Streamline your customer lifecycle funnel in Canada with airSlate SignNow

How to create outlook signature

I'm gonna share today a really exciting way to think about growing and marketing your business and we'll do that by first talking about the typical customer lifecycle so we all spend time and energy and money generating interest in our company we might do that online or through word-of-mouth or through some type of offline advertising but we do all of that in an effort to get people to engage in our sales process we all have a different sales process again we may sell online we have a sales team we may sell through estimates things like that and the goal in all of these cases is that we create a paying customer that we win the deal so let's take a quick example of how this plays out so let's say that I spend $1,000 and about 10 hours of time generating interest which creates a hundred interested prospects for me that end up turning into 10 paying customers ok great now let's say I want to take that 10 customers I want to turn that into 20 so what do I do what are my options well with a typical customer lifecycle I can double the amount of dollars I'm spending on my advertising and marketing or I can double the time maybe I'll spend more time in Craigslist or in social media in an effort to create more leads that can turn into more customers or I might work on my sales process a little bit but there is a new breed of entrepreneurs and business owners that understand that there's a different way to grow a company today and the typical customer lifecycle is not ideal and there the reason is really it comes down to the fact that there are just holes in this here bucket so I want to talk about three very specific holes and then we'll talk about how we can maybe take things to the next level so the very first thing I want to talk about the first hole is in website traffic I want you to ask yourself how many of the visitors who came to your website this morning were not ready to engage in your sales process probably a really really high percentage unfortunately when we don't capture those leads and give them a reason to engage with us we lose them they're lost forever and this is that this is they essentially bounce off of our website and this is the first big hole that I want to talk about is lost traffic okay and where does that traffic go well it essentially goes into the big internet rubbish bin and it's gone forever so lost traffic never to come back again so now let's say for those that are interested enough to engage in our sales process though what happens with them well we all know that in our marketing we generate a certain number of hot leads right that's where we kind of keep our to get our livelihood from is by converting those hot leads but there's a whole bunch of other leads that may not be hot and ready to buy today and unfortunately they get labeled as bad leads well they're not all bad leads some of them are some of them we don't really care that they that they ever come back but many of them just may not be ready to buy today and so it's unfortunate that happens did you know that statistically speaking it takes seven contacts with a company before a consumer feels comfortable enough to do business with us now here's the problem we stopped following up typically right here so we get them part of the way of going and then we stop and we don't finish the nurturing that's needed for these leads because we're labeling them as bad and kind of throwing them out I once talked to a business owner that was in the the mortgage business and he went to the to the trash can had found literally three hundred and fifty leads that were fully qualified somebody thought they were bad and threw them out on the trash so you may not have literal leads being thrown in the trash but there is waste happening in your business and that's our second big bucket that I want us to attack today so this is lost leads just hemorrhaging out of so many businesses it's discouraging okay now let's talk about another very common thing that happens we close the sale and unfortunately this feels like we've reached the finish line and so what ends up happening is we all of our energy and focus comes right back here and we're wanting to drive more into the top of the funnel right well this is a very this is a tragedy and this is the third hole I want to talk about which is lost customers now in some cases we actually lose customers they leave our business by the way did you know that sixty-five percent of consumers that leave a business to go to another vendor do so not because we jacked them up or we had a bad product about service they leave because of indifference isn't that unfortunate that we'd have a customer that we spend all this money attracting and closing and then they leave because we just didn't do a good enough job to really wow that customer and it's unfortunate so you may have customers that you actually lose but even if you're not losing customers because of these things you're also not we're not we're not good enough at upselling customers we're losing our upsells and we're not good enough at getting referrals it is so much cheaper to sell to an existing customer than it is to go back and try to find a brand new prospect teach them about your company convert them and get more money out of them but yet we are we're not able to do that very well today okay so again as I said this is not the ideal way to work and we've we've been we've spent a lot of time working on a different model for thinking about your business marketing so I'm gonna erase all this stuff that we've been talking about here I'm gonna leave the whole gonna leave this trashcans up as a reminder because we're going to attack each one of these right now