Category Archives: Lead Conversion

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How to Use LinkedIn to Generate Sales Conversations

How to Use LinkedIn to Generate Sales Conversations written by John Jantsch read more at Duct Tape Marketing

 

The video above is a replay of a recent live webinar I hosted with guest Viveka von Rosen. Combined with the text below you should have a pretty good feel for how to use LinkedIn to generate sales conversations.

LinkedIn is the oldest social network. Everyone seems to be on it, but no one seems to know quite how to use it to generate sales conversations.

To help us take advantage of this massive opportunity, today I brought in Viveka von Rosen. She is the co-founder of Vengreso, a leading digital sales transformation company. She is also the author of two books on this very topic, LinkedIn Marketing: An Hour a Day and LinkedIn: 101 Ways to Rock Your Personal Brand.

She talks with us about how to use LinkedIn to generate real sales conversations by sharing meaningful, engaging content. While she speaks specifically to LinkedIn today, the principles behind her advice can be applied across all other social networks.

Why is LinkedIn Important?

Ninety-four percent of B2B buyers view multiple pieces of content from the vendor they ultimately select. This means that if you’re not sharing content on LinkedIn but your competition is, your prospects will likely pass you by. Additionally, 75 percent of B2B buyers conduct research in social channels for products and services.

Meanwhile, the percentage of salespeople actually meeting their quota has dropped over a five-year period—it’s down to 53 percent. However, those salespeople who are using social selling have a 50 percent higher chance of reaching quota.

Building Your Personal Profile

On LinkedIn, you can’t just rely on a company page; you need to have a personal page in order to really connect with others. It’s between personal profiles where the conversations that lead to sales really occur.

This means that you need to create a strong personal page that showcases your brand. If your personal page is unappealing, sloppy, or lacks the appropriate information, you could lose a prospect.

  • Does your profile build credibility? People want to do business with those they know, like, and trust.
  • Does your profile show how you solve problems? LinkedIn is not the same as a resume—people viewing your profile want to know how you can help them. Think about including real-world examples of how you’ve helped past clients address their pain points.
  • Does your profile create conversation? Your profile should have rich content that attracts viewers. Once they’re there, make sure there’s a way for them to reach you. It seems basic, but make sure your phone number or email are on your profile so that people can actually get in touch!

The Importance of Sharing Content

If you go into LinkedIn with tunnel vision towards sales, you’re missing the entire point. Think about LinkedIn as a networking event—would you go up to someone at a conference and immediately ask them to buy your product or service? Of course not! The same principles of offline networking apply on LinkedIn.

The best way to get to know people on LinkedIn is to educate your audience. This positions you immediately as helpful and useful, which in turn builds positive sentiment. Suddenly, you’ve transformed from pushy salesperson to an advocate and thought leader in your industry.

What Does Content for Sales Engagement Look Like?

When thinking about content, it’s important to consider both the content you create yourself and the content you share that comes from other sources. Each type of content has its own set of rules to create the greatest levels of engagement and generate real interest and real conversations.

Whatever type of content you’re sharing, you want to be sure you’re doing it consistently. You should be sharing content at least once a day. One way to help you reach this goal is to establish a sharing community. Contact friends and influencers in your network, asking them to make a pact to share each others’ content. This will give you a steady stream of curated content to share with your network and will help to ensure that the content you’ve created is getting a wider reach.

Status Updates

Status updates on LinkedIn are very similar to updates on other social networks. There are a number of best practices for creating status updates that will get greater reach. Following these tips can help your posts get ten times greater visibility.

  • Include hashtags. Hashtag communities is a newer feature on LinkedIn that allows business owners to follow the topics they find most relevant. If you create content with a particular hashtag attached, it will likely be shared with the individuals who are members of that hashtag community. This gives your content a wider audience beyond your personal connections. The trick here is to not over-hashtag. Aim for three or four hashtag community hashtags and one additional hashtag that is unique to your brand.
  • Make mentions. When you’re talking about someone specific in your post, mention them so that they’re notified. You can mention others who are not directly a part of the update, but who might find it useful. Again, moderation is key; keep mentions to a handful of people who are influential and will find the material relevant.
  • Use all the characters. You’re allowed up to 1,300 characters per post. Be sure to use them! More characters means more keywords, which in turn means greater visibility. Research has also shown that longer posts are more likely to be read.
  • Use emojis. Emojis can be a great way to add some visual interest to your post and set you apart from the sea of text-only updates. Keep your audience in mind, and select emojis that are appropriate for your business and clientele.
  • Add native video, images, and links. Doing so will limit you to 1,200 characters, but the added visual interest can also help you to stand out from the crowd.

Native Video

Native video is uploaded directly from your browser or your phone and imbedded in LinkedIn. It is not the same as sharing a link that sends users to an outside video site, which LinkedIn discourages as it drives traffic away from their platform. Sharing native videos gets you more views and attention on the site.

Because video content can take a bit longer to create, it’s not necessary to share video each and every day. But know that native video garners incredible results, so the more regularly you can create and post video content, the better.

From tips and tricks videos that can help your audience solve relevant problems, to interviews with thought leaders, to the relatively new “about us” videos that you can put on your company page, there are a lot of great ways to create native video.

LinkedIn Native Video Tips

LinkedIn Articles

LinkedIn Articles used to have far greater reach. In recent years, LinkedIn has shifted focus to other forms of content, and so posting articles does not have the same kind of power to create visibility as it once did.

However, if you’re already writing a blog post for another forum and want to put it into LinkedIn as an article, it can help to amplify your reach beyond your company’s website. The posts are searchable, can possibly be distributed on a pulse channel, and the content becomes a permanent extension of your personal brand.

Amplify Your Content With Ads

LinkedIn advertising can help you to raise awareness and get the word out about your brand to a new audience. LinkedIn now allows you to sponsor content on your company page, which can help to build followers and reach for your content.

LinkedIn Ads

There are a number of different types of ads available to companies on LinkedIn.

  • Sponsored content. When you share an article, video, or images on your company page and you want the content to get greater visibility, you use this type of ad.
  • Dynamic ads. This option allow you to personalize your messaging to prospects, with ads that appear on the side bars of users’ LinkedIn pages.
  • Text Ads. Similar to the dynamic ads, but smaller and not personalized. Split testing on text ads is very simple. These are best utilized for top of funnel content.
  • Sponsored InMail. This allows you to send targeted messages to those who are most likely to have an interest in your business.

Dynamic ads, text ads, and sponsored InMail are significantly more expensive, so for small business owners, sponsored content is generally the most viable option. There are several types of sponsored content you can create: you can drive traffic to your website or content, build lead generation forms to collect contact information, or increase video views.

LinkedIn Sponsored Content

From there, LinkedIn will prompt you to select the specific post or video you’d like to promote. Next, you can indicate to LinkedIn who your desired audience is and establish your budget for the campaign.

It’s better for you to be specific in identifying your target audience. Establishing five campaigns to 1,000 people each is more effective than creating one campaign for 5,000 people. Creating audience groups allows you to segment your audience, personalizing the description on the same content you shared with other audience groups. This personalization can attract greater attention from each subset of your audience.

The other LinkedIn ads trick is that if you want more views, you should select pay-per-click, and if you want more clicks, select pay-per-view. This is a way to get the most out of your marketing dollars.

LinkedIn Ads Best Practices

Mine Your Engaged Network

It’s not enough to just create and curate great content; once people begin reacting to what you’re sharing, you need to follow through! Keep an eye on who’s liking and sharing your sponsored content. Hover over their names to learn more about them: Do they seem like they might be a good prospect for you? If so, reach out with a request to connect, thanking them for engaging with your content and opening the door for further discussion.

 

The Seven Steps to Marketing Success – How to Build a Marketing System

The Seven Steps to Marketing Success – How to Build a Marketing System written by John Jantsch read more at Duct Tape Marketing

Marketing Podcast with John Jantsch on Building a Marketing System

The key to an effective marketing approach is creating a marketing system. This is Duct Tape Marketing’s point of view and our key differentiator. Here, we’ll take a closer look at the seven steps you must undertake to build a successful marketing system for your business.

1. Focus on Strategy Before Tactics

The first step to creating a successful marketing system is to know who your ideal customer is, and what their core problems are. If you don’t understand the value that your business can bring to each engagement, it’s nearly impossible to select the tactics you should use to reach your audience.

When you understand the ideal customer and create the narrowest definition possible for who that is, you can then connect what you’re offering to solving the customers’ problems. This makes your approach not just about your products and services, but about your promise to solve those problems. If you don’t take the time to understand your ideal customer, there’s no way to build a marketing strategy that will speak to them.

2. Guide the Customer Journey – The Marketing Hourglass

Because of the internet, the way people buy today is largely out of your hands. They have so many places to do research, ask networks, find out about you, and discover the products and services to solve their problems before they ever contact a company.

The customer journey comes into play at Duct Tape Marketing with something called the marketing hourglass. The hourglass has seven stages: know, like, trust, try, buy, repeat, and refer. These stages represent the logical behavior in buying that many of your customers want to take. Your job is to help them move through those stages sequentially.

Your first step is to understand how somebody would come to know about a company like yours. Likely, they’d turn to a search engine or they’d ask a friend. At these early stages, they know they have a problem, but they haven’t yet concluded how they’re going to solve it. Marketing at this stage needs to show that you understand their pain points and that you might have the right solution for them. From there, you need to establish trust in your brand and perhaps even give them a way to try you. When they do finally buy, that experience must be excellent in order to create repeat business. Not only that, but happy customers will also generate referrals.

All marketing efforts must be built around the concept of the marketing hourglass. When you understand how your customers buy and what they’re expecting to achieve at each stage, you’re able to build a marketing plan that exceeds their expectations along the way and creates happy, lifelong customers.

3. Make Content the Voice of Strategy

Content is not just a tactic, it is the voice of strategy. You have made a promise to solve a problem for your customers; you now need to be ready to meet people where they are (search engines, social media, etc.) and generate enough valuable content to dominate in those arenas.

We use something called content hubs to outshine in search and to create content that is valuable to read, find, and share. This content must also meet customers at every stage of their journey, from know and like all the way through to referrals.

4. Create a Total Online Presence

Even if you do the majority of your business offline and in person, in today’s world, you must have a total online presence. The internet is where people go to have an experience with marketing, to understand a company, and to do research. When someone refers you to their friend, the friend turns to a search engine or your website to learn what other people are saying about you and to see if you actually solve the problem that they have.

No matter what kind of business you run, you need to be tackling all the elements of online marketing. This includes social media, search engine optimization, content, website, and email marketing. All of these pieces must work together as an integrated whole.

5. Build a Reliable Flow of Leads

Leads are the lifeblood of getting your business going, and so you have to find a predictable way to generate enough leads to grow your business. There are numerous channels through which to generate leads, and again, integration is key.

Sales, content, advertising, networking, and online and offline events all play a role. There is no one way to generate leads; the key is in finding the three or four channels that you can consistently mine and establishing a process to develop leads through those channels.

6. Make Lead Conversion Your X Factor

Lead conversion must be your multiplier. The key here is to focus on all forms of lead conversion. Obviously someone buying your product or service for the first time is a conversion, but what about signing up for an ebook, registering for an online course, getting a free evaluation, or making an appointment? Those are all conversion activities.

You need to map the experience of each of your leads and clients so you can be sure that they’re having a great experience throughout. This is how you create repeat business and reactive those clients who have been lost. Once you begin tracking customer experiences, you then need to measure these activities. When you understand customers’ behavior, you can create better experiences; even if that only increases each conversion activity by one or two percent, that has a huge impact on the business overall.

7. Live By the Calendar

When you’re developing a system, you have to have a plan. It doesn’t have to be long-term—focusing on three to four important priorities for the quarter is ideal. From there, you can break those priorities down into activities and projects so that you can plan the quarter and not expend energy chasing the next new thing.

You have to have fewer priories, and you have to make marketing a habit. It has to be something that you do daily. You have to build meetings with the appropriate people to make sure that you’re moving those priorities along. Once you establish that habit, you should start documenting your processes. From there, you can decide what tasks you can delegate, either by adding more staff or outsourcing to others.

The reality is that marketing never ends—it’s a cycle. Once you go through the seven steps and build your marketing system, you want to constantly be reviewing, seeing what works and what doesn’t, and changing your approach accordingly.

Like this show? Click on over and give us a review on iTunes, please!

The Impact of Understanding Customer Acquisition Costs and Customer Lifetime Value

The Impact of Understanding Customer Acquisition Costs and Customer Lifetime Value written by Guest Post read more at Duct Tape Marketing

It’s guest post day here at Duct Tape Marketing, and today’s post is from Dan Kraus – Enjoy!

Have you heard someone talk about customer acquisition cost (CAC) or customer lifetime value (CLV or LTV)? If you’re in the tech business, and especially if you work with SaaS products, you’ve definitely heard of, and can likely calculate, these values. If you’re not in the tech industry, you should learn about these numbers, as they have enormous value for businesses of every type and size.

CAC is how much you spend to acquire a customer. In the simplest of calculations, it’s the amount you spend on sales and marketing divided by the number of customers you get during the period you’re measuring.

CLV is the net value of a customer to the company–how much money a customer spends during their entire relationship with you, minus the costs of products and services they buy.

Used together, these numbers help drive your overall business strategy, including your marketing approach.

Here’s a simple example. I met with a plumbing services business that cleans out drains as their primary business. We talked about their starter offer (how they get new clients in the door), which focused heavily on emergency clog removal through their 24-hour hotline.

They historically charged $149 for an emergency cleanout. Their loaded cost to do this, including technician time, vehicle wear and tear, and materials, was about $70. They wanted to clear a net profit of 20% ($30). Backing the cost and profit allocation out, we had $49 left to cover marketing and non-allocated overhead. After talking, we determined we needed to acquire a job/customer for $35 if the emergency clog removal was all they sold–a very challenging number to achieve in a market as big and competitive as Charlotte.

So we talked about the lifetime value of a customer. Less than 10% of the customers they worked with bought any other services–on the first service call or in the future–and their additional purchases were around $200. After taking out costs, we determined that their average CLV was approximately $42. They quickly understood that they needed new business strategies if they were going to grow.

They needed to increase the lifetime value of a customer. If they did, they could afford to spend more to acquire new customers. This realization drove them back to business planning because they needed to make decisions about customer service, cross-sell and up-sell plans, marketing to previous customers, and even compensation plans for their techs.

No matter what business you’re in, you can figure out your CAC and CLV and use the numbers to support or change your strategies and tactics. If you’re in professional services, use the numbers to understand if you need to focus on getting more repeat business or acquiring new customers. If you sell products in a brick-and-mortar store, the numbers will help you plan your promotional budget and adjust your product mix. If you’re a local services business–plumbing, car repair, landscaping, etc.–you can use your CAC and CLV values to determine how much you should spend on marketing to new customers versus providing better service to current clients.

John makes the point in this blog post that CLV is unlimited if you have delighted customers because they refer you, and those referrals have no CAC. If those referrals then refer you again, you end up in a virtuous cycle. I couldn’t agree more, but you have to start that cycle somewhere, and that somewhere is understanding where you are now so you can be smarter about where you invest going forward.

So, break out the spreadsheet and get some help from your bookkeeper, accountant, or financial advisor to figure out a basic cost of customer acquisition and customer lifetime value.

Those numbers will help you answer critical questions like:

  • How much should I budget for marketing based on the goals I have for gaining new customers this period?
  • How much should I be investing in customer delight, customer experience, and customer support?
  • Where should I focus my sales team and how should I structure their compensation plans for the results I want?
  • Which products or services should I concentrate on to get the customers I want to work with, and who are also profitable for our company?

Want to learn more? Try these other resources:

The Cost of Customer Acquisition: How Much Can You Spend to Earn New Business?

The Ultimate Guide to Calculating, Understanding, and Improving CAC in 2018

How to Calculate Customer Lifetime Value

Dan Kraus

Dan Kraus is the founder and president of Leading Results, a marketing consulting agency based in Concord, North Carolina. Through his firm, Kraus helps business owners develop a marketing strategy that empowers them to be self-sufficient and ensures their long-term success. Find him on TwitterLinkedIn, or on his blog.