Using the Customer Conversion Chain?
We develop & measure marketing strategies & tactics for successful companies. This includes measuring audience development attraction factors like SEO and PPC as well as digital word-of-mouth.
Our Customer Conversion Chain? tool measures key conversion points in the customer purchase path. We use this tool to perform an analysis of these key conversion points and measure your results against conversion standard Key Performance Indicators. The resulting report identifies gaps in conversion lost and identifies opportunities to generate more leads.
The links in the Customer Conversion Chain? form a series of inter-connected conversion points, linking a person with your product. Each of these points is measurable, allowing you to wield some influence over them.
Here are the links in the Customer Conversion Chain?
- Customer LTV(Lifetime Value): What is the value of your average customer over the life of your typical business relationship? Multiply the number of transactions for you average customer by the average dollar amount per transaction. This is your Customer LTV.
- Customers: The first sale creates a new customer. When a person showing demonstrated interest in your product actually makes a purchase, they are now a customer. Populate your ?Customers? link in the Customer Conversion Chain? with the average amount of your typical first transaction. This may vary by product and product category.
- Demonstrated Interest: The definition of ?demonstrated interest? is different for every company. Demonstrated Interest is the step closest to a Customer purchase. Demonstrated Interest may be:* Contract sent* Onsite shopping cart population for e-commerce
- Free 30-day trial
- Sales presentations
- Requests for proposals (RFP)
- Sales Qualified Leads (SQLs): SQLs are those leads who match your buyer profile model and possess the need, intent, budget and timeline for purchase, as determined by Sales. SQLs are higher quality leads than MQLs, primarily because they?re closer to a purchase action. The basic criteria for SQL classification is a led who has demonstrated need, intent, timeline to purchase and an established budget.
- Marketing Qualified Leads (MQLs): MQLs are leads that have passed some criteria that elevates them beyond an everyday lead. Perhaps they mirrored a proven customer profile or performed multiple actions further down the purchase path. You can communicate with MQLs through automated email workflows, creating opportunities for reengagement.
- Leads: Your leads are the people who performed a first conversion by engaging with you on your website or on the phone. Some refer to leads as contacts; however, this may be confusing when you?re sharing your CRM with your sales team. Contacts are the people in your database. Leads are those who performed an action that included sharing data, thereby connecting them with your company.
- Unique Visitors: Visits are easy to track. This is your website traffic. Breaking your traffic down by sorting your website?s unique visitors from total traffic and by examining the number of first-time visitors usually provides more actionable data.
- Impressions: Your different digital media will reach different numbers of people. Impressions measure how many people saw your message. When observed alone, impressions don?t provide much value to the inbound marketer other than the relative reach of your messaging and those impression?s impact on the other links down the Customer Conversion Chain?.