multi-million-dollar sales funnels

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MULTI-MILLION- DOLLAR SALES FUNNELS Reid Wilson Quintify Database Solutions, Inc. [email protected] (A.K.A. SMALL BUSINESS MARKETING DONE RIGHT)

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(a.k.a. Small Business Marketing Done Right). Multi-Million-Dollar Sales Funnels. Reid Wilson Quintify Database Solutions, Inc. [email protected]. My Background. - PowerPoint PPT Presentation

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Page 1: Multi-Million-Dollar  Sales Funnels

MULTI-MILLION-DOLLAR SALES

FUNNELS

Reid WilsonQuintify Database Solutions, [email protected]

(A.K.A. SMALL BUSINESS MARKETING DONE RIGHT)

Page 2: Multi-Million-Dollar  Sales Funnels

MY BACKGROUNDWhen it comes to marketing, Fred Meyers

taught me about 90% of everything I know. (I.e., old-school catalog direct marketing applied to modern technology.

WHAT QUINTIFY DOESWe build highly customized web-based

database software systems for “small” multi-million dollar companies and franchisors

Page 3: Multi-Million-Dollar  Sales Funnels

Three main uses of databasesin business

Page 4: Multi-Million-Dollar  Sales Funnels

THREE MAIN USES OF DATABASES IN BUSINESS

1. Information Store / Data Warehouse

Page 5: Multi-Million-Dollar  Sales Funnels

THREE MAIN USES OF DATABASES IN BUSINESS

1. Information Store / Data Warehouse

2. Process Management / Transactional

Page 6: Multi-Million-Dollar  Sales Funnels

THREE MAIN USES OF DATABASES IN BUSINESS

1. Information Store / Data Warehouse

2. Process Management / Transactional

3. Actionable Reporting / Analytical

Page 7: Multi-Million-Dollar  Sales Funnels

Inadequate data management

leads to poor marketing

(unless you are just lucky)

Page 8: Multi-Million-Dollar  Sales Funnels

COMMON MISTAKES IN SMALL BUSINESS DATA MANAGEMENT MS Excel

Page 9: Multi-Million-Dollar  Sales Funnels

COMMON MISTAKES IN SMALL BUSINESS DATA MANAGEMENTFile Folders Your customer info is

only accessible by one person at a time in a particular place.

Regarding marketing, data is very tedious to accumulate and analyze

Page 10: Multi-Million-Dollar  Sales Funnels

COMMON MISTAKES IN SMALL BUSINESS DATA MANAGEMENTSticky Notes or Random Pieces of Paper Little pieces of paper fly away when the wind blows.Big pieces of paper get stacked and put in boxes when guests come.

Page 11: Multi-Million-Dollar  Sales Funnels
Page 12: Multi-Million-Dollar  Sales Funnels

COMMON MISTAKES IN SMALL BUSINESS DATA MANAGEMENTSticking with a legacy system that no

longer meets your needs

Page 13: Multi-Million-Dollar  Sales Funnels

COMMON MISTAKES IN SMALL BUSINESS DATA MANAGEMENT

Ignorance

Page 14: Multi-Million-Dollar  Sales Funnels

(Direct) Marketing Is Math

Applied to Data

Page 15: Multi-Million-Dollar  Sales Funnels

The Million Dollar Question:

Where do I spend my marketing

dollars?

Page 16: Multi-Million-Dollar  Sales Funnels

The Direct Marketing Approach:

Test and measure!1. (and let analytics tell you what you should

do)

Page 17: Multi-Million-Dollar  Sales Funnels

KEY METRICS

Cost per lead acquisition per channel/promotion

Conversion Rate How many “touches” does it take to

convert? Retention / Reorder Rate Reactivation Lifetime Value / Profitability RFM (recency/frequency/monetary) cell

analysis

Page 18: Multi-Million-Dollar  Sales Funnels

COST PER LEAD ACQUISITION

Source Count Cost CPA

Google Adwords 547 $4,732 $8.65

Affiliate Program 120 $625 $5.00

LeadSource 259 $3,147 $12.15

Page 19: Multi-Million-Dollar  Sales Funnels

THREE-MONTH CONVERSION RATE

Source Count Conversion Revenue $/Lead

Google Adwords

547 15% $4,512 $8.28

Affiliate Program

120 22% $1,716 $14.30

LeadSource 259 27% $4,247 $16.40

Page 20: Multi-Million-Dollar  Sales Funnels

LIFETIME REORDER % OVER TIME FOR 1X CUSTOMERS

Page 21: Multi-Million-Dollar  Sales Funnels

NEW CUSTOMER REORDER RATES BY INITIAL ORDER SIZE

Page 22: Multi-Million-Dollar  Sales Funnels

LIFETIME SALES PER CUSTOMER

Page 23: Multi-Million-Dollar  Sales Funnels

LIFETIME SALES FROM INITIAL ORDER SIZE

Page 24: Multi-Million-Dollar  Sales Funnels

WHEN SHOULD WE TRY TO REACTIVATE?

Page 25: Multi-Million-Dollar  Sales Funnels

MARKETING DATA TO CAPTURE IN YOUR DB

Track the source of each prospect / new customer – source type and source detail and any promotion they first responded to

Segment your customer into various groups, e.g. by industry, size, location

Track lifetime sales per customer (and carry that over to lifetime sales per segment and lifetime sales per source)

Page 26: Multi-Million-Dollar  Sales Funnels

MORE DATA TO CAPTURE If your business has many

customers/orders, track “RFM” – recency, frequency, monetary – and incorporate it into decisions on who to send promotions to

Track costs (COGS, fulfilment costs, advertising costs) to each order and each customer, so that profitability can be watched

Page 27: Multi-Million-Dollar  Sales Funnels

TEST AND MEASURE REDUX

Test and Measure Put more focus and money into

what’s working Stop what’s not But realize that long-term results are

most useful when making decisions (e.g. three month payoff as opposed to immediate payoff when evaluating a lead generation promotion)

Page 28: Multi-Million-Dollar  Sales Funnels

EXAMPLE RFM REPORT (FILE COUNTS OVER TIME BY CELL)

Page 29: Multi-Million-Dollar  Sales Funnels

QUESTIONS?

Reid WilsonQuintify Database

Solutions

[email protected]