I have collated this multi-step checklist for you to test your revenue operations performance. Use it to isolate areas of your marketing and selling that may be underperforming for further testing.
Why your Buyer Experience is critical to faster revenue and profitability growth
- 76% of buyers will stop doing business with a business after only two poor customer experiences. (Venture Beat, 2022)
- 83% of buyers consider customer service quality when deciding what to buy. (Khoros, 2021)
- 87% of buyers spend less or entirely abandon brands that fail to provide adequate customer service. (The Future of Commerce, 2022)
- 96% of unhappy buyers don’t complain to the business about a bad experience; however, they share their bad experience with about 9-15 people. (Review42, 2022)
- It takes nearly 40 positive customer experiences to compensate for the damage caused by a single negative review. (Writer’s Block Collective, 2022)
Why it’s vital to turn products into services and automate subscriptions plans
- 79% of buyers expressed interest in auto-replenishment services and subscription models for their frequent purchases at the beginning of 2022. (Wicked Reports, 2022)
Omnichannel selling – the more channels you have, the more revenue will grow,
- 86% of consumers will use at least two different channels (and 70% will use at least 3) when making a single purchase. (Zippia, 2022)
- 74% of consumers begin product searches on Amazon. (Zippia, 2022)
- 60% of millennials are more likely to take advice from YouTube influencer marketing than traditional media personalities. (Startup Bonsai, 2022)
After your business gets enough attention and engagement with its ideal buyers,
- 81% of sales only happen after receiving seven or more business communications. (Lead Pages, 2022)
If you are playing the Google game – SEO – it’s a long-term investment,
- The percentage of pages that get no organic search traffic from Google is 90.63%. (Ahrefs, 2020)
Social proof – organic social media content, engagement and awareness is essential,
- 72% of people feel that social proof is more credible than when a brand talks about its products. (Tint, 2022)
Social Selling – Social Influencing and Selling (#socialselling) – this is where your ideal potential buyers walk towards your business rather than your business chasing them. It has a significant ROI – it’s worth it.
- Social selling or word-of-mouth marketing generates 5x more sales than paid digital advertising. (Review42, 2022)
If your business introduces new products or services or is a startup,
Finding your initial – product-market fit (PMF) – is finding a repeatable process to create, advertise, and sell more.
Some of the variables to isolate and test are
- Your social content and paid advertising may have the wrong creative,
- poor messaging,
- poor buyer targeting,
- poor landing page offers,
- wrong pricing for your product and services,
- poor differentiation from competitors,
Buyer acquisition cycle,
Today’s first step in marketing and sales is grappling with the sudden move from physical and in-person selling to a Social Selling economy.
Buyers prefer to avoid dealing with a human in person when buying.
Now the most valuable asset in the world today is attention.
You are now seeking to capture the attention of your ideal buyers online.
The FASTEST growing businesses have one thing in common they get more attention on multiple social media platforms – every day.
- They capture more buyer attention,
- More engagement,
- Influence and Sell More.
To capture more attention and engagement, many sellers use a range of the following digital assets to achieve this,
- Organic content: social media posts, blogs and articles, videos, images, podcasts,
- Paid Advertising: there is an enormous range of possibilities – getting the proper channels and correct times is critical to your success: paid advertising will attract more attention and engagement – it is more about testing to reduce the cost to acquire new buyers,
- Creators: Paid creators and influencers who will distribute and support your content, products and services to their followers,
- Public Relations: Getting your press releases published in traditional and online news and media outlets has a powerful impact on ROI,
- Word of Mouth: people talking about your products and services positively online has a significant impact on future buyers,
- Events: Hosting digital or in-person events to build attention and engagement around your business is critical, along with planned events – having a ‘sale’ before a price rise, creating events that give buyers added urgency to consider buying now,
- Collaborations: Partnering with other brands to co-promote each other’s products or services,
Simplicity is the key.
Can you explain and differentiate (from your competitors) your product or service in 1-2 sentences?
That captures what is in it for them – your ideal buyers?
The clearer your communication, the easier it will be to sell more.
It is all about buyer Benefits – Not Features.
Buyers want to know what is in it for them. Not a definitive list of all the nuts and bolts that make your products and services.
Nike’s content paints the picture of success – and how you can be successful – once you own Nike. It’s not about the laces, the glue or the soles.
Buyers – seek change – they want to transform from one state to another – focusing on the likely outcome often improves revenue.
Testing is critical
Testing different price points, content, pitch and strategic narratives – the difference from little to maximum revenue is how well you have tested and followed a continuous improvement approach.
Online Buyer Journey
There are lots of buyer journey frameworks – I have found this to assist most: Your potential buyer asks
- I want to learn about what your business can offer,
- I want to know that your business has gotten results in the areas I am interested in,
- I want to know if these results are potentially repeatable,
- I want to know if your business can help achieve something,
- I want to know how you do what you do, why its relevant to my situation,
- I want to know why your business is the only solution compared to your competitors
Many thanks to Meclabs USA for sharing this potential buyer’s framework
If your business is underperforming – there will be critical reasons – it often requires new eyes to find the problems quickly and restore faster growth,
Regards
David
