What we’re going to talk about right now is customer analytics, basically, understanding to expand your business. There’s this whole weird thing about data science at the moment. Data science is one of the hottest jobs. An introductory level data science position pays $130 to $150,000, or so. There are all kinds of analytics programs out there. You have Google Analytics, you have Brothers, all kinds of different places that you can get data. There are some more expensive ones like Heap and KISSmetrics. There’s a lot of funnel comparison tools. There are a visual website optimizer and some of the split testing tools. There is just an incredible amount of software around the analytics space.
But at the end of the day, somebody needs to interpret and understand those analytics for them to make a difference and expand your business, which has always been the hard part because software, it’s getting smarter, but software can’t show you where the bottleneck is, and then, also, recommend action to remove that bottleneck without a person. Do you know what I mean? You need somebody who understands data and understands marketing on a fundamental level to be able to interpret what is happening on a website, in a sales funnel, on a sales page, and then, moves through… Help implement and execute change on those, based on those things. Here’s the fundamental piece. So, I’m going to give you some tips here.
Tip #1. Here’s the fundamental piece of the customer analytics journey and understanding the buyer cycle, is well two pieces.
Three Steps To The Buyer’s Journey
So, in the buyer cycle itself, there’s really three steps. Three steps to the buyer’s journey.
1. Research Phase
The first is a research phase, so they think they’re interested in something. They think they need a solution. And what they’re doing is they’re trying to go out and quantify what that solution needs to be. They’re putting together different products, they’re putting together different businesses who offer that product, and they’re starting to assemble a mind map of how they’re going to solve their problem in their head.
2. Knowing The Problem and Solution
Stage two is the person who knows that they have this problem, they know of the solution they want, and they’re refining their solution… They’re refining their features. They’re basically refining their decision so that they know that they’re making an informed business decision or an informed buying decision, I should say.
3. Buying Phase
Then, you have your third level, which, that person, I mean, they’re going to buy. They’ve decided. And they’re really, sometimes, just narrowing it down between a couple of companies or they have their wallet out sitting between them and their keyboard. They are ready to buy something right now.
So, when you’re looking at your customer analytics, you want to put that cycle, you want to put that paradigm, if you will, in play. You want to understand why your customers, why your prospects are doing what they’re doing as it relates to that buyer’s journey to expand your business. So, maybe, they are just researching. Maybe they are looking for… Maybe you’ve made it down into the last round, and they are, literally, ready to put their credit card in your order form.
Tip #2 is whenever you’re looking at sales funnels… A sales funnel itself, let’s say you have 10,000 people who are coming to a website, and they are all going off in different paths. Sales funnel vernacular, people will speak of sales funnel, but they don’t really know what a sales funnel is. It’s like PPC. I had a client once, he was like, “Well…” We were talking about PPC campaigns back in the early Google days. And he was like, “I don’t understand when I get charged. When am I supposed to pay for this advertising? Am I paying per impression?” I said, “No.” And he’s like, “Well, when am I getting charged?” And I’m like, “You pay per click.” And he was like, “Well, I don’t get it.” I was like, “Pay per click. Pay per click. PPC. Pay per click.” And he was like, “Oh my God.”
In his mind, it was such a stupid question because the pay-per-click was what this advertising was. It didn’t also describe how he got charged. Do you know what I mean? And so, sales funnels… It’s funny because now, I’ll talk to a client, and they’re like, “Yeah, I have a sales funnel.” I’m like, “No, you have a landing page.” Literally, you have a landing page and that leads to a confirmation page, but it’s not a sales funnel. You’re not actually asking for a sale at any part in this, so it can’t be a sales funnel. That’s lead gen, maybe. But the sales funnel itself, you have your front end.
Let’s say, an automated webinar, for instance. Your automated webinar, it gets a hundred people. A hundred people who sign up for a webinar. Well, when somebody signs up for the webinar, then there’s always a very noticeable drop-off when they… For attendance. So, roughly, if it’s an automated webinar that starts every 15 minutes, then your attendance is going to be usually between 50% and 55%. So, 50% and 55% of the people who sign up are going to end up attending the webinar, which is awesome.
Now, if it’s life, it’s usually 30%. So, you’re getting a bump just by doing automated and just by scheduling it pretty quickly after they sign up. Then, immediately, you lose 50% ish of people. So, half of the people are not signing up for the webinar. Then, about half of them will watch through the webinar until your pitch. So, now, we’re down to about 25, 27 people who stay to the pitch itself. If the webinar is good and if your pitch is to sign up for a sales call, then your conversion on that, the sales call, is going to be about 25%. 20%, 25% of people are going to sign up for that call to action.
If it’s an order form, then it really depends on the price. Is it an expensive product? Is it a cheap product? That really dictates what the conversion is going to end up being. But anything that you can do to influence those bottlenecks. So, if you can increase the registration on the webinar from 35% to 40%, then you’re putting more people on the webinar. If you can get more people to attend the webinar after they sign up, then you are putting more people, obviously, on the webinar, and you have more people able to buy. If you shorten up the webinar and get more people seeing the call to action, then it could, potentially, increase the number of people signing up for your sales call or hitting the order form.
So, there are a lot of variables in a custom analytics situation and end up… Just a small little marginal increase or a marginal difference will tremendously help the overall conversion of this particular sales funnel. Then, when you look at it from a very macro level, all of these analytics pieces, basically, assemble into this thing, which is the success and revenue and to expand your business. So, it really just depends on how deep you want to get into the woods. There’s the infinite breadth, as far as how many different types of analytics you can get. It’s absolutely crazy. No matter what product you’re in, no matter how big your company is, you can get as granular or as macro as you’d like.
For Questions and Guide
So, if you want us to take a look at some of your numbers and put a story around them, basically, figure out what’s going on, where are your bottlenecks, from a paid traffic standpoint, from a sales funnel standpoint, whatever, we will gladly take a look and help you expand your business. Just go ahead, go to consultingsession.com, fill out the short little form, and then, book a call with my team. We’re going to dive and expand your business, and we’re going to put together an action plan on what you need from a sales funnel standpoint and from a marketing, standpoint to grow and scale your business. So, if you like this video, share it, please. Subscribe to the channel, like the video.