Whether you’re a new startup or have been selling for years, the current market place in almost every industry has become overcrowded and it’s easy to get lost amongst the digital noise. Getting your product offering in front of the right customer is becoming increasingly harder, so we ask the question ‘How much is a lead worth to you?’
As a digital marketing agency, we are constantly approached to help improve sales conversion metrics for the businesses we support. However, before we can affect the bottom line we need to look a little deeper. Many clients expect an agency to put an ad on one platform and it to magically bring in sales overnight. We are not saying this isn’t possible, especially for an established business with a loyal following, but let’s be realistic if your a new startup it’s highly unlikely this will be the case unless you have either; an unbeatable offering or a unique product that the market is crying out for.
Authenticity is the keyword here. Where most startups fail is authenticity. We have already covered that the market place is overcrowded, finding a real authentic product that hasn't been seen before is difficult to come by and cutting into your margins can kill a business, so how does a new startup compete? By being authentic in a different way.
Content, content, content! We can’t stress this enough. Authentic content! Got it, let us say it again, AUTHENTIC CONTENT! In order to inspire a customer to purchase your product, they must first buy into the brand. Instead of looking at a quick sale, look at the long term value of a customer.
It’s a proven metric that engaged customers are the strongest marketing tool. These are the people that open your emails, share your content, like your posts or ads and talk about the brand to their friends and family. Just like micro influencers, except they actually WANT to market your business, because they engage with the brand without being asked to. These are not the people that only buy because there is a sale on, they buy because they love the brand!
So how do we attract these customers, here it is again...authentic content! Produce meaningful content that tells your story, the why behind your brand. Why you came to market, why you wanted to develop this product?, Why do you feel the customer needs this product in their life, how does it benefit them? Why other customers love your brand? Why this is different from your competitors? and also what problem does this solve for the customer?
To create content that grabs the attention you need to use the above ‘why’ and tell your story. You also need to personalise the content you post to match the interests of your target audience. To do this look at who else they connect with on social profiles, research similar brands and see what content this audience most engage with, utilise Google Analytics audiences, and in market segments, then take these learnings and create a content plan. Test which content you see the most uplift in and refine this to find the best combination. This strategy can be rolled out across all sales channels from emails to social ads.
Once you have their attention and have engaged them with content you need to convert them. A conversion isn’t necessarily a sale, a conversion can also be a booking or signup or even a call.
If we look at signups as a measurable conversion, you can argue this is one of the most important conversions there are. Once a user signs up to your database, as long as no incentive has been given for example a competition (stay away from attracting new users this way), you know that lead is interested and engaged enough with the brand to allow you to now directly market to them. Basically, they trust you and this is by far the most important relationship you can have with a customer. Put it this way would you rather have a quick conversion through a 50% off sale and no repeat business, or a customer who continues to shop with you in 50 years time but maybe takes longer to fully commit to a conversion in the first instance. Build trust and you will have a business model that will last.
Once you have this new lead added to your database you can directly personalise individual content that they like, and reach them directly with little or no spend, but with huge rewards to your business! Email marketing is still hugely profitable, Oberlo 2019 research shows for every £1.00 spent you can gain £32.00 back!
So how much is a lead worth to you…
Get in touch and see how we can kick start your lead generation journey today!
Published by: Vast Digital in Journal