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How to do Post-Covid digital marketing to grow sales quickly
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Numbers First
Congrats, your business is just the right fit for digital marketing! You are encouraged to embark on a multi-channel approach covering different platforms and formats. For example, showing videos ads on Youtube and remarketing them on Facebook for conversion, or vice versa.
Your processes are established and you can turn cold leads into warm customers pretty efficiently. Your only challenge is probably in scaling up campaigns that work. The cost tends to shoot up fast as you scale campaigns. Knowing your numbers is the crux.
For businesses in this category, here’s a common dilemma: Is it better to have 100 average leads or 10 hot leads? In other words, should you go for quantity or quality of leads?
Unlike what most people think, quality is not always better. We are working with more than 100 SMEs in their digital marketing campaigns and some companies prefer quantity over quality, for a good reason. Here are 3 considerations.
1) Sales capacity
If you have a large sales team with a strong sales DNA, you will do better with quantity rather than quality. What does it mean? Let’s say your team went through a lot of sales training and talk about sales day in and day out, they can pretty much sell ice to Eskimo. You don’t have to do filtering of leads for them; they can turn cold leads into hot leads with their eyes closed. You just have to give them as many leads as possible and let them do their magic. One of the businesses we work with has a team of 16 sales people with no basic pay. He needs to feed them with a lot of leads to keep them busy so that they will not consider other job opportunities. We generated 400-500 leads every month for his business and they grew from 16 to 80 people strong.
In other words, you should go for as many leads as possible if your organization is sales driven. On the other hand, if your business is not sales-driven, for eg,in a law firm or a tuition center, your sales is done by the specialist who is the lawyer or the teacher. In this case, then you need to go for quality of leads. Otherwise your team of specialists waste a lot of time and resources filtering through all the leads.
2) Industry saturation
If you are in an industry that is very saturated, then it is harder to convert the leads you generated. They tend to forget about your business quickly after they opted in because there are many alternatives. This means that you will have a hard time following up with the leads unless you increase the quality of the leads.
Based on your quiz results, your business has a differentiation in the market. This allows for the possibility for systemizing and automating part of your sales process. For example, you can look into setting up an online payment gateway to collect the fees of your trial package upfront to secure the customer.
3) Growth Plan
A handful of visionary companies we work with have done their math already. They know that they will keep making money as long as they keep their cost per customer acquisition(CPA) under X dollars. As such, they work backwards and tell us that as long as we deliver cost per lead under $120 tops, then we can spend infinite amount of money! This means we can keep scaling the campaign as long as the cost per lead is under $120. As a result, we ended up scaling the campaign to $30-40k every month. As a result, their company grew very fast within a short span of time! They don’t even need any funding. The money they earned from each customer is ploughed back into the budget to acquire the next customer. This is the idea of client-financed acquisition. This is possible because they know their numbers.
Ultimately it is not just about getting more leads for the sake of more leads. Your digital marketing strategy should fit in with your business plan, not the other way round.
You should calculate the right number of leads that is optimal for your business. The number of leads will be based on the LifeTimeValue of your customer and your sales team closing rate. Consider this formula:
ROI=(LTV)Lifetime value / (CPA)Cost per acquisition.
If you generate too many leads, then it will be a waste if your sales team cannot handle them and closing rate drops.
If you lean towards quality, then the cost per lead must be justified. You have to work out the numbers. But fret not, you can enquire for a free consultation to do a financial projection for your business and determine the right strategy in digital marketing. This is purely an informational session to learn more about the technology we are using and find the right approach for your industry. We have case studies for most industries in Singapore, so you can fill in the form below to find out more and secure your free consultation
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