In today’s Expert Insight Interview, the guest is Jarod Spiewak, a lead strategist in ‘Blue Dog Media’ who helps service-based businesses to make more profit. He will discuss tracking sales and ROI for greater lifetime value with host John Golden.
The interview explores:
- Why is tracking important
- Fundamental elements for tracking
- Improving the close rates
The Importance Of Tracking
Small to mid-sized businesses rarely track from click to ROI, usually because the technology isn’t fully understood, and because people have a habit of basing things on a feeling rather than analytical data. When times are good, and business is doing well, this may not be a big issue. However, when crises hit, and companies need to make various budget cuts, it is critical to have full analyses and understanding of which channels are profitable for you. Tracking provides crucial information about what is and what isn’t working for your business.
Fundamental Elements For Tracking
When it comes to online marketing, the basics are already done for you. Google or Facebook Ads give you easy access to tracking things such as clicks, the number of people that went on your website, their activities, and from where did that traffic came. The next level is actual conversion tracking, which is a little more complicated for service-based businesses. Something that many people miss out on is tracking phone calls, which can help you see how many calls you get from a specific channel. The third step is to analyze lead to conversion, and value of the conversion. Every lead should have a lead source. When you track revenue, the critical part is determining how much of it has come in from each service.
In the beginning, a lot of people go for volume and try to get leads from everywhere, so they lose focus. Tracking allows you to see what channels bring you the best ones. There is a fine line between volume and ROI it is just a matter of finding out where you want to be with that.
Improving The Close Rates
People mostly concentrate on attracting leads and improving the ROI of marketing. However, the most critical part is the sales process. Leads don’t mean that much if there isn’t enough conversion into sale. You can identify the roots of those problems through tracking. They can be various, from attracting the wrong groups of people to taking too much time to respond to their inquiries. Investing in improving the skills of the sales team is one of the most efficient ways to increase close rates. Converting the lead has a lot of different stages. Tracking allows you to find in which stage of that process you have a weakness.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.