Sure, a straight path from Point A to Point B is the shortest route, but advertising doesn’t always work that way. Profit-driven marketing is full of twists and turns that you have to adjust to, which was the case for our transportation-based client introducing a brand new business model to the marketplace.
Instead of one product or service being sold to one consumer, Foster Ideas had to figure out how to connect two sets of customers in a symbiotic relationship that created added value for everyone involved. The producers had a need. The consumer provided a service. And we needed to decide who to advertise to first.
As the marketing lead, our solution to this “chicken and the egg” scenario was critical. No matter what, the cost to acquire a new customer (CAC) should be less than the lifetime value of the customer (CLV), so we set out to make that a reality with these steps:
- Implemented an outbound lead generation campaign for customers first
- Generated sales leads on the producer side through Google AdWords campaigns and custom landing pages
- Moved the client from Excel spreadsheets to Infusionsoft, a CRM that let us better track sales leads and set up nurturing campaigns
- Created a sales process involving Google AdWords generating the leads, an Inside Sales Specialist making sure each lead was a good fit and a salesperson to close the deal
- One shining example of how Foster Ideas goes above and beyond for their clients: Andrew actually manned the phones and served as the Sales Specialist until one could be hired!
- If leads didn’t qualify, they were individually filtered into long-term nurturing campaigns, followed up on with messaging that fit their needs and offered incentives for referrals so every ounce of value was squeezed from the client’s ad dollars
Our thinking was that the client had a consumption-driven platform, so the consumers had to be there to draw producers in. Once we had them both, we could build sales leads and use monthly reporting to resolve opt-out issues with data that never lied.
Like every project we take on, Foster Ideas proved that creating a strategic road-map will lead you to profit-driven marketing that’s filled with value at every turn.
Profit-driven marketing requires operating the marketing function as a fully accountable business.
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