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Bill Quinn examines how startups can better use and understand the marketing funnel. Check out Trada Reviews here: http://www.trada.com/trada-reviews/
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Marketing Funnels
What is a Marketing Funnel?
A mechanism for understanding where your prospective customers are in the buying cycle.
An Example: Buying a car
1. Needs Identification
2. Awareness
1. Needs Identification
3. Evaluation
4. Decision
5. Negotiation
6. Purchase
00
The B-to-B Funnel
Awareness
Lead
Interest
Opportunity
Close
Social MediaBlog
PRDisplay
Paid SearchTrade Shows
Webinars
Web SiteLanding Pages
Micro SiteWhite PapersLead Form
TelemarketingSales Hand-off
Funnel Metrics that Matter
Key measurement points• Lead > Opportunity: How many leads are qualified
sales prospects• Opportunity > Close: How many qualified
opportunities are closing• Lead > Close: This is your key lead generation
metric!• Cost Per Lead/Opportunity/Close • Are your marketing programs profitable?
Funnel Volume• How many leads do you have to put into your funnel?• Go back to your metrics!• Example:
– Average Sale Price: $10,000– Revenue Goal: $500,000– Closed Deals: 50– Lead > Close Rate: 10%– You need 500 leads!
• Use your CPA to set your marketing budget.– If CPA is $20, you need a $10,000 marketing budget to meet your
goals.
How long is your funnel?
TI
ME
How broad is your funnel?Prospects
Funnel Leakage
Funnel Sources
Measure, measure, measure!– Where are your leads coming from?– Which leads cost the most?– Which leads are closing the largest deals? The most
deals?
Constantly measure the performance of your lead sources. Then, focus on what’ working best and ditch what’s not working well.
Managing your funnel with Sales“We generate all these great leads and sales is to incompetent to close them.”
“Our leads suck. I’d be crushing my quota of Marketing would give me better leads.”
Advanced Funnel Management
Finally…
Earn your seat at the table!– Know your performance metrics.– Sign up for measureable goals that are directly tied
to revenue.
Good marketing departments are a revenue center,
not a cost center!