Lead Value Optimization
Today on Marketer Monday I share how you can increase your lead value and beat out your competition.
Many internet marketers only focus on CRO and are leaving extra money on the table.
The 4 techniques that I share in this video will give you a competitive advantage and should increase your profitability as soon as they are implemented.
Links from this episode:
- Internet Marketer Expo: https://internetmarketerexpo.com/
- All Marketer Monday Episodes: https://performancemarketer.com/category/marketer-monday/
If you have any questions just let me know by commenting below this video!
Lead Value Optimization
So today I’m going to talk about one of the big things we do here at Performance Marketer and that’s Lead Value Optimization. You know it’s very different than what most people of when they’re thinking of getting their conversion rates up and really how to make money from building an email list and promoting products whether that be information and ecommerce or SAS. The big thing we do again is Lead Value Optimization and in this video I’m going to talk about a few different ways that you can incorporate our techniques into your business to help get more money from every single lead that comes into your database. So that being said, let’s get into this week’s episode of “Marketer Mondays”.
So the first thing I want to do is make a distinction between Lead Value and Conversion Value and Conversion Rate, really. Cause a lot of people do mix these up. So, first of all, when people are talking about CRO, Conversion Rate Optimization, what they’re talking about is getting more visitors to buy into their core-offer. Now specifically of “Marketer Monday” I’m going to frame everything around ecommerce because that’s really where I developed this technique from and where I started using it the most. But just know, when I’m talking about Conversion Rate Optimization, I’m talking about how to get as many people as possible to buy your core-offer.
So what that funnel would look like is they go to your Home Page, then a Product Page, they add to the Cart they, they checkout. So the more people that you get to checkout, the higher your conversion rate is, right? Pretty simple. Pretty straight-forward; very important. So just because I’m not talking about that in this video doesn’t mean you should neglect it. Conversion Rate Optimization is huge and something you should definitely focus on. But again, with that being said, we’re going to talk about Lead Value Optimization and the goal here is to get more money from every single visitor that comes to your site, right? Not only by getting your conversion rate up but by offering different products and services along the way. So, let’s talk about this a little bit more.
The original funnel, once again, looks like this. With Lead Value Optimization, you’ll see here, we have everyone go to those same pages on our websites. Then we do a few things with emails and Facebook pixels. Then, something happens and we make more money. So, we’re going to talk about that thing that happens, right now.
Okay, what’s that thing that you could do once someone comes to your website and you could pixel them on Facebook and you can capture their email address, what can you do to earn more money from that lead? Again, I’m counting a lead as someone that’s visited your site. So, I’m going to talk about four techniques that we use on this video. This again, these are short, little Monday videos I try to share some value within ten minutes or so but the four things I’m going to cover with you right now are first, cross promoting your own related stores. Then I’m going to talk about promoting information products, I’m going to talk about upselling add-ons and I’m going to talk about upselling intangible items. And remember, this is specifically for the ecommerce model; for physical products. These techniques could be applied anywhere but for the purpose of this video, I’m going to about, kind of frame it around ecommerce. So, let’s get into number one, alright?
Cross promote your own related stores. Now, in this example we build niche-specific stores which is what we do in our business, specifically with our drop-shipping stores. So lets just say we’ll take the first, we’ll take stores 2A, 2B, and 2C, okay? We have a store that sells treadmills, a store that sells free weights, a store that sells home gyms. Now, in order to increase the value of every lead, if someone
came to our treadmill site, for example, we would also want them to know that we have a home gym store and a free weight store. We would put them on separate stores because that will increase our conversion rate by breaking them out. But we can increase our lead value by letting people know that we have these other products for sale, either after they already abandoned our site or after they bought something from us.
So here’s a couple ways that we do it. One of them is by changing our order confirmation emails. So lets say, for example, someone goes to our treadmill site and they spend, whatever, eight-hundred dollars. They order a treadmill. Awesome. We just made some money. What we do is edit our default email order confirmation emails to look like this. So, the customer is going to get this default order confirmation email, you know, “Thank you for ordering product x, y, z.” You know, “Here’s the price you paid.” “Here’s when it’s shipping.” Blah, blah, blah. All that normal stuff that’s included in every confirmation email, but then we include an extra message and we say something like, “Do you know we also offer…” in this case, “…free weights and home gyms. All of our return customers can save 10% for the next seven days. Enter coupon code “gratitude” at checkout to redeem your savings. Your coupon code will work…” you know, on your store, just put your links in there, sign it off: “Thank you very much. Appreciate your business.” And you’re done.
Now, as you can see here, what just happened? This person was a lead, they came to our website. In this case they were a buyer lead but now we can increase the value of that lead by offering them related products we sell, okay? Easiest way to increase your lead value. Even if the person doesn’t buy from you, by the way, you still should be capturing their email address, which I talk about in other videos, and you should be pixeling them on Facebook, which I talk about in other “Marketer Monday” videos. That way you could still make them offers that obviously would appeal to them.
Now, the second thing you’re going to do is promote information products, okay? Information products just mean anything that, you know, shares information basically; that costs money. So some examples I put up on the screen here could be ebooks and online course. They could be private online communities. They could be directories. And you’ll find these either by going on www.clickbank.com or just going on Google and searching for information products related to your niche, okay? Pretty simple.
Now, here’s how you’re going to do it. Basically, if you sell power tools, right? I said I want a frame this around ecommerce. So let’s say you sell power tools online, then you’re going to promote something like a woodworking plans eBook, okay? So these people that come to your power tool website, whether they buy or don’t buy, it doesn’t matter. These are the type of people that would be interested in a woodworking plans eBook and that person, once they come to you, they’re a lead. So you are going to offer them that because when they buy it from you, it’s going to earn you more money for that lead. So you see where I’m going with this? Lead value optimization. It’s not just about increasing the conversion rate. It’s about offering other things as well.
Another example for information products would be if you sold drum sets, if that’s your core product, if that’s your niche product you could promote online drum lessons. So an online video course, boom. You make money as an affiliate. If you sell guns, if that’s your niche, you could sell an NRA subscription, okay? Yes, they have an affiliate program. You can make money on the back end with that. If you sell wallpaper, if that’s your site, you could promote an interior designer directory where designers pay you to be listed on your site to help your customers. Once again, increasing the value of your leads.
Now, the third thing I want to talk about in this video is upselling add-ons and this is kind of like the basic that most people think of. Which is great. I mean, you should think of it. But what you want to ask yourself here, is what products compliment what you’re already offering. Some examples, okay, you’re selling digital cameras, right? Let me click this and see if it works. Yep. You would have the upsell ad pop up and maybe offer people, like, a memory card, a lens cleaner, a carrying case, an extra battery, right? What’s the natural thing that someone buying this camera’s going to want? You would offer that as an upsell add-on. So again, pretty self-explanatory. A few more examples, though. If you’re selling snowboards you could have a snowboard bag. If you’re selling trampolines you could have a safety net. If you’re selling fireplaces, you could have a fireplace screen. And I just showed you that example, if you’re selling digital cameras you could have a memory card, right? Very simple. But another way to get that lead value up, okay? To make more money than your competitors.
Last thing I want to talk about really quickly, guys, is upselling intangible items. These are things that the people can’t actually see or hold but they’re things that will give them more value and make you more money. So same day shipping, right? Again, I’m talking about physical products. You want to make more money for every lead? Give them the option to pay extra to get that item shipped out the door the same day. They’ll pay it. You’ll make more money. Everyone wins. Another thing you could do it selling extended warranties. We do this in businesses. We make agreements with our suppliers where they’ll provide an extended warranty. They give us price it would cost. We mark it up. Extra money. A way to increase the value for every lead.
Now, let me just say the reason that this stuff is all so important because you might be happy just selling like, one off products and making your twenty-, thirty-, forty-percent, whatever it is. But, if you really want to be competitive, people always ask me, like, what’s changing in business in 2017, 2018? Are things getting too saturated? And the truth is, they’re not. They’re more competitive. But the person that’s always going to win and always be ahead of the curve, is the person that can make the most money from every lead, okay? Lead value optimization allows you to beat out all of your competitors because most people, in fact, by far the majority; I’m talking like ninety-five percent plus of people don’t do this stuff. So as soon as you start doing it and making it work, you’re in a better position than even competitors that have been selling in your space for years and years and years. So definitely do these things. Again, I’m giving you the example of the ecommerce space but this does work with software; it works for information products. Try to think of it as a mindset and then think of how you can incorporate it into your business.
Quick example here, like an overview of how this all works. You’ll see in the middle I have Mail Chimp, which of course is an email order responder. Some people use, we use Infusionsoft in our business. Down there you’d always want to see Facebook as well, cause remember, this is through email and through pixels that we kind of retarget people and show them different offers. But let’s go through this diagram, right? And explain how each of these pieces would fit into optimizing the value for all of our leads. You’ll see on the left we have a jump rope, can’t think of that. You have a jump rope, right? That’s something that’s an inexpensive product, it’s cheap. Not something we’d want to sell ourselves because we don’t want to fulfill orders for twenty-dollar products, right? It’s a waste of time. So that’s something we promote as an affiliate. Above that, we have a treadmill, something we sell through one of our niche sites. Above that, free weights. Something we sell on one of our own sites. Home gyms, same thing. We have a niche site for them. Then you see “The Truth About Six Pack Abs”. This is an information product, one we would promote as an affiliate to the people who are buying and looking at our treadmills, our
weights, our gyms, right? It’s the same audience; a way for us to make more money from leads. We promote that.
You also see NutriSystem. This is a meal delivery service. Now, if we’re buying leads to come to our sites for treadmills, for gyms, for free weights, they probably want to get fit, right? They’re buying for a reason. So why wouldn’t we promote them as a healthy meal plan and meal delivery service that we can earn money on, right? It makes sense. It’s common sense, but no one does this stuff. The next one I share there is called “The 3 Week Diet” which is a information product about how to, you know, start working out and get good results in three weeks. Again, the people that are now in our ecosystem that we’re getting their email addresses for, that we’re pixeling on Facebook so we can retarget. This is the stuff they want. We’re going to sell it to them so that we can earn more money than all of our competitors and we could be in a better position than ninety-five or more of people that are doing this online marketing stuff.
So, listen guys, that’s going to do it for this week’s episode of “Marketer Monday”. I do hope you got a lot of value out of it. I know I went through these concepts pretty fast and this was only four of them. We do a ton of this stuff in our business. If you want to learn more about it, if you got value out of this, I highly you go to the www.internetmarketerexpo.com. This is our event we’re doing out here in Austin, Texas. It’s May 20 and 31st. It’s going to be an amazing, you know, this is a gorgeous city. I’m in Austin right now. We’re going to have a bunch of really great software companies explaining how they do marketing. We’re going to have a lot of great marketers explain how they’re getting great results. Again, this is the stuff that’s trending into 2017 and the future. I mean, this is the event for you. I’m creating this event because I want the smartest marketers in one room together.
So definitely go to www.internetmarketerexpo.com to check it out and as always, if you got value from this video please do give it a like or a thumbs up. And if you know anyone that would benefit from this stuff, I would really appreciate if you send them an email or Facebook message, link them to this video, get them involved with what we’re doing here at Performance Marketer because, you know, we’re really trying to change the industry and I appreciate your help in that. So, thank you guys and I will see you next week for another episode of “Marketer Monday”. Bye.