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'relooking for techniques and strategies or tools and resources, you've come to the rightplace. 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 AlertsMan. He is the CO founder and chief strategist at ready set rocket. Alex, how you doing today? I'm doing great. Thanks for havingme on. I'm stick to chat with you today, Alex. we're goingto be talking about the the traditional b Tob Marketing funnel against the more modernthing that I've been hearing a lot of people talking about recently, which isthis 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 ourlisteners. Just give them a little bit of contacts as far as what youand your team up to at ready set rocket. So thanks for having meon. We're all full service the true agency already we held brands and enterprisesfigure 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 theystay 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'salso based on actual customer research and understanding. How does a brand really need toconnect to really resonate with a customer through that entire customer journey? Ilove it so so, Alex, I want to start by talking about thetraditional marketing funnel. Explain to our listeners...

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

Yeah, so typically, when we'restarting out and somebody's not familiar with your brand, a lot of times beforeyou 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 heardabout your brand before you can ask them to purchase. Most of thetime you need multiple touch points. So, from an awareness standpoint, how manytimes has this unique user or this prospect, how many times have theyseen 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 soit might be unique visits to our own properties, it might be content shares, it might be the number of social followers, brand mentions, whatever itis, right. So you need to make sure that somebody at a veryhigh level is at least aware of your brand before you can start having startreally truly prospecting them. And then from there, as you move on tookay, this is sort of something that I might have some interest in andbased on the content that I've seen on their website, based on the videosI'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 mightneed to do a level of research and consideration, but at least they're partof your mindset and you have a positive connotation with their brand. So theKPI's that you're starting to track around us are a little bit more engagement focusand 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 probablythink of your brand favorably and the were there now starting to really do alittle bit deeper research and consideration. So for beterb brands, it's a lotof white paper downloads. Are Probably doing some demos there. They might bejumping on a Webinar, might be an...

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

...has been an evolution. Obviously consumersare more informed because they have greater access to useful information, and so thetypical funnel of somebody's going through the motions that I just thought stressed. Thatstill 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 ofexposed to the brand and then you're going through the journey, but you're asa 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 createsa framework. It allows you in organization explain how a customer, how acustomer first becomes aware, all the way down to conversion. But that doesn'treally. But the flip side of that, it's about your marketing organization. It'snot about the customer. Right. So if we're sort of if we'removing away from this age of one way of communication and it's about dialog andit's about relationships versus leads and it's a little bit it becomes less transactional innature. The customer journey is sort of this evolution from taking a funnel intoreally adapting it to how is the customer really engaging with our brand? Soforget about my needs as an organization or how I believe he or she shouldbe 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 easyway for businesses to categorize Kpis align them high level business objective. Forthe cons are it's super oversimplified for construct consumer behavior and purchase behavior is alsorarely linear. So the process I walk to you through, that's an idealprocess when you're having this sort of as a marketing organization. This is howwe think, but the focus is a still on the business. That's noton the consumer and the end goal is...

...the purchase and the sale or thetransaction 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 anevolution from that and having that focus on a holistic a customer life time valueor how are you managing that relationship all the way through? Its user centricin nature, so you could also gain greater insights out of it and youcan focus, as I mentioned, on the user experience, their mindset,their motions as they navigate the journey. I love it. Could you walkthrough maybe an example of either client of yours or I'd love to hear atangible example of the shift from thinking about it only from the traditional funnel perspectiveinto really mapping out a customer journey. Yeah, so I think this suppliesto pretty much every single customer that we're engagement. I think a lot oftimes 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 sothe conversation is always starts with we are not getting in most a lot oftimes it's we're just not driving enough leads right, and so typically the conversationthat's had is, okay, if we could only do two things, canwe widen the funnel so we can drive more leads through, and can wefix the funnels? So it's working harder for us and we're sort of evolutionhas 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 wewould widen the funnel so they can communicate their value and they're offering and theirreach to more media buyers, media planners,...

...and then maybe sort of create aprogram to fix that through marketing, ournimation, things like this. Andso 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 customeractually wants before we introduce our biases. And it's very easy to sit inthe 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 understandtheir journey and so typically. So what we did was we actually broke downthat journey of all of the things that need to happen before somebody submits alead. And so, from an analytics perspective, what are all of thepages that were touched before somebody ever submitted a lead? What are how manytimes 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 becamea client. And so, coming at this from the users perspective, fromboth and an analytics and they see our M perspective, joining both identified anunidentified data to say this is what their journey actually looks like before we starttweaking any part of that journey. Is the most critical piece. And thenyou were really able to take their mindset in, and I think it's it'sa pivoted mindset more than anything else, to sort of think about it froma customer perspective versus from yours. So, when I was talking about earlier,of all of the pieces of that funnel, if you were to rebuildis as a customer journey and awareness, we're really focused a lot on contentmarketing. You might have some tangential searches that have nothing to do with yourbrand, that are driving people to discover your brand. You're thinking about sortof like prospecting campaign's right, but like those are things that we would nevereven 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 wethen optimize the journey so that process become be replicated? Yeah, so thatprocess can be replicated and highly scalable. And I think sort of this worlda lot of times we're thinking about this as all right, what do wethink is the right solution, versus thinking about it is like what has thecustomer 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 theywant to stay connected with you or they want to learn more about ready setrocket, what is the best way for them to go about doing both ofthose 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 thatsort of summarizes everything. If you go to beater be journey that readyset rocketcom, you can see sort of that evolution from a traditional funnel whichI as I said, still important, to the customer journey based way ofthinking. It's a BATB journey that ready set rocketcom, and then feel freeto 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. Thankyou. To ensure that you never miss an episode of the B Tob GrowthShow, subscribe to the show in Itunes or your favorite podcast player. Thisguarantees that every episode will get delivered directly to your device. If you'd liketo connect with B tob executives from all over the world, make sure tojoin our private facebook community. There are some incredible conversations happening inside this group. To Join, Visit Bob Growth Showcom...

FB. Thank you so much forlistening. Until next time,.

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