I saw you speak at an event and you discussed something called "Fractional CMO". Tell me more about that.
OK, it is pretty simple really. Big companies have one person, a Chief Marketing Officer, who oversees the company’s marketing efforts. This person looks at the marketing through the lens of the company Key Performance Indicators (KPIs) to make sure what they are doing is moving the right needles and not simply inflating metrics that have little to no value.
Most small and many mid-size companies can’t yet afford to hire a full-time CMO. The good CMO’s do get paid more than most execs and who wants anyone that isn’t one of those good ones. That is where the Fractional CMO comes in. GrowFunnel works with only a hand full of companies at any given time and helps them at a scale that works best for their bottom line and ROI.
What tools do you use?
Much of what we do centers around automation of your marketing. Infusionsoft is our go-to tool for this, but there are other tools that we can help with like Ontraport and ActiveCampaign. We also use analytic tools like Visual Web Optimizer, Optimizely, MixpPanel, Google Analytics. For lead generation, we LOVE Facebook and YouTube and find that these two are a great core to most of our Lead Generation work. There are many other great options that work well for different businesses. As we work with clients and learn their business, we will suggest the traffic sources that we feel will offer the best ROI.
You claim to be able to get my business more and better reviews. How?
We have a blueprinted process that we customize for each business we work with. This process creates what we call a “review funnel” for your business. It helps you drive customers to the review sites that move the needle for your business. If they indicate that they are dissatisfied, they, instead, are directed to a form that asks them about their experience and gives them a way to be heard that doesn’t damage your reputation.
How important are reviews for my business?
VERY IMPORTANT! If you have a physical location for your business then trusted online reviews are one of the most, if not the most important factors affecting the growth of your business. When customers find your business online or even in their maps app, they see the reviews from many sources like Google and Yelp. All it takes is for a competitor to have more and better reviews and you have lost the chance with another customer.
What is Conversion Rate Optimization (CRO)?
Conversion Rate Optimization is a system for increasing the percentage of visitors to a website that either converts into customers or take some other desired action. We use your existing and ongoing analytics in conjunction with our platform tools to decide where to make experiments. It is important to use quantitative data like analytics in conjunction with qualitative data like user surveys. Some of the quantitative data we look at beyond existing conversion rates are bounce rates, exit rates, average time on site and average page views.For qualitative data, we use customer service and sales staff questions as well as user surveys, click tracking, eye-tracking and usability tests.
What is a conversion?
More typically, a conversion is a lead becoming a customer. That represents the top level of desired outcomes. Often though, a conversion is comparable to a touchdown in American Football. Using the same metaphor, getting an email opt-in or a Facebook page like is akin to 1st-downs and even gaining yardage. These are the often overlooked and highly important Micro-conversion.
Why use both Quantitative and Qualitative Data?
Quantitative data, like Google Analytics is hugely important to the process as it provides a TON of information if you know how to find it. Qualitative Data will give you insights that are impossible with quantitative data alone. While Quantitative data will tell you “what” is happening, the Qualitative Data will tell you “why”. Without knowing the “why” it is MUCH more difficult to scale.
Why should I care about Micro-Conversions?
Micro-Conversions are the fuel that leads to leads becoming customers. Many marketers say it takes a minimum of 7 interactions to even be remembered. Put simply, a Micro-Conversion is any action that a lead has with your company. We often measure things like email opt-ins, downloading a file or adding a product to the cart among many others.
How does CRO work?
We use our GrowFunnel methodology to plan and execute a series of experiments on various stages of a funnel. Some will be simple A/B split tests while some tests will be multivariant tests where we test multiple changes to a given page at the same time.
We start with your unique objectives and plan with the end in mind. There is no boilerplate set of experiments as each client and their needs are as different as fingerprints.
Why is Conversion Rate Optimization important?
Even if you have a solidly functioning marketing funnel, you are likely leaving a lot of money on the table if you aren’t constantly working to improve your site and the flow of your funnel. Audiences change over time. If you aren’t improving, you are likely, slowly losing ground.
Here are a few more reasons every marketer needs a CRO plan:
- It costs less than increasing the ad spend. Advertising costs are only going up. It only makes sense to gain every customer out of your current flow that you can. Converting more of your existing visitors has a better ROI than getting new visitors.
- No funnel is perfect. There is always room for improvement from top to bottom in any funnel. We have made improvements to funnels that cost tens of thousands of dollars to build.
- It reduces your Customer Acquisition Cost
- It increases the money you can spend on acquiring more visitors. Once the conversion rate begins the uptick, your profits will increase which allows a greater ad spend and compounded results!
- Your affiliates will love you. Not everyone does affiliate marketing, but if you are, your affiliates will love the boost in conversions
- You will become the hero of the company bottom line! If hiring GrowFunnel is your idea then you are going to look pretty awesome to those who are counting the dollars.
Do all CRO experiments improve conversions?
Nope. Not even close. Many experiments show little to no statistically significant improvements. These aren’t wasted though, far from it! With every experiment we run, we learn something from the results. It is like baseball, you strike out sometimes, you get a lot of base hits and then there are the home runs. When a baseball player strikes out, they learn the pitching style and have a much better chance to connect with the ball on the next at bat and get around the bases to home.