketing DOs

      The process is not necessarily linear in that a customer may skip past stages within this and even the basic sales funnel. You must therefore be mindful of their path through the stages and communicate appropriately. For instance, someone using your wedding registry jumps from the top of the basic sales funnel all the way to the bottom of the hour glass funnel and is not necessarily ready for your webinar sales funnel communication.  

       

      CONTENT RELATED TO RETENTION MARKETING WITH THE HOUR GLASS SALES FUNNEL

      Tuesday, December 6, 2016

      Webinar Sales Funnel

      Previously, we discussed sales funnels and autoresponder email marketing. This post focuses on Webinar Sales Funnels.

      Uses & Benefits

      • Webinar sales funnels are ideal for inactive leads that have gone through your primary product funnel (via autoresponder email marketing) without converting into customers
      • To add 2-way live interaction along with value that directly relates to the main product --
        --
      • To promote the main product, often with a discount for attendees
      • To capture additional revenue (that could not be captured in earlier sales funnels) because it is effective in closing sales. 
      • To be part of your Retention Marketing strategy aka the hour glass sales funnel. This is a matter of not leaving money on the table.
      • To position your company as an expert, expert positioning  


      Email 1 - Promote the webinar
      • At the end of your usual email sequence, use email (along with other inactive leads via Facebook) to invite inactive leads to sign up for the webinar. Send within roughly 5 days before the webinar
      • Explain the benefits which often include the following
        • special offer on the main product, usually with a discount, only for attendees (to generate the sense of scarcity)
        • Ask any question in live interaction with an expert
      • Link to a webinar registration page. Install a Facebook pixel on the registration page to follow non-registrants around Facebook to continue marketing
      • Remove emails of people who sign up from the webinar email sequence


      Email 2 - Promote the webinar, Reminder
      • Remind people of the webinar
      • Send within roughly 2 to 3 days before the webinar (or whenever makes most sense for your particular niche)
      • Install a Facebook pixel on the registration

      Email 3 - Promote the webinar Reminder
      • Remind people of the webinar
      • Send within roughly 1 before the webinar.(or whenever makes most sense for your particular niche)

      Email 4 - Final Reminders / Last Chance
      • Send final reminder only a few hours in advance
      • Log in instructions
      • Send to attendees (to remind them of the logistics) and the unconverted to take advantage of the limited time to grab a spot

      Email 5 - Segmentation (attendees, non-attendees, attendees of part of the webinar)
      Some webinar platforms allow you to track attendees, non-attendees and people who attended only part of the webinar from among people who signed up and essentially splits the group into segments to be targeted differently.
      • Attendees:
        • Email within 1 to 2 hours after the event 
        • Thanks for attendance, hope you got value from the webinar
        • The [primary webinar funnel] offer is still open to until __ (roughly 4 days after. Provide date and time for urgency and scarcity)
      • Non-Attendees
        • Email within 1 to 2 hours after the event
        • Link to review the webinar
        • What happened? (Use the response as a learning point to attract more attendees in the future)
      • Attendees of only part (below 50%, roughly) of the webinar
        • Email within 1 to 2 hours after the event
        • We noticed that you left us early.
        • What happened? (Use responses as a learning point to attract more attendees in the future)
        • Link to review the webinar
      • Attendees of only part (roughly over 50%) of the webinar
        • Email within 1 to 2 hours after the event
        • We notice that you left us before we ended. What happened? (Use responses as a learning point to attract more attendees in the future)
        • We have included something we think you would appreciate at your leisure. Link to a video that deals with only the content that this segment did not see

      Email 6 & Beyond - Post Webinar
      The following applies to people who still have not bought
      • Non-Attendees and part attendees
        • Daily emails until the end of the special offer
          • Email 1: Benefits (preferably in video format)
          • Email 2: Benefits (preferably in video format)
          • etc ...
      --
      --
      RELATED CONTENT

      Saturday, August 13, 2016

      eSales Funnel Marketing Strategy 101

      A marketing sales funnel is a visual representation of the process of converting the public into leads, then sales prospects and ultimately into buying (and repeat) customers through the following 4 ordered stages and corresponding strategies. The process is called a funnel because the number of people converted to each subsequent stage is always less than at previous stages. It therefore represents the marketer's job of nurturing and converting as many leads into customers as possible, thereby widening the bottom.

      -- --

      1. Lead AWARENESS of you and your product - Top of the Funnel


      2. ENGAGEMENT (INTEREST & DESIRE) for your product (previously, this was considered 2 steps, Interest and then Desire)  - Middle of the Funnel


      3. Sales prospects is most likely to take ACTION to buy your product  - Bottom of the Funnel


      4. Customer satisfaction that motivates a RELATIONSHIP of repeated sales. For instance, the first funnel may be a 'break even funnel' that uses 'splinter' or other less expensive introductory 'tripwire' products to hopefully graduate customers to enter subsequent sales funnels for main products. Ideally, several sales funnels work in conjunction with each other at converting leads. For instance, the webinar sales funnel is typically designed for re-targeting leads (ie potential customers) that earlier sales funnels did not convert. Another noteworthy example is the hour Glass Sales Funnel in Retention Marketing. It is a matter of 'not leaving money on the table'.




      1. AWARENESS

      Your lead:

      • is completely unaware of you or your product



      You aim to:

      • get the lead's attention. That's it! (Do not aim to get immediate sales, especially of your main product. Your lead is unlikely to be ready for that step.)

      • research consumers

      Your response is to:

      • use advertisements to be informative as a means of introducing you and your product. Examples: free infomercial gifts, blog posts or write as a guest on the blogs of social media influencers
        -- --   --SPECIAL OFFER --Join Amazon Kindle Unlimited 30-Day Free Trial --

      • collect email addresses for mailing lists (often with the use of pop-up windows)


      • use interruptive advertisements to psychographic target market via Google Search, Facebook pages, etc. Interruptive ads refer to ads that appear while your potential customer was doing something else, like looking at a YouTube video, looking at photos on Facebook, reading a blog post, etc 


      • use Search Engine Optimization / SEO techniques


      • provide Twitter hashtags. For instance, you may encourage user-generated content using hashtags through order confirmation emails to your paid customers.


      • do cold calls


      • do publicity stunts


      • Landing pages that answer common questions that eventually lead visitors towards the buying decision. For instance, if the product is a new or bit technical, you can introduce information that explains how the product is a customer solution. Also use an effective squeeze page as the landing page for this stage. As with any squeeze page, this page serves a clear and single purpose. In this case, that purpose is to get contact details of your potential customers in exchange for some freebie.  

      • Generate social proof that validates you as a current and respected authority. Use elements like a compelling Facebook page.

      • have a compelling 'About Us' page. The website is the key platform for this stage of the funnel.

      • take it easy! Do not try to sell your main product to this crowd of people as yet ... as this may prove a costly exercise with marginal benefit because conversion at this stage has a very low rate. Do not expect to generate high or any profit at this early stage. Examples: fire sale priced products.  

      • test your strategies to see which single element must be kept or dropped

      • Other events include tradeshows

      2. ENGAGEMENT (INTEREST & DESIRE) - GROOM CUSTOMERS

      Only some leads from the earlier stage will return. This is to be expected. The fact that potential customers responded in some way (like offering their contact information) is a primary conversion from the general public into 'leads', ie people in the early stage of demand generation (or even at the further, sales-ready level). To cultivate sufficient interest and desire for your product, you must essentially nurture / groom your leads. Consequently, this stage is likely to require several interactions to convert potential customers further.
      -- --

      Your lead / prospect (ie potential customer)

      • has some knowledge of you and your product
      • is already interested
      • may invest in your business but only to a limited extent, especially if your core product is a high ticket item that involves much prior consideration called 'involvement' in Marketing




      You aim to
      • arouse interest and desire
      • emotionally arouse leads
      • arouse interest to buy something
      • engage with the consumer's buying process by providing the information he / she needs.
      • groom leads
      • focus on the needs and interests of your audience in all of your touches. For instance, the appointment of your new CEO adds not value to the experience of your leads.
      • prevent your leads from forgetting you. For instance, do not generate a lead and then fail to make subsequent contact until several months afterwards by which time they may have completely forgotten who you are.

      Your response is to:

      • Deliver at least 5 'nurturing touches' (ie forms of contact with your leads). Research suggests that conversion occurs after at least 5 touches. Prepare at least 6 instances of the following 'touches'. Use Social media (like Instagram 101 and Facebook Groups) to nurture your leads.

      • Have compelling store reviews or product reviews. The growth of this stock may be encouraged through various marketing strategies like email marketing. Example include order confirmations that seek reviews from already converted customers as a means of instilling trust and desire in newer leads.

      • sell smaller versions of your core product.

      • Automated or manual email sequences. You may use automated emails or dedicate a specific after-hours time to manually nurture leads through emails.

      • Ebooks

      • Guides

      • Follow up calls

      • Product demo videos

      • YouTube 'how-to' videos
      • Suggest the next step of your lead. Without being pushy, this may simply involve a message like 'for more information, please contact us via ....'

      • test your strategies to see which single element must be kept or dropped



      3. ACTION

      Your sales prospect  (ie qualified potential customer)

      • signals an interest in buying. Example: he asks about prices and other terms.

      • is more likely to buy (than at stage 1) because he already has awareness and desire


      You aim to
      • make most of your profit

      • invite the potential customer to buy your core product (or take some other action that will eventually lead him to that action)


      Your response is to
      • have compelling sales pages as landing pages for potential customers at this stage of the funnel. A sales page is a single page with an unambiguous call to action, ie a call to buy a single product.

      • make it as easy and quick as possible for customers to find precisely what they need. There are several website design features that facilitate this. Among these features include allowing your prospect to use multiple simultaneous filters. See how to set up multiple filters in Shopify.

      • send sales letters, preferably in video format

      • make person-to-person contact with live chat that efficiently targets leads at the buying intent stage of the sales funnel

      • extend engagement with trouble tickets
      • give your prospect achievable expectations in anticipation for the next step, ie repeated sales. This involves providing as much reliable product as possible on your sales page

      • prepare the means for customer service that will at least meet the expectations of your niche

      • convert customers into advocates by encouraging them to provide reviews, post about products and other forms of consumer generated content on social media. 

      • test your strategies to see which single element must be kept or dropped


      CONTENT RELATED TO SALES FUNNELS

      Sunday, July 31, 2016

      Order Confirmations for Upselling & Conversion (Mailing List Content)

      According to Receiptful, the average open rate for order confirmations (which are essentially receipts) is over 70%. That is the single highest open rate for any type of email. To put this significance of this into perspective, note that other marketing emails are known to have open rates that are roughly 3 times lower.

      In short, order confirmation emails offer a superb, extremely cost-effective opportunity to upsell and covert other (new) leads into buying customers. In fact, email marketing usually surpasses social media in rendering an ROI for marketers. 

      Here are different examples of how order confirmations can be used strategically in ecommerce. Since there are several approaches from which to choose, be guided by your business' most pressing needs, especially as this relates to your sales funnel. However, before proceeding with any of these marketing strategies, remember to 1) thank customers for the order and 2) ensure that the 'order confirmation' message is the first prominent thing customers see and that it feels central to the email message.
      --
      --
      A. Incentives for Product Reviews for Higher Lead Conversion 
      Since reviews increase lead conversion, the email illustrates how an order confirmation can encourage reviews. If your business is relatively new, you might consider the vast number of your market as being at the 'awareness' and or 'interest / desire' stages of your sales funnel, especially if the converted customer is unlikely to buy anything other than 'awareness' level products and can not yet generate high profit levels. However, take this approach only after your business has already figured out how to deliver very well on its promises in order to secure excellent reviews. Consequently, company reviews, especially as they relate to some key aspect of your unique selling point, like customer service can be ideal.

      Since purchases are usually sincere votes of confidence and a positive experience, send this email immediately after the sale. 

      Incentives may involve  

      • the much like 10% discount code for future sales. This has proven very successful in encouraging customers to return.
      • a chance to win something your customer will value



      ***
      Company name
      ________________________
      A huge thank you
      for shopping with Company name

      We enjoy hearing from our customers and will love to get your feedback.

      If you can spare 2 minutes, we would be very grateful.
      ________________________

      Complete this quick survey before Jan 1st and become eligible to win a ....

      Winners will be notified on ......
      ***



      B. Use Order Confirmation Emails to Upsell Highly Relevant Products 
      Do not flood the message with noise, ie lots of irrelevant products. Select only a few highly relevant upsell products to be most effective. As a rule of thumb, do not exceed 5 product recommendations.

      Notice how the upselling attempt appears in the right column, ie where its prominence is secondary to the more central placed information directly related to the order confirmation.


      Hi Jo,
      Thank you for ordering from website.com. Here is a summary of your order.

      You can also use the fact that the items have not yet shipped as an excuse to upsell with some of the following messages. 

      • 'Confirming your next shipment'. If you increase your order beyond $x00.00 before we ship OR before Jan 22, we will pay for shipping. This is much like the sweets and magazine stand at the retail cash register.
      • 'Save on your next sale'. See incentives as those in the earlier strategy. 

      C. Use Social Media to Promote Your Website 
      Social media is second to email in rendering the highest possible ROI for all ecommerce marketing efforts. Essentially, buying decisions are influenced by other people, 'social media influencers'. Consequently, social media are a worthwhile element to integrate into the abovementioned approaches. Determine about 1 to 3 of the best forms of social media that will add most value to your target market.

      The rules above still apply regarding the prominence of the key message of thanks and order confirmation. However, it has become acceptable for social media to be incorporated within the main body of the message.

      Here are some examples:

      • Contests: Encourage product reviews or company reviews, especially with video posts to social media. This can also be part of user generated content (UGC) campaigns using campaign-specific hashtags (for Twitter and Instagram) or 'page shares' (for Facebook). Customers can do this for a chance to win something that your target market values. Ultimately, this is excellent for promoting word of mouth brand awareness in your sales funnel.
        • Some user-generate content (UGC) ideas include:
          • Un-boxing video requests accompanied with the image of a partly opened box and the message that "we'd love to see you un-box your #BRAND order with the #UNIQUE_BRANDUnbox tag. Perhaps we'll give you something else to un-box".
      • Ensure your calls to action (CTAs) offer clear benefits for subscription like 
        • members-only exclusive offers on products
        • tips


      E. Customer Referrals Program 

      Referrals help to generate new leads and paying customers because their referrals have some level of trust. 

      Ask paying customers to encourage others to shop with a promotional code. All even people who do not use social media to refer others also. 

      Here is a simple tagline (that can be placed after the central order confirmation message) 
      • "tell your friends and earn .........." as shown in the example below from Dollar Shave Club.




      D. Develop the after-sale relationship. 

      Customer relationship marketing (CRM) can help to convert buying customers into repeat customers. CRM is concerned in going beyond having one-off sale transactions by encouraging repeated sales. This is an ideal aspect of the sales funnel

      Some ways of doing this is focusing on helping customers to use the product. 

      • Instructional content is an example of this content. However, you can suggest related upsells.

      CONTENT RELATED TO ORDER CONFIRMATIONS
      • Sales funnel