Never underestimate the research skills of a motivated buyer. Banking and finance customers pour over industry blogs, seek feedback from family and friends, talk with analysts, and compare products on consumer websites. People don’t mess around when it comes to their money.
By the time someone clicks through on your banner ad, she’s likely read your company’s blog, downloaded your ebook, and seen a video ad you’ve run on YouTube. If you don’t meet prospects at all of these touchpoints and then some, you miss key steps in the customer experience.
We often see three core problems when companies lose people from their funnels on a regular basis:
1. Limited Channels
Every lead you earn tells a bigger story. People rarely spot a single ad and decide to check out your product based on that one interaction. They’ve encountered and vetted your brand at several points leading up to that click, and each one plays a role in getting them there.
Let’s say you’ve run a series of new banner ads, and your conversion rate has skyrocketed. You assume this is because of the ads and tell your marketing head to redirect funds from other channels into this platform. This leaves fewer resources for content marketing, SEO, and email, but you’ve got to go with what works, right?
Well, yes, but that’s not necessarily what’s happening. Customers click on your ad after they’ve become familiar with your brand through articles, videos, ebooks, white papers, and word of mouth on social media. If you have a myopic view of your conversion process, you ignore all the other channels that contributed to your success.
2. Inability To Be Agile
Purchasing environments are more dynamic than they’ve ever been. Customers research financial products on their phones while waiting for coffee at Starbucks, on their home desktops after work, and on their tablets, skimming articles while talking with friends.
Instead of targeting prospects on one channel at the expense of others, monitor them all and look for trends. When one performs especially well or poorly, look for correlations between it and other areas. Then you can make adjustments, lower your customer acquisition costs, and reinvest that money in your marketing budget.
Without the ability to be agile in the marketplace, you’re throwing away money and opportunities to close the gaps in your funnel.
3. Wrong People On The Team
Even the most brilliant marketers can’t work well if you don’t assemble the right team. Successful marketing shops balance three crucial roles:
- Analyzing data across silos to create comprehensive campaigns
- Technical execution of individual strategies, such as SEO or email
- Developing a coordinated brand message via a central command center
Consistent, coordinated plans are the single most important factor in converting prospects. It takes up to seven touches before they’ll remember you and think to explore your product. You need to meet them at each point, reinforcing your message in a clear, memorable brand voice. That won’t happen if you have seven poorly executed strategies that don’t even look like they were produced by the same team.
Hire a balance of people who can fulfill these roles, and you’ll quickly see improvement in your sales funnel retention.
Consumers are a fickle crowd. They cherry-pick which interactions they want to have with your brand, and they only want to engage on their terms. You must be available to delight and educate them whenever the opportunity occurs. Otherwise, they may be intrigued by your company at one moment, but forget about you when they get caught up in a competitor’s aggressive, and more comprehensive, campaign.