589: Use These KPIs to Measure Every Stage of Your Funnel w/ Alex Lirtsman

ABOUT THIS EPISODE

In this episode we talk to Alex Lirtsman, Co-Founder and Chief Strategist at Ready Set Rocket.

This episode was based on this blog post.

There's a ton of noise out there. So how do you get decision makers to pay attention to your brand? Start a podcast and invite your ideal clients to be guests on your show. Learn more at sweet fish Mediacom. You're listening to the be tob growth show, a podcast dedicated to helping be tob executives achieve explosive growth. Whether you're looking for techniques and strategies or tools and resources, you've come to the right place. I'm James Carberry and I'm Jonathan Green. Let's get into the show. Welcome back to the BB growth show. We are here today with Alex Alerts Man. He is the CO founder and chief strategist at ready set rocket. Alex, how you doing today? I'm doing great. Thanks for having me on. I'm stick to chat with you today, Alex. we're going to be talking about the the traditional b Tob Marketing funnel against the more modern thing that I've been hearing a lot of people talking about recently, which is this idea of the customer journey and how do we map the customers journey? But before we get into that, I'd love for you to explain to our listeners. Just give them a little bit of contacts as far as what you and your team up to at ready set rocket. So thanks for having me on. We're all full service the true agency already we held brands and enterprises figure out how to both connect with their consumer all the way from Grand Awareness, speaking of a traditional funnel, all the way through. How do they stay engaged with a customer and really create a deep relationship with their customers? And so for us a lot of this is very funnel based, but it's also based on actual customer research and understanding. How does a brand really need to connect to really resonate with a customer through that entire customer journey? I love it so so, Alex, I want to start by talking about the traditional marketing funnel. Explain to our listeners...

...are going to how you think about the traditional marketing funnel and then we're going to get into why it's necessary for us to kind of evolve our thinking beyond that. But let's start with the marketing funnel itself. Well, I think the marketing funnels always been absolutely critical if you can start driving sales until somebody's aware of your brand, and the traditional marketing funnel always had a prominence of explaining in a really simple way that if you don't have awareness of your brand it's really hard to dry favorability and then consideration and then finally conversion our sales. So it served two purposes. One is sort of understanding how a frame up even the audiences that you want to talk to. How do you drive them all the way from awareness of sales? But the second thing, which I think drives a ton of value of looking at a traditional marketing fun will is kpis that are matched to specific stages of that funnel. So when somebody is talking about why is our social campaign not driving sales, it's easy thing for a marketer to look at a traditional funnel and say because of social campaign's probably or a brand awareness campaign is primarily focused on brand awareness. So if we want to hold that campaign accountable for its success, and probably wouldn't be sales and probably would be brand mentions or content shares or a visitors to our website, whatever sort of are more top of funnel metrics are. And so that was always and still has an incredible place in explaining a framework of how do we drive, how do we drive a consumer all the way from awareness to conversion. And then the second part is, as I mentioned, is assigning Kpis to every single stage of that funnel. Got It it. Talk to us more about as signing KPIS to every stage of that funnel. Can you walk us through some examples maybe, of what that could look like?...

Yeah, so typically, when we're starting out and somebody's not familiar with your brand, a lot of times before you could ask them to purchase something, and especially in the Bab context, they have to be familiar with the brand, they have to at least have heard about your brand before you can ask them to purchase. Most of the time you need multiple touch points. So, from an awareness standpoint, how many times has this unique user or this prospect, how many times have they seen our brand in the wild? Right, whether it's been on a display billboard, a shared piece of content, sort of whatever it is. Right. And then your track and Kpis around purely around brand awareness. And so it might be unique visits to our own properties, it might be content shares, it might be the number of social followers, brand mentions, whatever it is, right. So you need to make sure that somebody at a very high level is at least aware of your brand before you can start having start really truly prospecting them. And then from there, as you move on to okay, this is sort of something that I might have some interest in and based on the content that I've seen on their website, based on the videos I've seen, based on the newsletter that I'm receiving, whatever it is, I'm starting to think about this brand from a favorable perspective. You still might need to do a level of research and consideration, but at least they're part of your mindset and you have a positive connotation with their brand. So the KPI's that you're starting to track around us are a little bit more engagement focus and things that are driving a bit of favorability. And then from there, you typically we think of somebody is moving from favorability. They have they probably think of your brand favorably and the were there now starting to really do a little bit deeper research and consideration. So for beterb brands, it's a lot of white paper downloads. Are Probably doing some demos there. They might be jumping on a Webinar, might be an...

...online chat, they might be opening up email, sharing emails, that kind of thing, and that's when they're really sort of deep in this consideration base. And again, if you're running an email marketing program, you shouldn't be focused on well, is my email marketing program, which is doing a fantastic job probably in driving consideration? Is that email marketing program generating sales? That would probably be a little premature for the your email marketing program to be doing that for you, but it can absolutely drive consideration right and you should be measuring consideration appropriately, having some primary KPI's or benchmarks that you want to hit that are really focused on consideration before you move into a traditional conversion event. And that traditional conversion event is typically how many, how many forms submissions or contact form submissions am I getting? How many phone calls am I getting from the site? Right? And so maybe you're using a tracking phone number so you can see all the touch points that led there. But still, along the way, what you're what you're focusing on is, by this point there have been multiple things that happen along this funnel that have that have gotten you there right, and so how you are optimizing your forms towards your KPI of form submission, and that's that becomes your primary KPI for this part of the funnel. I love the idea of having specific KPIS for every part of your funnel. But I want to spend the rest of this interview Alex, talking about kind of the transformation toward a customer journey mapping. Can you talk to us about kind of what are the shortcomings of kin of the traditional funnel and how has that been segued into the importance of customer journey mapping? So there...

...has been an evolution. Obviously consumers are more informed because they have greater access to useful information, and so the typical funnel of somebody's going through the motions that I just thought stressed. That still needs to happen, but it can happen in a much more rapid iteration. It does. It might happen the same day. You're still sort of exposed to the brand and then you're going through the journey, but you're as a as a consumer. You're going through that journey at your own pace, right. And so what the funnel does a great job of is it creates a framework. It allows you in organization explain how a customer, how a customer first becomes aware, all the way down to conversion. But that doesn't really. But the flip side of that, it's about your marketing organization. It's not about the customer. Right. So if we're sort of if we're moving away from this age of one way of communication and it's about dialog and it's about relationships versus leads and it's a little bit it becomes less transactional in nature. The customer journey is sort of this evolution from taking a funnel into really adapting it to how is the customer really engaging with our brand? So forget about my needs as an organization or how I believe he or she should be marketed to. It's about, well, how does this really work for death? And it's very agnostic of my needs as as a company, right, and so it's putting that user first. And I think obviously traditional funnel easy way for businesses to categorize Kpis align them high level business objective. For the cons are it's super oversimplified for construct consumer behavior and purchase behavior is also rarely linear. So the process I walk to you through, that's an ideal process when you're having this sort of as a marketing organization. This is how we think, but the focus is a still on the business. That's not on the consumer and the end goal is...

...the purchase and the sale or the transaction and it's really not focused on sort of what is happening post that lead, right, and so the customer journey really is a way of having an evolution from that and having that focus on a holistic a customer life time value or how are you managing that relationship all the way through? Its user centric in nature, so you could also gain greater insights out of it and you can focus, as I mentioned, on the user experience, their mindset, their motions as they navigate the journey. I love it. Could you walk through maybe an example of either client of yours or I'd love to hear a tangible example of the shift from thinking about it only from the traditional funnel perspective into really mapping out a customer journey. Yeah, so I think this supplies to pretty much every single customer that we're engagement. I think a lot of times where we're brought in they are trying to solve a challenge or problem. The challenge is usually impacting a specific part of the of the funnel and so the conversation is always starts with we are not getting in most a lot of times it's we're just not driving enough leads right, and so typically the conversation that's had is, okay, if we could only do two things, can we widen the funnel so we can drive more leads through, and can we fix the funnels? So it's working harder for us and we're sort of evolution has come about. One example is we work with large media media company, third largest media company in the US, and so when they came to us, it was their anticipation is we would do two things for them as we would widen the funnel so they can communicate their value and they're offering and their reach to more media buyers, media planners,...

...and then maybe sort of create a program to fix that through marketing, ournimation, things like this. And so we came back to them with is, well, that's a right thinking, but maybe what we need to do is sort of understand what the customer actually wants before we introduce our biases. And it's very easy to sit in the boardroom or even as an agency and think that you understand the customer, think that, based on some high level researcher insides, that you really understand their journey and so typically. So what we did was we actually broke down that journey of all of the things that need to happen before somebody submits a lead. And so, from an analytics perspective, what are all of the pages that were touched before somebody ever submitted a lead? What are how many times that they actually interact with any of their properties, both website properties, web in ours, every single part of their relationship before they before they became a client. And so, coming at this from the users perspective, from both and an analytics and they see our M perspective, joining both identified an unidentified data to say this is what their journey actually looks like before we start tweaking any part of that journey. Is the most critical piece. And then you were really able to take their mindset in, and I think it's it's a pivoted mindset more than anything else, to sort of think about it from a customer perspective versus from yours. So, when I was talking about earlier, of all of the pieces of that funnel, if you were to rebuild is as a customer journey and awareness, we're really focused a lot on content marketing. You might have some tangential searches that have nothing to do with your brand, that are driving people to discover your brand. You're thinking about sort of like prospecting campaign's right, but like those are things that we would never even think about unless we actually took a...

...step back and say, okay, well, for our court of leads and relationships that have turned into substantial relationships, what what is the process that they went through? And so can we then optimize the journey so that process become be replicated? Yeah, so that process can be replicated and highly scalable. And I think sort of this world a lot of times we're thinking about this as all right, what do we think is the right solution, versus thinking about it is like what has the customer actually demonstrate it was the right solution to drive a long term relationship? And then how do we scaled, optimize and scale that forward? Alex, this has been really, really helpful. If there's somebody listening to this they want to stay connected with you or they want to learn more about ready set rocket, what is the best way for them to go about doing both of those things? So I'm Alex, already set rocketcom but I will say that, based on what we just talked about. will put up a quick article that sort of summarizes everything. If you go to beater be journey that ready set rocketcom, you can see sort of that evolution from a traditional funnel which I as I said, still important, to the customer journey based way of thinking. It's a BATB journey that ready set rocketcom, and then feel free to shoot me an email if you have any questions. Alex already said rocketcom. I love it, Alex. thank you so much for your time today. This has been fantastics. I really appreciate it. Thank you. Thank you. To ensure that you never miss an episode of the B Tob Growth Show, subscribe to the show in Itunes or your favorite podcast player. This guarantees that every episode will get delivered directly to your device. If you'd like to connect with B tob executives from all over the world, make sure to join our private facebook community. There are some incredible conversations happening inside this group. To Join, Visit Bob Growth Showcom...

FB. Thank you so much for listening. Until next time,.

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