Archive for Lead Generation

How to Create a Compelling Lead Magnet

lead magnet

One of the basic principles of modern marketing is to provide information that potential customers who meet our ideal customer profile will 1) be able to find 2) “purchase” our information using the currency of their contact information and 3) give us permission to continue sending them relevant content.

In Duct Tape Marketing we often refer to this information as a Point of View whitepaper (or eBook). Infusionsoft calls is a “lead magnet”. Others refer to it as a bait piece or an opt-in offer. No matter what name you give it, the goal is the same – to get people to “buy” your offer using the currency of their contact information.

As this practice has become more widespread, the value of a prospect’s contact information has risen substantially. As marketers, we need to also raise the value of the content we provide. Offers of “sign up for our newsletter” are no longer valuable enough. We need to provide information that helps prospects solve the problems they are facing.

So how do you create an educational information piece that people will be willing to buy with their contact information? Chances are you and/or your sales people are providing this type of educational information in your everyday conversations. Here are some example topics that you can use for creating your bait piece:

What are the common questions people ask about your products and services at networking events and sales calls?

What questions do you wish they would ask but don’t? Early in the buying process prospects often don’t know what they don’t know – here is your chance to help them out.

What are the frustrations people have when they buy from your competitors? Related to the item above, what information can you share with prospects to help them find relief or avoid these frustrations in the first place?

What are the different approaches to solving the problems you solve? What are the pros and cons of each approach? How should a prospect decide which is the right approach for them?

What are your prospects underlying goals? How will your products and services help them achieve those goals?

What are your prospects curious about or trying to learn?

The idea of creating a whitepaper or eBook may sound like an intimidating task, but, as I mentioned above, you already have valuable information to share. In order to share that information in a more scalable way, you just need a slightly more formal way (write it down, record a video, etc.) of delivering it.

If you don’t have one already, take a stab at creating your information piece today. If you would like a second opinion, feel free to send it to me and I’ll be happy to review it for you.

Photo credit:  National Library NZ on The Commons on Flickr

How To Calculate the Value of a Website Conversion

monetary value

Identifying the monetary value of your website visitors is an important step to evaluating and improving the effectiveness of your online presence. Creating goals and assigning values to those goals is how you connect the resources you put into creating your total online presence to your business goals. In the last post we touched briefly on assigning values to your goal conversions, this post provides some additional ideas on how to go about calculating your goal values.

You don’t have to sell products and services directly on your website in order to track the value of goal conversions on your website. Most professional service providers and B2B companies have several “mini conversions” that their customers complete before making a purchase – downloading brochures, attending webinars, scheduling a free consultation, etc. Since we don’t have a sale price to use for these conversions, we just need to calculate a value for the goal.

The “ideal” method for calculating the monetary value of a goal conversion on your website is to divide the lifetime value of your typical customer by the number of goal conversions it takes to land a new customer. For example lets say that:

  • 1 out of every 800 people who download an eBook from your website ends up becoming a customer
  • The lifetime value of that customer is $5,000

The value you would assign to the goal conversion of an eBook being downloaded would be $5,000/800 = $6.25

Now, as a small business owner, you may not have been collecting the data you need for this “ideal” calculation. Should you wait until you have the data before calculating values for your goals? No. There are many ways you can calculate the monetary values you assign to your goals. My recommendation is to assign a value, start tracking your data, and refine your estimates as you learn more from the data you collect.

If you don’t know the LTV of a customer you can use your average sale amount or the price of your typical sale. If you have a wide range of products and services, you may (over time) tie the value of the sale to the goal that is converted. For example, people who sign up for your webinar may typically purchase a $99 dollar workbook while those who request a free consultation may typically purchase a $10,000 coaching engagement. In this example, tying the value to the specific goal conversion will give you a better measure than using an average sale.

If you don’t know the percentage of visitors who become customers, you can find a starting point by Googling “average conversion rate by industry”. You will find conversion rates ranging from 2% to 10% and higher.

For many small business owners, it is easier to skip the formal calculation and assign a starting value based on experience and/or gut feel. You could assign a value based upon:

  • Prices you have paid for purchasing mailing lists
  • Prices you have paid for pay per click advertising
  • Price you would be willing to pay for a qualified visitor

Don’t worry about assigning the perfect value to your goal conversion; assign a value, start measuring, and build the habit of reviewing the data, adjusting your estimates, and continuing to improve.

If you don’t have any data to begin with, start by assigning one value to your goal or goals. As you continue your reviewing and planning processes you can begin to refine your goals and goal values based on product types, traffic sources, keywords, and other factors.

AdWords Announces Enhanced Campaigns

google adwords

Earlier this week,  Google announced a set of improvements to AdWords they are calling enhanced campaigns.

The announced changes help deal with the reality that people use different devices (and often switch from one to the other throughout the day) to communicate and shop. They want results that are relevant to where they are, what they’re doing, and when they’re doing it.

Enhanced campaigns make it easier to customize ads and adjust bids depending on your customer’s location, device, and time of day. Here is an example from the Adwords post that illustrates how this type of flexibility can help a breakfast café:

A breakfast cafe wants to reach people nearby searching for “coffee” or “breakfast” on a smartphone. Using bid adjustments, with three simple entries, they can bid 25% higher for people searching a half-mile away, 20% lower for searches after 11am, and 50% higher for searches on smartphones. These bid adjustments can apply to all ads and all keywords in one single campaign.

It appears that these “new” features are more of a consolidation of existing features – meaning you will now be able to do things in one campaign that in the past may have required multiple campaigns (i.e. one campaign for desktop searchers and a separate one for mobile). This should save time and make life a little simpler for small business advertisers.

You can learn more about AdWords Enhance Campaigns here.

How to Use LinkedIn’s New Alumni Mapping Tool

linkedin logo

How well do you leverage your alumni network?

LinkedIn has long provided ways for you to search for and connect with fellow alumni. The new alumni mapping tool makes it easier to start with your pool of alumni (or alumni from a different school) and then drill down to find people with the connections and/or skills you are looking for.

The alumni mapping tools gives you a variety of ways to “slice and dice” alumni data. By default, LinkedIn filters the list by the schools and years of attendance from your profile. Using the dropdown selectors at the top of the page you can select either years attended or graduated. The “Change Schools” button allows you to view other schools you attended or any other school:

linkedin-alumni-select

The next section of the tool provides you summary categories about the alumni group.

linkedin-alumni-categories

Categories include:

  • Where they live
  • Where they work
  • What they do
  • What they studied
  • What they are skilled at
  • How you are connected

Clicking on a category adds a filter, narrowing the connection results. Filters can be used in combination (where they live + what they do). You can view (and clear) your filters in the light gray bar underneath the attendance selectors:

linkedin-mapping-filters

Below the categories section you will see the “cards” of connections matching your criteria.

This post on the LinkedIn blog provides some example of how you can use the new alumni mapping tool to tap your network to get advice related to choosing a college or major as well as finding a new job.

The alumni mapping tool can also be a great way for small business owners to enhance their networking efforts. Here are just a few examples:

  1. Using the “Where they live” and “What they do” or “What they are skilled at”, you can find local vendors for goods and services you need.
  2. Similar to #1 above, you can find alumni who make good strategic referral partners for your group.
  3. Do you have a list of companies that represent “dream customers” for your business? Use the “Where they work” filter to find a possible introduction.
  4. Travelling out of town for business? Get recommendations on where to stay or where to eat from fellow alumni.

Those are just a few possibilities – share your tips and ideas for using the LinkedIn Alumni Mapping tool in the comments below.

How to Filter Connections on LinkedIn

[scroll down for a video demo of the steps in this post]

Have you ever tried to review someone’s LinkedIn contacts before a networking meeting to see if they know anyone you would like to meet?

If so, you’ll know that it can be difficult because most people active on LinkedIn have 100 or more connections (some have many more). Paging through their contacts 10 profiles at a time can be time consuming, particularly if you have to click through to the individual profiles in order to find basic information like their geographic location.

So what do you do? Recently I ran into some folks assigned the tasks of reviewing profiles to their admins or virtual assistants. Others have downloaded their contacts to an Excel spreadsheet and provided them to their strategic partners who could then use functions in Excel to sort and filter the data.

In most cases, you can save yourself a lot of time by taking advantages of LinkedIn’s search feature and the search related filters. The biggest trick to this can be finding the right starting place. I’m sure there is more than one way to do this, but the easiest way that I have found is to:

  1. Start by going to Advanced Search – click on “Advanced”, just to the right of the search box at the top right corner of the page.
  2. Enter the first and last name of the person whose connections you would like to view. Click the search button.
  3. Find the person you are looking for in the search results. Each search result consists of a “box” of information. At the bottom of the box you will see an indication of the total connections that person has. Hovering your mouse over that number should reveal a tool tip that says “View all connections” – click on that link.
  4. You should now be viewing a search results page displaying all of the connections for the person your began with. Look on the left hand side of the page and you will see a series of filters (check boxes, text boxes, etc.) that you can use to narrow down the search results. The number of filters you can use will depend upon whether you have a free or premium (paid) LinkedIn account. If you have a free account, you will be able to narrow the results using the following filters:
  • Company Name
  • Connection Level
  • Location
  • Industry
  • Past Company
  • School
  • Profile Language

If you have a premium version of LinkedIn, you can also filter the your search results by:

  • Group Membership
  • Years of Experience
  • Function (Sales, Finance, etc.)
  • Seniority Level (CxO, VP, etc.)
  • Company Size
  • Fortune 1000
  • Recently Joined

Let’s pretend I’m meeting my friend Dan (I use Dan in the sample video below) to determine how we can help each other grow our business, specifically, if we can introduce one another to prospects we would like to meet. Rather than trying to wade through Dan’s 500+ connections, I can use the search filters to come up with a very targeted list of people he knows that I would like to meet.

Let’s pretend that I only want to meet local people (I don’t but we’ll pretend for this post). The first thing I might do is check the Kansas City box in the location area of the filters. With a premium account, I could also narrow the list down to owners, presidents, and vice presidents if that is my target market.

Another thing I like to do is check the “2nd Connections” box. I found this a little confusing to begin with, but what this does is remove the people in Dan’s contact list with whom I already have a 1st degree connection. This works because the connections filter refers to my 2nd connections, not Dan’s.

Here is a short video demonstrating this:

Now that you know how to filter an individual’s connection list, hopefully you can spend less time preparing for you one-on-one networking meetings and more time making business building connections.

Generating Big Word of Mouth By Focusing on the Little Things

lady giving a referral as a secretGenerating new business through word of mouth and referrals is still an important component of an effective small business marketing system.

It is easy to fall into the trap of thinking it requires a big, involved, and expensive marketing campaign to create a remarkable business that generates new business from word of mouth (or buzz).

The truth of the matter is, it’s often the little things we do consistently that can create the biggest buzz.

Recently I overheard a conversation at Panera that illustrates this point. Two guys sitting next to me were talking about a variety of topics when one of them asked the other if he knew a particular dentist (the 2nd guy did not). He went on to explain how this particular dentist always made sure that he played his patients favorite type of music during their appointment.

And then the second guy exclaimed

“Now that’s customer service!”

He followed up by asking all sorts of questions about the dentist. Did he specialize? Where was he located? Was he taking new patients? I’m sure both of those guys told that story at least one more time each that day.

Hearing this reminded me of a similar story. When John Jantsch talks about referral marketing and creating a “talk-able” difference, he shares a story about a financial services company whose has his clients’ cars detailed right out in the parking lot when they come in for their annual review.

I know another financial planner who records her clients favorite beverages in her CRM system so she can have them ready when the client comes to visit.

Each of these examples helps create a memorable story that is easy for people to share. And none of them are terribly expensive.

Are there similar things that you can do in your business that would help people share their experiences working with you and make it easier for them to talk about you?

There may be “little things” that you do already, but maybe don’t do them consistently because they are not part of a system yet.

Sometimes you can create a talk-able difference just by going a little bit beyond what “would have been enough”. For example:

  • Making a phone call when an email would have been good enough
  • Giving a cash refund when a credit would have been good enough
  • Introducing two of your business contacts over lunch when just introducing them through LinkedIn would have been good enough
  • Sending a book to a customer when telling them about it would have been good enough

Or you could do something small but unexpected. Is there a stereotype or stigma that is typically associated with your business or profession? What can you do to break it or make yourself stand out as an exception?

Do you have an example of something you do (or have witnessed) that creates buzz? Please share it below.