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Multi-Million-Dollar Sales Funnels

(a.k.a. Small Business Marketing Done Right). Multi-Million-Dollar Sales Funnels. Reid Wilson Quintify Database Solutions, Inc. reid@quintify.com. My Background.

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Multi-Million-Dollar Sales Funnels

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  1. (a.k.a. Small Business Marketing Done Right) Multi-Million-Dollar Sales Funnels Reid Wilson Quintify Database Solutions, Inc. reid@quintify.com

  2. My Background When 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 Does We build highly customized web-based database software systems for “small” multi-million dollar companies and franchisors

  3. Three main uses of databasesin business

  4. Three Main Uses of Databases in Business • Information Store / Data Warehouse

  5. Three Main Uses of Databases in Business • Information Store / Data Warehouse • Process Management / Transactional

  6. Three Main Uses of Databases in Business • Information Store / Data Warehouse • Process Management / Transactional • Actionable Reporting / Analytical

  7. Inadequate data management leads to poor marketing (unless you are just lucky)

  8. Common Mistakes in Small Business Data Management • MS Excel

  9. Common Mistakes in Small Business Data Management File 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

  10. Common Mistakes in Small Business Data Management Sticky 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.

  11. Common Mistakes in Small Business Data Management Sticking with a legacy system that no longer meets your needs

  12. Common Mistakes in Small Business Data Management Ignorance

  13. (Direct) Marketing Is Math Applied to Data

  14. The Million Dollar Question: Where do I spend my marketing dollars?

  15. The Direct Marketing Approach: Test and measure! • (and let analytics tell you what you should do)

  16. 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

  17. Cost Per Lead Acquisition

  18. Three-month Conversion Rate

  19. Lifetime Reorder % over time for 1X customers

  20. New Customer Reorder Rates by initial Order Size

  21. Lifetime Sales per Customer

  22. Lifetime Sales from Initial Order Size

  23. When Should We Try To Reactivate?

  24. 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)

  25. 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

  26. 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)

  27. Example RFM report (File Counts over time by cell)

  28. Questions? Reid Wilson Quintify Database Solutions reid@quintify.com www.quintify.com

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