Setting Marketing Funnel Goals
Video Series: Part 2
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A Successful Marketing Funnel is Just One of the Important Marketing Objectives You Need to Set
All business owners know that their end goal is to be successful. Success comes in many different forms, but for businesses, this often means identifying, reaching and retaining customers. Your target customer pool is often referred to as your niche market, but this doesn’t have to be as exclusive as it sounds.
To appeal to this niche market, you’ll need to establish marketing goals and objectives that are right for your individual needs. Understanding what SMART marketing goals are is one of the easiest – and most helpful – ways to do this.
What Are Marketing Objectives?
Put simply, marketing goals and objectives are all of the different milestones you want to reach. This doesn’t mean that these are the only goals you’ll have for your business. Understandably, not every business owner has experience creating marketing plans or outlining individual marketing objectives. This is fine. When you need some extra help, there are SEO consultant experts out there that are more than capable of helping.
Everyone has to start somewhere, and for many business owners, this means focusing on what is important.
There are plenty of ways to grow your business, but not all of them will be effective for all types of businesses. This is where focusing on what is important is crucial. Your marketing funnel is only going to be successful if you direct attention to the right areas. The first step you should take is to do an audit on your current marketing strategies. A Marketing Grader is a great choice for getting these results. By answering a few simple questions, you’ll know where you stand – and what you need to do to improve.
What Are the Goals of a Successful Marketing Funnel?
All businesses want to succeed.
There’s nothing wrong with being focused on long term success. There are plenty of steps that need to be taken between the beginning of your marketing campaign and the end. If the overall goal is to increase your return on investment (ROI), it will take careful, hard work, and time. Working with an inbound marketing company and knowing what kinds of marketing campaign goals to strive to goes a long way toward getting the results you want.
The best thing you can do for your business is to give it your all. This means putting the focus on areas that need it the most and staying open to change. Marketing success is fluid because the market is fluid. Your goals will change. Your audience will change. You will have to change. While marketing doesn’t have to be overly complicated, it is complex. For this reason, knowing where to start and where to go are essential.
For a full transcript of the video linked above about the importance of inbound marketing funnels, read on.
Hi, this is Roger from Enfusen. In this video, we are gonna go over setting marketing funnel goals for your overall funnel.
Now setting marketing funnel goals isn’t just about picking some random number out of the sky. It’s about figuring out what you need from a conversion standpoint and then working your way backwards into what is sales expected to accomplish and what is marketing expected to accomplish. So there are some industry standards to the statistics that go into creating these marketing funnel goals. The idea behind this is that a contract for us is a closed service client. That will range anywhere from between 60 and 100 thousand dollars for an annual subscription.
This is the same for software development companies that might charge 25 thousand dollars to do an assessment or a couple hundred thousand dollars to build out a new software platform for someone – the construction industry, the business services industry, the financial services industry.
So we are gonna start with – we want one closed contract, those are our inbound marketing funnel goals. You want to go through this entire process to make one sale. So that means how many each of these do we need to get there. We know that we can close about 10% of the opportunities that we generate. So that would mean to close one contract, we would need 10 opportunities. Now, a one in ten closing ratio shows kind of on the low side but you always want to underestimate your ability to sell. So that way that you know that your funnel is always completely full of enough leads in order to get you to where you want to go.
Now we know that about 50% of the leads that make it into the sales qualified section are gonna qualify.
We know that because we are doing strategic targeting up here. We’re not just putting random small businesses here that could never afford our services. So with that, then we know we need 20 sales qualified leads. Now again with sales accepted leads – we know from this point down that there are going to be viable people or else we are not gonna move them in. So again we have a 50% conversion right here. So now we are at 40. Now up here is where we are a lot more loose. Up here about 10% of the individuals are gonna probably move from a marketing qualified lead to the sales acceptance. Now we need 400. So that’s really our magic number. You can pull as many people in up here as you want.
Now we do data mining. So we will data mine. We already know that the people that we are putting in here are marketing qualified. We already know that they have 5 or more employees, they have 1 person in marketing, that they drew over million dollars a year in sales. They have a product that sells for over $5000. So we are not just gonna let anyone into our funnel when it gets down here. What really we wanna look at is that we wanna do bring in about 50% of these people who are gonna come down. So that’s about 800 for doing direct response marketing.
Now these are big numbers. Our funnels were much more efficient than this. But we will budget, we wanna know that, ok if one contract here for us is worth $50000. We want to go up here and we want to figure out how much are we willing to spend per contact in order to get a $50000 sale. We know that in our converting direct response funnels, that it costs about $8.33 to get a lead into your funnel that we have potential to do business with.
So I don’t have a calculator on me, but I know that’s around $6500 in direct response marketing when done efficiently to generate a $50000 or greater sale. When I know these numbers, then it just becomes a number game. If I want to make 5 sales this month, I know that I am going to have to invest $30000 into my marketing so that I can generate enough contracts to come all the way through to contracting so that you can close the deals that you want.
Strictly a numbers game, and it is for your business as well. If you use these statistics knowing that it’s going to take 10 opportunities to close a contract, 50 sales qualified leads, I am sorry, 2 sales qualified leads to every opportunity, 2 sales acceptance leads for every sales qualified lead, 10 marketing qualified for every sales accepted and 2 contacts for every marketing qualified, you never fail.
You will never fail in a marketing campaigning again.
You can implement these numbers, strategically measure as each section is dynamically worked through for the marketing in the following perspectives, and you can find out where the gaps are in the process.
If you get down here and only closing one in 50 people in contracting, that means there’s a problem. Let’s talk about problem right here in the opportunity phase. There are two problems that can occur there. You are either not doing enough qualification here, you are not allowing the people to volunteer themselves for the sales conversations, or you are not looking in the Budget Authority Need and Timing. That means you are letting too many people in.
Now if you are doing all these and you are still not closing, then you need to look into a product issue. Is your product pricing off? Is your offer off? Or is it something that the market doesn’t want? Having this information, these statistics allows you to properly measure each element of your funnel to make sure that when you implement, you will convert.
I am Roger from Enfusen, and this is a marketing funnel goals setting video on using the enterprise-level marketing funnels.