CONVERSION RATE ROCKET FUEL
By Daniel Murray
Today I want to give you my secret weapon (the ONE) tool I implement at every company I’ve been at.
There are 2 big levers you can pull in marketing (at the simplest level).
- You can either increase the number of leads (widen the top of the funnel)
- You can convert those leads more efficiently (move leads down the funnel)
CONVERSION RATE ROCKET FUEL
I’ve seen conversion rates more than double by implementing this in my tech stack.
As a marketer, that’s what I like to see. Makes my marketing heart skip a beat.
Conversion rate is becoming more and more important (especially lately). With the “Growth at All Costs Era” ending, and the “Scale Responsibly Era” in full swing.
Before, marketing teams could spend most of their efforts on increasing the top of the funnel with paid advertising, media, and content.
Alas, times have changed. Budgets are getting cut. Hiring is frozen.
But, NOW marketing teams need to think about how to convert those leads more efficiently → turning leads into REAL pipeline and REAL revenue.
Now, let’s chat about my tried-and-true playbook. The one that has increased conversion rates for me at every single company I’ve been to (I’m not great, my playbook is great!).
It’s not even my playbook, it’s OUR playbook now.
Diving into conversion rate… there are a few ways you can think about improving your conversion rates.
High level view:
- Website Visitor → MQL
- MQL → Booked Meeting
- Booked Meeting → Sales Qualified Opportunity
- Sales Qualified Opportunity → Sales
- Increase Website Visitors > Form Fill
- MGL → MQL (Leads → Qualified Leads)
- Increase Speed to Lead (Time it takes to call a lead)
- Increase Form Fill → Booked Meeting (Meetings Booked)
- Increase Booked Meeting → Meeting Ran (Stick Rate)
- Increase Meeting Ran → Qualified Opportunities
- Increase Qualified Opportunities → Sales
- Shorten Sales Cycle
- Disqualified Rate (DQ rate)
First, you have to look at which part of the funnel is leaky or has the most upside should you be able to fix it quickly.
Usually the 3 leaky parts of the funnel I like to focus on:
- Reducing the steps between filling out the form and booking a meeting. Less friction in the funnel.
- Decreasing time wasted on non-quality and non ideal customer profile leads for SDRs and AEs.
- Speed to lead – getting better leads faster to reps (and getting them called faster).
The first piece of software I implement to help me boost these ever-important metrics: Chili Piper.
Get more booked meetings:
The secret to getting (many) more booked meetings: REDUCING FRICTION (remove the amount of steps a prospective buyer needs to take).
^^ This is a powerful exercise in becoming buyer-centric, not-seller centric.
The 1st way I like to remove steps? (thank you so much for asking!)
Give buyers a chance to book a meeting when THEY want to meet.
But, how? How does that work?
Chili Piper has Form Concierge:
After a prospective buyer fills out a form, a calendar pops out for them to book time directly on the sales rep’s calendar. See below
This lets your buyers book when they want to have a meeting.
Why does this matter? Again, thank you so much for asking!!
- Ensures meetings get booked (especially inbound leads that you pay for)
- Reduces steps in the process
- Increases your book meetings (I’ve seen it personally drive booked meetings WAY up – 4 times at 4 different companies)
What to think about to ensure success? Loving these questions, please keep them coming!
- Make sure reps calendars are open. BE READY!
- Make sure you route buyers in your target audience only
- Make sure you perfect your meeting confirmation emails
- Make sure you partner and align with sales (marketing, I’m looking at you).
IMPORTANT: Route only qualified buyers to sales!
One the best ways to do this: allow your “qualified prospects” aka ICP to pick a time on your calendar.
Let’s rewind: why did I make sure to say “qualified prospects”?
The reason why: you don’t want just anyone to book time on your sales rep’s calendars. You ONLY want the people who are actually in your target audiences to be able to book those times.
Time is money, and it’s also extremely frustrating for sales to meet with leads that have no chance of closing.
With Chili Piper, you can specify who sees your sales rep’s calendars (AKA, who gets to book time with them, and who… doesn’t).
You can set up rules:
Rules like: only people who fit your Target audience criteria can see the meeting.
This gives you the opportunity to not crowd your sales rep’s calendars. You can still work those leads, but maybe you’ll route them to your SDR team or to a self-service demo-experience. Lots of options (thanks to Chili Piper).
Why does this matter? I’m SO glad you asked!!
- Let sales reps focus on qualified meetings ONLY
- Get buyers on the calendar faster
- Better relationship between marketing and sales because you’re not handing them junk
- THEY REALLY HATE WHEN YOU DO THAT. SO, DON’T DO IT. Marketing and Sales, united by Chili Piper. ☮️☮️☮️☮️☮️☮️☮️☮️☮️☮️☮️☮️
What to do to ensure success? Again, such a fabulous question! Well said.
- Agree upon the criteria on what a qualified meeting looks like
- Make sure you only have the necessary fields on the form. No extra steps!!!
- Make sure you send confirmation emails before the meeting starts
Improve speed to lead.
Getting sales reps to call inbound leads that don’t book can sometimes be a mission. Time is precious when someone submits timing options to talk to your team.
That’s why one of my favorite things to implement is Chili Piper. It shouldn’t take days to book a meeting with your reps. It should be INSTANT.
You need Chili Piper. I need Chili Piper. Let’s turn those qualified prospects into buyers. No looky loos. No revenue left on the table. No fights between Marketing and Sales.
Hit me up with any questions. I am clearly a Chili Piper super-fan and I can’t wait for you to join the party.
Speaking of joining the party, fill out this form to talk to Chili Piper’s team now.
Tell them I say hi! (Just say that Chili Piper’s biggest fan sent you, and they’ll be like: “Tell Daniel we say hello!”
Okay, off I go. I’m talking in the third person and it’s getting weird.
Thank you for reading! And, for not fighting with your sales team.