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MenuPaying a 3rd party company up to $140 per lead. Any ideas on first steps to reducing cost or bringing the lead generation in house?
Would like to possibly build a lead funnel where I can generate my own leads.
Answers
What is the quality of that $140 per lead? Does that lead into a $1000 sale? We often think that a lead that costs $100+ or more is an expensive Cost per lead, but if it brings high quality leads that turns into a significant profit, I'll be happy to spend more $140 to get more of these types of leads. The next is to find optimize your working lead generation channel based on specific segments (is this segment get a better ROI).
Expensive. What is your closing rate?
We have some experience building platforms for such purposes. Here is essentially what you need.
Servers now a days can generate dummy place holder websites (landing pages) that are optimized for search marketing.
Search Marketing is more than SEO is a web of social media interactions, content creation, links used in your social media, location enabling each time you upload, branding, shares, etc. having server generate websites you can have hundreds of simple lead generation pages created after each Google query. You couple them with blogs, reviews, videos, pay per click...
I would say that you are looking at spending about $100 per hour or more creating this system but once is done the cost could reduce itself to $10 per lead or so. Maybe less depending on your industry and brand strength.
Tip: While conducting your research never query a Google search and click on your competitors links. In googles "mind" this tells its crawlers that you searched and found something relevant so it will from now on include that link to the search you typed, hence giving more SEO power to your competitors link.
If you must, right click and copy the link then in an incognito window paste the link itself. Never off a search result.
Happy marketing. ;)
While you may want to bring lead generation in house, you first need to ask these questions:
-- Do you know what the lifetime customer value is?
-- Does the cost of this lead generation tactic exceed the LCV? If so, then it's imperative to seek out alternatives.
-- Are these highly qualified leads?
-- What is the conversion rate of these leads?
-- How long is the sales cycle?
-- Consider the costs of in-house lead generation staff such as marketing strategist, copywriter, web developer, content writer, sales people, etc.
-- Then think of the marketing spend to acquire a lead such as search, remarketing, email lists, direct mail, print, trade shows, etc.
I would recommend testing a few new easy to implement tactics and comparing costs and lead quality to existing lead generation tactics.
Please let me know if I can help strategize. -- Sara
You don't sound confident about building your own funnel. Why is that?
The cost of a lead is irrelevant on its own. It has meaning in relation to something: the value of the sale, and the lifetime value of the customer (LTV).
If your lead cost is averaging $100, and your margin on a sale is $500, then you can afford about 5 leads to convert that sale and break even. That means you need a 20% conversion rate, which further means these leads had better be good ie. pre-qualified.
If your margin is $5000, then the $100 lead price pales in comparison. You have a large number of "at bats" to convert one sale and it doesn't really matter how many you need as long as it is reasonable. For instance, even if 20 leads are required on average to get a sale, and that adds up to about $2000, you still make $3000 profit and that's the name of the game.
Get it running first so you can measure and therefore manage the funnel you've got. Then you can optimize for higher conversions and/or better pre-qualified traffic sources.
Right now I don't see an understanding of how a funnel works, or a baseline. I highly recommend getting those things straightened out first.
1. Stop buying leads!
If you can buy leads, everyone else on the planet can buy leads, too. Buying leads is both ineffective and immoral. Besides the fact that purchasing leads is a violation of a person's privacy and a fantastic way to destroy trust, purchased leads are usually complete garbage.
Like most people, you probably get angry when you receive spam, cold calls, etc. Why, then, do you think that people are happy to receive spam and cold calls from you? Are you really that special? Is your business really that amazing? Probably not. You are just another spammer trying to buy your way into a person's or business' wallet.
2. Create a marketing strategy based on content.
To distinguish yourself from the countless businesses that are just like you, you need to create unique, compelling, and valuable content and give it away for free. Content marketing builds trust, and trust builds revenues. If a customer trusts you, they will pay you. The more a customer trusts you, the more they will pay you.
If you need help developing a content marketing strategy, let me know. I am happy to help you. But, you need to stop purchasing leads immediately because you are wasting your time, energy, and money.
There is no such thing as a "better list." Stop trying to find it. Instead, invest in your business and create assets (i.e., content) that sustain your business over the long run.
1) start lead scoring and ROI tracking by source (agency, campaign)
2) work with more than one agency to make them compete
3) explore agencies that will help you build an in-house team
I could ping my network if you want referrals on agencies
...H
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Need a good lead generation strategy for chiropractors for getting new patients. Ideas?
I think Facebook is great for really targeting your audience and you’re on the right track. But I think you can have a better funnel than that. I find, for getting better conversion today, it is better to get your Facebook traffic off of Facebook as fast as you can to your offer and into your funnel. It is more effective for driving actual sales. If you’re just looking for social branding etc. then your funnel might be ok. A very effect strategy is to create either a video or report that you give away to your audience in exchange for an email. It should be something that helps solve or bring to light the problems patients are suffering from and how to go about solving them. Then mention how having a great Chiropractor can solve all of that and can be the most effective way to get ride of the pain. I would also have some things in there that would help them in other ways. Then I would send them to an event or webinar with your top Chiropractor and you in an interview / reveal-all type webinar to educate your lead and manage their fears of going to a Chiropractor. You could tell them that the first step is making an appointment for an assessment. You should make it easy for them to find the best and most effective Chiropractor in their area. You might have a discount on the assessment only available to them for being on the webinar to get them to sign up at the end of the webinar. By the way, once this is recorded, you can make this evergreen so you don't have to do a webinar all the time. As long as you are reaching more and new people with your Facebook campaign you won’t have to change the video all the time. Once you have people signed up to make an appointment, make sure they are also putting a deposit of a 100 dollars or something down. This will increase your show rate for the Chiropractors. Then give them a voucher for that Chiropractor, for more than you’re asking for at the deposit for services, to use with that Chiropractor. Allowing you to prevent cancelations etc. so that their getting their money back in the form of a voucher for services which, by the way, is not a discount and shouldn’t diminishing your Chiropractors Rates. This strategy I have used in several markets that has produced more prequalified leads and patients / customers. Remember to test, track and know your metrics. You’re going to need to make some tweaks in the beginning, but this can be very effective for you. So to recap: 1. Setup a landing page with your offer in exchange for an offer. You can build this in software like Leadpages.net or Megaphoneapp.com 2. Make your offer downloadable if an ebook or white paper or present your video after. I recommend using Wistia instead of YouTube for playback as you will be able to have heat maps of your video to know where your fall off points are. You can also make this page with the software mentioned above. 3. Use an email autoresponder to engage your lead and email them about the event you’re doing after they had time to read or download your materials. Or, if a video, I would just pitch them at the end with a link below the video to automatically register. 4. Put on a webinar with your guest using either GoToWebinar or Google hangouts if you know how to set that up. 5. Make sure you have your appointment getting page with your the down payment created. You can use several different type of scheduling services so you can automatically deliver the lead/ appointment to the chiropractor. To Note: The reason I don’t send the visitor to the webinar first is because it is better to get the visitor predisposed to your information before asking them to commit to a webinar and when you do it the way I played out, you will have a much better show rate. This is it in a nutshell. Obviously there is more to it. If you need another funnel idea I am hear to help. I have used other effective strategies in the past to also make money on the front end to make your advertising free. It just depends on what you want to do and how advanced you want to get. Hope this helps give you some ideas. :) If you need help implementing something like this just let me know.MH
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What is the best method for me to monetize from my social media following?
Monetization is a FUN topic when you have a (1. targeted following who (2. wants what you have to offer (or is actively seeking it). You've already got people raising their hands but you need to move them from "rented space" (social media) to "owned space" (an email list that you own.) Adding too many steps to the equation just spreads your workload wider and pushes your end goal into the future. There is a very tactical approach that will convert these followers to customers but you've got to convert them to email list subscribers before they can be converted into paying customers. This is basic sales funnel 101. ;) My suggestion is to take snippets and offer those as a Free ebook or cheat sheet or even a practical guide with an end result in mind. It should be GREAT content, free content, that leads them to your email list. (Make this decision strategically --look at some data to see what converts best) From there, you can upsell your paid offers/ product(s) to your email subscribers. The Free offer can be posted directly on your social media updates (periodically ), you can also make custom Facebook tabs that push folks to your email list, and there are more options depending on the specific platforms you are using. You can add a blog (later) and post relevant content that leads them to sign up for your email list/free offer as the "call to action" at the end of the posts. BUT I wouldn't focus on this first because it's counterproductive if you already have an active following. Building trust and serving these people with valuable content will almost always guarantee they join your list and purchase your offers. The real issue that holds people back is consistent execution. So just go execute. ;) All the best!LH
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