This is the ninth week of Conversion Optimization Training. Let’s get straight into the courses I learned this week.
Time seems to fly so fast. We are already here covering week 9 of the CXL Institute’s CRO Program. it’s been a desirable journey on behalf of me thus far with immensely rigorous but very useful learning. A special because of Peep and therefore the wonderful CXL Institute Team for creating this happen. I shall cherish these weeks probably together of the simplest learning phases in my life. Cool! Let’s get right down to learnings from Week 9. in the week we get to hide some intrinsic aspects of business and customers. In a sense they’re diverse but in practicality, they’re two sides of an equivalent coin.
Lessons/Topics Covered: Week 9
Optimizing for B2B
Customer Value Optimization
Optimizing for B2B:
Instructor: Bill Leake
Conversion Optimization principles hold across B2B & B2C. The question you would like to ask is what exactly are you optimizing for? Within the B2B space, one could also be optimized for a selected action like filling out a demo form, downloading a bit of content, etc… Bill has great practical knowledge and shares his experience to helps us change someones thinking to switch from B2B to B2C. This course contextualizes the practice of conventional CRO when handling businesses against individual customers.
Some key Learnings:
- The lead cycle for B2B is typically much longer compared to B2C. This must be factored into everything from website design, information architecture, content marketing efforts also because of the sales process.
- it’s important to return up with an attribution model that creates sense for your organisation. Basically, this proved from the observations of the role of various sales channels during the sales cycle. thanks to long lead times, the last-click channel may appear as if it should get all the credit for the sale, which usually isn’t the case.
- confirm the metrics you’re tracking have a true connection to business results e.g. observe connections between what proportion of time users spend viewing content on your site and the way many of them convert into leads.
- When fuelling your sales engine with leads, there’s a fragile balance between the weather of quality, quantity, and cost. you want to choose two out of Fast, Cheap and Good.
- Optimise for personas from the rock bottom of the funnel up (base them on the kinds of consumers that deliver the foremost value for your organisation).
- you would like to possess a deep understanding of your sales engine before deciding the way to optimise your B2B marketing- e.g. if most of the sales are done over the phone by the sales team, your PPC ads got to be optimised for generating calls.
Common Mistakes with Optimizing for B2B
Due to high dollar value products, the confusion in the consideration phase, the more time in the acquisition, the marketers make a variety of mistakes in the B2B CRO segment and therefore the incontrovertible fact that there are multiple people involved, which mean that the marketing approach is more relational than transactional. this suggests that the content should reflect these B2B attributes.
Some common mistakes in B2B marketing are:
• Lexical miscommunication
• Wrong content formats
• Not that specializes in the customer
• Treating the audience like in B2C
Customer Value Optimization:
Instructor: Justin Rondeau
Here, Justin introduces us to his 5 step framework. The main aim is to convert your traffic into qualified leads. He defines this because of the quickest path to getting a customer to trust and transact with you. He defined the method extremely well and his framework holds merit.
Step 1: Determine market fit
Step 2: Create a lead magnet
Step 3: Have a visit wire
Step 4: Incorporating profit maximizers
Step 5: The return path
- the primary step in optimising customer value is to hone in on the key value proposition of your product or service. this may help determine your target market and messaging hierarchy down the road.
- A ‘lead magnet’ may be a good way to urge a prospective customer into your database without much of an ask- you always invite their email address in exchange for a free piece of data that will help them achieve their goals. E.g. free video, one-page checklist/guide, etc.
- subsequent level from customer ‘asks’ is that the trip-wire offer. this is often usually an entry-level package or offer that doesn’t cost much money, however, it programs the customer to feel comfortable in pocket money with you and receiving value reciprocally.
- Once a customer has already bought the trip-wire offer, you’ve got a chance to upsell your more profitable offerings, i.e. your ‘profit maximisers’. you want to make sure that there’s a transparent difference in value between your different offerings.
- Always have paths available to customers to return to your funnel (e.g. retargeting them with a special offer through Facebook ads if they need to be dropped off at the last stage of the checkout process).
More companies now mostly put their maximum efforts into getting high ROIs, Sales funnel compression, customer acquisition, etc. but it’s easy to lose sight of the necessity to urge the foremost out of the prevailing set of individual customers. it’s normal to feel weighed down by customer acquisition costs (cost of ads, sponsored posts, SEO, etc), but this should not be the case once the customer value is integrated into the value analysis for various acquisition channels.
In summary, the course showed that the main target of conversion optimization would be myopic if it had been around the conversion rate or conversion value alone. a far better approach would be for CROs to include customer value analytics into conversion research, and therefore the formulation of optimization strategy.
