Monetise Your Buyer Leakage
You have done all the hard work. Someone has just found your website. Well done. Then some of them contact and buy from you. Even better, but what happens next to all those, usually many times more, that didn’t?
They may not have bought for a whole range of reasons. They only just discovered you. They are checking out your competition. They are researching. They just weren’t ready buy.
These buyers are leaking from your website. What are you doing to re-engage these people?
If they weren’t ready to buy, did you have something on your website so that you could softly engage? If they don’t leave you their details in exchange for some optin, how else will you remarket to them?
If you speak with them, but they don’t buy, how will you stay connected with them?
For every touch point with a buyer, there must be a further step to increase engagement. For each engagement type this is likely to be at least slightly different. It might be information, it might be other offers, or an invitation to connect in another way.
For each engagement type, you can create a trail of continuing re-engagement steps. When you set them out on paper, it’s likely you will find re-engagement gaps, and the potential for buyer leakage in many parts of your process.
Of course, at some point, the buyer may make it clear that they no longer wish to hear from you, and that should be respected, but until they do, it may just be that they haven’t sufficient information from you, they haven’t built the necessary relationship, or you haven’t hung around until they are ready.
Research shows it takes at least three contacts to make a sale from a cold start, and it can take as many as 8 for more complex sales. If you give up after the first touch point, you have a serious buyer leakage problem, because very few people today are impulse buyers, and you are leaving a lot of money on the table, potentially most of it.
Plugging the gaps in your leaky sales process ensures that you maximise the return on you marketing investment. First contact is only the beginning. What are you doing to plug and monetise your leaks?
May Your Business Be – As You Plan It.
Dr Greg Chapman – The Profit Whisperer
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