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Converting Leads: Q&A with Reid Carr
Our President/CEO, Reid Carr, sat down with us and discussed the process of converting leads.
You Captured a Prospect’s Interest…Now What?
Finding new and creative ways to get in front of consumers with the right messaging at the right time is critical for any successful marketing campaign. But what happens after that? We ask our CEO Reid Carr, about how to develop a more efficient funnel.
There’s a lot of chatter in marketing circles about how to garner initial interest. Is it too much?
Not really, but the conversation shouldn’t end there. Many companies are doing well on the first part of this strategy – gaining awareness and interest. Marketers are intently focused on optimizing the initial message and obtaining a good response rate from potential customers as a result. That’s great, but it’s not enough. There’s plenty more to be done before that lead is converted into a sale. The crucial mistake many organizations make is in optimizing the initial message, but not managing the experience through the buying process. Media dollars are spent filling the top of the pipeline, but holes in the funnel are letting transactions slip away.
Sounds like there’s a lot of money being wasted in the process. Can this be fixed?
Oh yeah. The good news is that there is a method to combat these leaks, and earn more of those lost dollars back. By managing the consumer experience through testing and conversion optimization, marketers can achieve more with the money spent on media. Consider this: if a conversion rate is improved by 50 percent, then only half the media dollars are needed to garner the same results—that’s a lot of money saved, which can be used to further fill the more-efficient funnel.
How should organizations go about this?
For truly efficient media spending, marketers must pay the same attention to optimizing the entire customer experience beyond the initial ad buy. Their field of vision must be as crystal clear with landing pages, website and in-store experience as it is for the creative, messaging and media placements that secured the lead in the first place. With initial expectations set, the real trick is to continue to meet – or better yet exceed – them throughout their engagement to the point of converting that prospect to a sale.
In addition, organizations and their marketing team could be of great value by optimizing the post-sale experience, turning that one sale into a lifetime of lucrative, profitable revenue. While this is not necessarily a new concept, the idea of engaging a customer and tracking their needs throughout will reap big rewards to the bottom line.
What’s the mindset shift marketers need to make to be effective in converting interest effectively?
As marketers continue to evolve with the increasingly complex customer life cycle, we’ll need to refocus on making the most of our efforts and alter the current thinking of “media as a means to an end.” By committing to aligning resources and managing the experience, we can ultimately get to more of holistic and higher profits.