Do you know what separates a winning & super successful Business over just a regular one?
Every successful Business follows the Customer Value Optimization process.
In a nutshell, Customer Value Optimization boils down to three core principles.
I.e There are only 3 ways to grow any Business (whether online or offline):
- Increase the number of customers
- Increase the average transaction value per customer
- Increase the number of transactions per customer
CVO involves building a Funnel rather than just directly selling products to your prospects.
Most Businesses directly push their products/services to prospects & end up hardly making any sales, let alone profits & margins.
Just because your offer (product/service) solves the problem of your target audience & helps them achieve their wants & aspirations, doesn’t mean they will buy it from you immediately.
It’s like approaching an unknown girl in the bar & asking her to marry you.. The answer will most certainly be a NO. (Unless you’re Brad Pitt of course :p)
Well, we’re not telling you to stop marketing your offer to your audience, we just want to establish trust by strategically communicating with your target audience.
If you overcome these two doubts, you’re pretty much a marketing monster (give yourself a pat on the back!):
- Prospects doubt in you or your brand
- Prospects doubt in themselves (This is the biggest hurdle marketers have to overcome)
In the CVO Funnel, trust is established via Lead Magnets & Tripwires.
Here’s how the CVO Funnel looks like:
Most Business make the mistake of directly selling the core offer.
This is a recipe for disaster.
How can you expect someone to buy a high ticket item from you, when they don’t trust you & have objections?
Your budgets will be exhausted & your profit margins will be reduced if your directly sell without building a funnel.
Without a proper funnel, it’s not possible to make your Business profitable in the long term. Period.
Hence, it’s essential to build the CVO funnel for your Business to not only gain the trust of your prospects, but to also crank up those profit margins.
Think about it.. It’s a win-win situation.
We’ve told you how the CVO Funnel works and the steps involved.
Now let’s get into hardcore execution mode wherin we teach you the exact three step process to build an unshakable CVO Funnel (aka the 3 Key Roles Of A World Class Digital Marketing Team):
Step 1: List Building Using a Lead Magnet
Lead magnet is an ethical bribe that offers a specific chunk of value to a specific audience in exchange for their contact information.
The goal here is to over deliver and offer something of super-high value to your prospects in order to build trust and establish authority.
Ebooks, swipe files, checklists, templates are great lead magnet examples. The main quality of a lead magnet lies in its specificity.
Lead Magnet Example:
Don’t keep it long and boring.
Instead, it should be laser-focused to a specific audience & solve a specific problem they have.
A hyper-specific lead increases the quality of leads & actually gets consumed.
Must Read: 7 Step List Building Formula
Step 2: Nurturing List Through Content Marketing
The goal in this step is to strategically create and distribute content to people who have already consumed your Lead Magnet.
The retargeting is done as we have their contact information & cookie data.
Deploy a rock-solid content marketing strategy keeping in mind the fears/frustrations, wants/aspirations of your target audience.
The objective is to tailor your content in such a way that customers convince themselves to buy your product.
This can be done using the Before/After grid.
Here’s an example of someone who takes up our flagship Integrated Digital Marketing Certification program:
Your content should clearly communicate how your offer(product/service) will help them move from a “Before” state to a desired “After” state.
This is what all great marketers do.
Step 3: Convert Loyal Fans To Contracts Using Tripwire
At this point, your prospects have given their contact information & consumed your content.
In other words, they have developed certain trust in you.
Now it’s time you ask them to take certain action (i.e buy your product or service).
This is when the Tripwire comes into the picture.
The tripwire is a super-low-ticket offer (usually 1$ – 20$) that exists for one & only one reason: To convert lead/prospect into a buyer.
Simply put, tripwire changes the relationship.
Tripwire examples: 14 day free trial of a saas product, free/paid webinars, etc….
The Big brands have realised that there is nothing more important than a list of buyers/customers.
Hence, the importance of this step cannot be stressed enough.
If you execute all these 3 steps meticulously, your buyers will eventually become your Brand Advocates & buy from you again & again.
Thus, the Customer Lifetime Value increases & you can spend this profit to acquire more customers & funnel them again.
In a nutshell, you’ll have an army of raving fans who are willing and able to spend dollars on your products and services.
What else does a Business need, to be successful long term? Right?
It’s every Business Owner/Entreprenuer’s fantasy! (no offence)
Do you want to know the proven step-by-step frameworks & templates to execute the CVO process like a breeze?
Then make sure you attend one of our upcoming workshops (This is where we teach the really good, kickass stuff!)
Do you want to learn Advanced Digital Marketing Strategies? Register for our FREE DEMO on Integrated Digital Marketing Certification Program.