What’s the number 1 way to create a bad sales funnel? Not knowing your customer well enough. Too many corporate sales funnels are built around bad or incomplete data, and because of that fail to accurately target your best customers.
That’s why we want you to pay attention to the company we’re talking about today. They EXCEL at building relevant sales funnels that identify and monetize Top Customers, and their strategies led them to achieve over 10 million in revenue in 2017. They’re also one of the businesses featured in our 80/20 Analysis report, which uses RFM analysis on 18 different companies--from those that are below 100k a year, to above 10 million--to show you the strategies you should be adopting to improve yours.
This company sells B2B apparel, including work uniforms and corporate branded logos. Most importantly, they are the number 1 company in their field thanks to their adept use of 80/20 marketing strategies. And it’s because they do two things remarkably well:
- They KNOW their top customers, and craft promotions directly to them
- They get their Top Customers to SELF-IDENTIFY early
For an example of the first point, take a look at this discount offer below:
If you visit their site, you will see this after 30 seconds of exploring--and it’s geared perfectly towards their Top Customers.
What do they know about their Top 20% of customers? Well, the vast majority of them buy under a company name. They also purchase 3-6 times per year, and most importantly, their median purchase is around $450 dollars.
That’s why this starting discount is so great. It’s geared to people who will need to buy in bulk. It adds an interesting element of random chance to make it more enticing, along with a near-term deadline. It grabs the customer’s email address so they can be promoted to more easily in the future, and it pushes the customer into spending MORE than the median purchase. This is a GREAT example of knowing your best customers and tailoring your promotions to reel them in.
But what if they don’t bite here? Well, here’s another great little funnel they use:
Clicking on this will start a series of quick multiple-choice questions that not only help a customer determine the best option for themselves, but also give the company data on the customer. At the end of the questionnaire, it asks you to enter your email so that they can save your preferences for the future, which most customers will do since they just answered so many questions.
This is a fantastic alternative funnel, because even if they can’t get the customer to spend NOW, they’ve just gained a wealth of data on their interests that they can use to craft even more targeted promotions and outreach towards them. No matter what happens, once someone drops on their website, every funnel has been designed to either turn them into a customer now, or in the future.
If you’re not doing something similar, you should be.