Marketing Rx: 10 Strategies to Diagnose Your Funnel

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MARKETING RX10 Strategies to Diagnose Your Funnel

Ellie Mirman@ellieille

VP Marketing, Toast

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• Start with the Basics

• Strategies to Measure Quantity

• Strategies to Measure Quality

• Strategies to Measure Execution

• Strategies to Measure the Market

AGENDA

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START WITH THE

BASICS

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1 KNOW YOUR INGREDIENTS

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High Level

Quantity Execution

Quality Market

Detailed Level

Campaign/Source Sales Team

Demographics Capacity

Product Contact Medium

What can influence results?

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Know Your Funnel Stages

Phase 1

Collect Underpants

Phase 2

?

Phase 3

Profit

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2 SIMPLIFY

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Single Source of Truth

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VS.

Group Smaller Like Items

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72.385127892%

Skip the Decimals

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Choose the Right Visualization

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STRATEGIES TO MEASURE

QUANTITY

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3 ANSWER ALL THE WHY’S

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Why caused the paid media customer acquisition increase?

Find a Cause for Every Effect

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a) Paid media lead volumeNot really.

b) Win rate improvement rateYes!


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a) Paid media lead volumeNot really.

b) Win rate improvement rateYes!

c) Which step in the funnel improved?Lead-Opp conversion rate.

d) Etc.


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QUALITY

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4 MEASURE EACH INGREDIENT’S FUNNEL

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Organic Paid

Visits 10,000 7,500

Leads 525 850

MQLs 260 640

Opportunities 200 320

Customers 100 80

Revenue $200,000 $176,000

Visit-to-Lead % 5% 11%

Lead-to-MQL % 50% 75%

MQL-to-Opportunity % 77% 50%

Opportunity-to-Customer % 50% 25%

Revenue per Customer $2,000 $2,200

Net Lead-to-Customer % 19% 9%

Side-by-Side Funnels

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Lead-to-Customer % Indicator

Average 13% -

3-10 Website Visits 27% Positive

>10 Website Visits 10% Negative

Visited Pricing Page 13% Neutral

Viewed Case Study Video 23% Positive

Viewed 2+ Case Study Videos 35% Positive

Visited Blog 18% Positive

Subscribed to Blog 13% Neutral

Visited Careers Page 5% Negative

Etc. Etc. Etc.

Etc. Etc. Etc.

Etc. Etc. Etc.

Influenced Funnels

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5 LOOK AT CONVERSION RATE VELOCITY

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The speed at which a prospect converts to the next stage of the funnel.

This allows you to:ü Measure apples-to-apples conversion rates

ü Measure quality in terms of impact on velocityü Not wait the full sales cycle to measure results

“Conversion Rate Velocity”

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“Conversion Rate Velocity”

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CONSIDER THE “NEGATIVE SPACE”Problem vs. Opportunity

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Sales vs. Funnel Productivity

Problem vs. OpportunityLow Converting

Lead SourceLong Average Sales Cycle

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EXECUTION

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6 EVALUATE THE FUNNEL BY SALES TEAM

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Side-by-Side Funnels

West Central East Total

Leads 525 400 650 1,575

Opportunities 150 130 320 600

Customers 50 50 120 220

Lead-to-Opportunity% 29% 33% 49% 38%

Opportunity-to-Customer % 33% 38% 38% 37%

Net Lead-to-Customer % 10% 13% 18% 14%

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Control for Quality


Leads 252 200 520 972


Customers 40 40 96 176

L-O % 40% 45% 49% 46%

O-C % 40% 44% 38% 39%

Net L-C % 16% 20% 18% 18%

Organic Only


Leads 273 200 130 603


Customers 10 10 24 44

L-O % 18% 20% 49% 26%

O-C % 20% 25% 38% 29%

Net L-C % 4% 5% 18% 7%

Paid Only

% Organic 48% 50% 80% 62%

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7 CAPACITY AND TIMING

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Impact of Capacity

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Impact of Timing

If you follow up with web leads within 5 minutes, you’re 9 times

more likely to convert them.Source: InsideSales.com

9x

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Impact of Timing

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8 CULTURE AND GOALS

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• Clear goals, transparently & consistently visible

• Leverage incentives & comp plans

• Compete against coworkers or as a team

Sales Team Competition

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Sales Team CompetitionGoals & Tracking

EstablishedGoals & Tracking

Established

Summer Activity Contest

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THE MARKET

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9 CHANGES IN OVERALL DEMAND

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ØSearch volume

ØSurveys and interviews

Ø Industry stats

Evaluate Overall Demand

73% of Restaurants Want to Upgrade Restaurant Technology within the Year

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10 CHANGES IN THE COMPETITIVE LANDSCAPE

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Competitive Win Rate

Evaluate the Impact of Competition

Inbound Demand

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LET’S RECAP THE

TAKEAWAYS

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#1 GET IN THE HABIT OF REGULAR CHECKUPSMake it easy to get a pulse on your

funnel performance.

ü Consider all the factors: quantity,

quality, execution, market, etc.

ü Define the funnel stages

ü Have a single source of truth

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#2 KNOW YOUR DIAGNOSTIC TESTSAsk and answer all the “Why’s”.ü Compare funnels side-by-sideü Make sure to look at data apples-

to-applesü Consider everything from lead

gen campaigns to sales capacity to market dynamics

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#3 MEASURE, ANALYZE, ACT, REPEATIn other words, get into a habit of iterating based on your learnings.ü Use regular checkups as a

starting place, with drill down analysis as needed

ü Focus on what you can learn so that you can improve

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THANK YOU.

Marketing Rx: 10 Strategies to Diagnose Your Funnel

Marketing

Transcript of Marketing Rx: 10 Strategies to Diagnose Your Funnel