In this article I’m simply reacting to a shift we’ve seen for Q2, 2019.
While KPIs are vital to your marketing initiatives, this article more about mindset and fixing what’s broken than analyzing numbers.
You’re heard traditional marketing is broken. You’ve heard that for at least a decide. Let me say digital marketing can be broken also.
Yesterday we had an internal pow-wow about the trend I'm about to discuss. I think what I’m about to share is THE trend for the moment, and probably will be a formidable trend heading into 2020 / 22 etc. and beyond.
Back in 2016 and before, most companies simply wanted more leads, period. This is the context of most of the ads from marketing agencies you still are seeing.
These are marketing agencies or freelancers trying to bait you into signing with them so you can get tons of cheap leads, cheap sales, cheap memberships, etc. But is this all you want?
The landing pages for some of these lead magnets take less then a minute to create in ClickFunnels, for example:
Hot in 2016 and prior, this was the type of promos agencies used to try to attract companies.
Then in 2017, while companies still wanted leads, we noticed many were calling for “better leads.” SQL’s basically—“sales qualified leads.” Savvy company owners were growing tired of wearing out their sales teams with "junk" leads.
2018—Q1 - Q3
In 2018, while companies still wanted SQLs, some were saying, “Forget that. I want customers. I don’t care how many leads you can deliver. I want customers.” We had to take a hard look at sales processes and try to assess what a good close ratio looked like.
Then toward the end of 2018 we noticed another turn. Not only were many companies calling for customers, they were looking at customer retention as well. This would be the KPI “churn rate” or better, LTV: “If I get a new customer, what’s the revenue of any repeat purchases going to be over time?”
What’s it Take to Grow Today?
If leads were flour, how would you bake a cake? Can you bake a cake with just flour? Nope. You need the rest of the ingredients.
In business, if you’re going to rise (sorry for the baking analogy) above the mundane, you need the whole cake.
This means branding affinity, USP, differentiation, and here we go: treating the customer as your best friend—you’d do anything for him or her—saying you’ll go the extra mile and actually doing it—and feeling their pain as if it were your pain. Admitting you don’t know it all. But knowing people who do know it. Being willing to be vulnerable, real, passionate—even when it could cost you a sale.
This is the shift you need to make. And it could cost you—time, money, blood sweat and tears. But what is the value of what I just said? You cannot measure it.
The bigger companies crave relationship. They want to be able to pick up the phone, share something, and see nothing less than a military-like fervor being assembled to solve for them.
I mean one phone call, not many. And your SF agency needs to run it all — Google, FB, Insta, Content, even print if needed, even IT if needed.
The Truth and Only the Truth
Your numbers won’t lie. If you’re thinking of making a marketing decision and your numbers look good but you're reading this and you haven't made the decision then something else is messed up.
You can forecast results by knowing the numbers. I mean all of them, including things like who your competition is and what they’re doing. You need to know your capacity and how to react if you were suddenly to get more business.
If you are stuck in a decision-making closed loop and all the numbers look good but you can't make a more, then you're listening to fears, doubts and lies. This is a mindset issue.
Who's not telling the truth? #1, is you. Your chief enemy is procrastination based on the little lie that says, "what if it doesn't work?" Even with a “performance-based” plan, you still have to pay and you still have to assume some risk.
Who else won’t want you to take a risk? Your financial adviser may not. Your risk management department may not.
Combining too conservative financial planning, too conservative risk mgmt., and having an inflexible (non-agile) mindset probably contributed to the recent MailChimp and Shopify breakup. We build on Shopify, but we’ve never recommended MailChimp although some of our clients use it. I doubt if Shopify will suffer at all.
So, to move forward you need to kill those giants. If your KPIs are showing a lot of room for improvement, don’t just keep doing the same things.
Here’s a tip: If you find something you think may work for you and you wait more than 48 hours to make the decision, you’ll talk yourself out of it.
What are you waiting for?