Maximizing ROI On Paid Marketing Channels

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Course 5 - Dcode Master ClassMaximizing ROI onPaid MarketingChannelsBy Casey StantonFounder of CMOx, the Fractional CMOCompany

Maximizing ROI on PaidMarketing ChannelsWhy Optimize Channel Mix01for Revenue ROIChallenges in AnalyzingUnderstand the channels forPerformance DataAttribution, data silos, dataattracting and convertingintegration, gestation times &03moreParadigm Shift in Measuring02the Marketing KPIsThe Marketing PerformanceDiscover the KPIs you need toBlueprintThe ideal channel mix for B2B,measure to have control of yourB2C and marketing agenciesresults04

Presenter: Casey StantonFounder at CMO Exponential,The Fractional CMO Company The leading expert in fractional chief marketing officerstrategy to grow 7 and 8 figure companies Expert on the evolving landscape of marketingstrategy, digital marketing, sales and remote teams Always looking for a win-win outcome forentrepreneurs and their team members Former Tulane University Professor of Marketing Michigan State alumni Spend my weekends with my wife, son and dogexploring Philadelphia

Topic #1:Why Optimize Channel Mix forRevenue ROI?

Why Optimize Channel Mix for Revenue ROI?There are unique marketing channels for the different stages of the customer journey.In Eugene Schwartz’s pivotal marketing book “Breakthrough Advertising”, he suggests thereare 5 stages of “awareness”:1.Unaware2.Problem aware3.Solution aware4.5.Product awareMost aware

Why Optimize Channel Mix for Revenue ROI?The marketing channels you choose are dependent on the level of awareness your prospecthas.Therefore, what channels must you use to satisfy the following stages of a prospect/customer?Stage 1: Find the prospectStage 2: Attract the prospectStage 3: Convert the prospect to a customerStage 4: Grow the lifetime value of your customer with your company

Why Optimize Channel Mix for Revenue ROI?Stage 1: Find the Prospect Who are they? What is their intent?This is Top of Funnel (TOFU) marketing.

Why Optimize Channel Mix for Revenue ROI?Stage 2: Attract the Prospect What problems can you solve for them? How can you show your expertise? (case studies, testimonials, social proof) What can you give the prospect to build trust?This is Top of Funnel (TOFU) and Middle of Funnel (MOFU) marketing.

Why Optimize Channel Mix for Revenue ROI?Stage 3: Convert the Prospect to a Customer What is the easiest thing they can buy from you? How can marketing support your sales process? Sell with continuity wherever possibleCase study: Amazon PrimeThis is Bottom of Funnel (BOFU) marketing.

Why Optimize Channel Mix for Revenue ROI?Amazon Prime customers (in millions)Stage 4: Grow the Lifetime Value of your Customers Sell with continuity wherever possible Account-based marketing Have a product ascensionThis is Bottom of Funnel (BOFU) marketing.

Topic #2:The Paradigm Shift in MeasuringMarketing KPIs

Which Marketing KPIs should you be focused on?If you don’t know these seven marketing KPIs, you do not fully understand your marketingefficacy.1.Lifetime Value of a Customer (LTV)2.Cost per Sale (CPS)3.Cost per Lead (CPL)4.Return on Ad Spend (ROAS)5.MQL Last 30 Days6.7.Sales Last 30 DaysTime to Sale (TTS)

Which Marketing KPIs should you be focused on?Lifetime Value of a Customer (LTV)Formula:LTV( ) Margin ( ) * (Retention Rate (%) ([1 Discount Rate (%)] - Retention Rate (%))Formula without discounting:LTV( ) Margin ( ) * (Retention Rate (%)) Be conservative LTV will be used to calculate the Acceptable Cost per Sale

Which Marketing KPIs should you be focused on?Cost per Lead (CPL)Formula:CPL ( ) (Sponsorship fee marketing collateral flights/meals/per diem) Leads (#) Include all ancillary costs Create similar calculations for digital-only sales

Which Marketing KPIs should you be focused on?Return on Ad Spend (ROAS)Formula:ROAS Revenue from marketing campaign Cost of marketing campaign ROAS shows where your marketing team should spend their time and effort Make sure you’re seeing magnitude along with ROAS as some campaigns have high ROAS but are “small” campaignswithout the ability to scale

Which Marketing KPIs should you be focused on?Cost per Sale (CPS)Formula:CPS ( ) (Marketing spend ( ) ad technician fee ( ) overhead ( )) Total Sales By adding in overhead (including marketing vendors), you’ll get a real CPS What is your CPS versus your Acceptable CPS as defined by your LTV?

Which Marketing KPIs should you be focused on?Marketing Qualified Leads in the last 30 Days (MQL Running 30)In order to have successful sales forecasting, you need to have visibility in your sales pipeline.But in order to know how your sales pipeline will be behaving in the next 30 days, you need tohave your pulse on the lead volume and quality.The quantity of leads which meet a specific quality is the most important. If you’re receivinghundreds of new leads each week, but the leads are unable to afford your service, theyshouldn’t be considered “qualified.”

Which Marketing KPIs should you be focused on?Sales Last 30 DaysNo matter if you’re selling a product or service, you need to know your sales volume. Just as it’simportant to look at the past 30 days’ lead volume, the same is true for sales volume.This report can be broken into Last 7 Days report as well, for you to have a timelier grasp on thesales success and lead pipeline.

Which Marketing KPIs should you be focused on?Time to Sale (TTS)This is an easily forgotten metric, but one that must be tracked in order to be improved.It is said that most leads take 8 to 10 touch points (emails, calls, demos) before they close into a sale. For some of our companies, it can take 18 months and dozens of touchpoints! If you’re not tracking the time it takes for a lead to be closed, you’re missing out on a major opportunity tooptimize your marketing and sales funnels.A few CRMs can help calculate this data, but if you lack the reporting of technical prowess, it’s easy to run a VLOOKUP in Excel thatmeasures the time between a lead being logged in your system to when a purchase event happens. Find the time between those events, removethe outliers, and find your median.Once measured, I’m sure you’ll have a few creative ideas on how to reduce the Time to Sale. Test your ideas and let the data tell you if yourhypothesis is correct. Take the kaizen approach to improving the TTS 1% every month (or every week, if you have the capacity).

Topic #3:Challenges in AnalyzingPerformance Data

The 5 Challenges in Analyzing Performance DataChallenge #1: Proper attributionChallenge #2: Data silos data integrationChallenge #3: Data accuracy (statistical significance)Challenge #4: Data not telling an emotional storyChallenge #5: Long gestations

Topic #4:The MarketingPerformance Blueprint

The Marketing Performance BlueprintLet’s discuss the ideal marketing channel mix for:1.B2B2.B2C3.Marketing Agencies

The Marketing Performance BlueprintThe Ideal Marketing Channel Mix for B2B: Identify targets Inbound (content marketing, SEO, PR, Google Search ads, PROOF [case studies], webinars) Outbound (LinkedIn, cold email, cold call, value-add emails, webinars)Case Study: Telemedicine company masters outbound

The Marketing Performance BlueprintThe Ideal Marketing Channel Mix for B2C: Identify targets Inbound (content marketing, SEO, contests) Outbound (Paid ads [FB/IG, Google Search, Display YouTube, native ads, microinfluencers], reviews)Case study: Beverage company drives sales through Facebook Ads

The Marketing Performance BlueprintThe Ideal Marketing Channel Mix for Marketing Agencies: Identify targets Inbound (content marketing, SEO, PR) Outbound (LinkedIn, cold email, cold call, value-add emails, Facebook Ads, Google SearchAds)Case Study: Dental Service Organization hires a dental marketing company

THANK YOUCasey Stanton – CMOx.coTwitter: @CaseyStantonLinkedIn.com/in/CaseyStanton

In Eugene Schwartz’s pivotal marketing book “Breakthrough Advertising”, he suggests there are 5 stages of “awareness”: 1. Unaware 2. Problem aware 3. Solution aware 4. Product aware 5. Most aware Why Optimize Channel Mix for Revenue ROI?

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