Enhance Your B2b Sales Funnel Metrics for Purchasing

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what kpis should you ultimately focus on and what's the strategic objective of your online marketing itself so i see this all the time a lot of people are chasing various vanity metrics like uh likes on facebook comments uh social shares uh a lot of these social metrics which are considered top of funnel that show that people have engaged with their stuff that they've subscribed to their email list that you know they converted at some early stage of a funnel however the problem is that yes these in themselves are good and they're important but ultimately uh the success of a business hinges on its uh revenue and its profitability so ultimately the two main kpis that you should be uh basically looking at is average customer value and lifetime customer value and let me explain why so unfortunately there's no free lunch in this economy and in this world so in one way or another you have to pay for your traffic and for the privilege of basically doing business so if your content game and conversion game is strong and everything then uh you're probably having trouble with your the traffic side if your traffic side is is going well and uh you know you don't have to spend so much time money or energy on it then probably your conversions are suffering but i very rarely see businesses which uh excel at every single part at both traffic and conversions and lifetime customer value and all these stuff so with that being said uh it's safe to assume that for every business it costs money to uh acquire a new customer and the cost for this is cost per acquisition and this is very closely tied to your average order value or your average customer value because uh the higher you can put your average order value uh the more you can spend on acquiring a new customer and there's actually a saying in marketing circles namely the person who can spend the most to acquire a new customer ultimately wins and it's true uh big businesses can often spend much more because they have much higher cash flows than small businesses and ultimately they will just cannibalize the market share of smaller businesses so uh the best way to be able to uh basically eat a higher cost per acquisition is to also raise your average order value and uh this is basically mandatory nowadays okay so if you sell a product you have a core product or an introductory product it's not enough to just sell that you have to upsell or cross sell or even maybe down sell something to people and you know what actually a lot of customers probably expect this nowadays to some degree so uh when i see a lot of e-commerce people obviously they're selling something and shopify or any other platform that they use uh basically allows them to very easily do upsells and cross-sells and and try to retarget them and find those uh buyers with with different retargeting ads that try to sell them complimentary stuff obviously they're doing email marketing they should be doing email marketing and that's a very great opportunity to uh try to sell them even more and raise their customer value so that ultimately the aim here is that you as a business should be able to afford to acquire a customer even if it's at a loss up front but you know that ultimately within a week two weeks or one month or even six months you'll be able to make a significant profit of this customer because your system your funnel your back end is able to sell them complimentary stuff or maybe various upgrades or downgrades so that you know all the money that they spend with your business is uh increased and then you can take that initial loss as well so that's why average order value is important and regardless of what business you're in regardless of what business model you use you should definitely use this you should definitely uh try to add extra add-ons or or sales boost to your core products just think about mcdonald's for example this is the most famous upsell of all times probably do you want fries with that so the main reason here is because people who buy a burger are much much much more likely to uh also buy the fry or also super size their meal or something like that so this is a great example of an upsell but you can also observe even more expensive products so let's say somebody gets into your funnel if you have a digital business like an online course business somebody gets into your funnel you sell them something small like an introductory offer and then you immediately give them a page for your higher tier offer or if you're a sas company then you give them an absolute opportunity to buy membership for a full year at a slight discount but it's still that still means cash flow for you and it's very important but getting back to our online business example let's say you offer them an introductory product and then if they don't buy the the other more expensive product right off the bat well no problem that's why email marketing is for that's why retargeting ads are for you can definitely create a two three week long email campaign with a few emails each week uh to warm them up and then try to do an evergreen launch uh or or automatically pitch them in an evergreen way so that they're much more likely to buy and if they buy that cool on the checkout page give them an upsell uh if they buy that give them another upsell give them a bump offer which is basically a lot of people use this they uh offer people a low priced product and then they uh offered them various upsells right on that that same uh checkout page so let's say somebody buys an e-book for like 20 or 30 then they have an opportunity to also buy like one hour mask master class for this for an extra 50 or something i actually do the same thing for one of my own products the seven day remaker email sequence which is an email template pack which can be bought in its regular form so the template pack itself with some basic instructions and there's also a version which has a one-hour master class in which i go through every single line of every single email and explain why it works and how to use it uh as as best as i can and i'm getting like a 30 40 conversion rate on on on these types of bump offers because uh they're just not they just naturally complement the products itself and uh people seem to like it so remember always make sure to focus on the end result uh and the end result kpis at the end of the day which are average order value average customer value lifetime customer value and lifetime customer value basically just means that you try to keep your customers happy and engaged for as long as possible because it's i'm sure you know this but it's much harder for you to acquire a new customer especially in this economy uh than to keep an older one and just try to monetize them in another more creative way or something and with that being said i hope you found this helpful leave a comment below and let me know what's the number one thing you've learned from this video maybe about these specific kpis maybe something else maybe it was just an example that i mentioned here just leave a comment i want to know and i want to get to know you better so that we started conversation and hopefully we all benefit from this so have a nice day see you tomorrow take care and cheers you