Efficiency at the Top of the Funnel
When you think of efficiency at the top of the funnel, I’m sure, like most, your mind goes straight to customer acquisition cost and specifically the factors that go into measuring that (advertising spend, technology stack, sales and marketing people, etc.). Well, those are the measurables of customer acquisition, but I want to focus today on things that actually affect acquisition and then ultimately increase efficiency by increasing your conversions.
If you want to be efficient at the top of the funnel and get the most out of your spend, there are three key areas where you need to put some focus.
3 areas to focus on if you want to be efficient at the top of your funnel:
- The Right Audience
If you’re spending money for an audience that does not look like your ideal customer, you’re probably wasting money. Your target audience should have a high likelihood of being an ideal client that not only buys your core service, but is likely to continue to work with you for a long time as well as have the ability to upsell, cross-sell, renew, and rebuy. This is where account-based marketing comes into the picture.
- The Right Message
This affects conversion greatly and thus has a huge impact on your customer acquisition cost and efficiency at the top of the funnel. But it’s not just the words that you use to get people’s attention, it’s also the design elements and how they’re executed, and where to get the attention before your message can even be delivered. You have to stand out in an ever-expanding sea of noise to even get a chance to make your case. A unique message, both verbal and creative, is critical.
- The Right Number of Touchpoints
This includes the number of things needed to do to get an initial conversation as well as pull a sales-qualified prospect down through the funnel and convert. Since before the pandemic, many researchers say that it takes approximately twice as many initial touchpoints to get a conversation with a prospect, and similarly, close to twice as many touchpoints during the sales process to convert. Now, I’m calling them generally touchpoints but it is not simply the manner of salespeople outreach, phone calls, or emails, although it does include those. It also includes cultivation email sequences, remarking, direct mail, LinkedIn messages, and a whole host of modern marketing tactics to effectively cultivate an existing prospect.
Put your focus on these three key areas if you want to drive efficiency at the top of your funnel.