What about the other 96% who don’t buy? | Mitchell Harper
This is a summary transcript of Mitchell Harper’s video on how to increase your conversion rate by building a content funnel. He has built a number of companies worth up to $200m and more. ‘At best, 4% of your web site visitors are ready to buy right now. But what about the other 96%? When they’re not ready to buy, they’ll leave and probably never come back.’ He outlines a simple strategy that many companies try and follow but get the mechanics wrong for.
Summary transcript of the video
When people come to your website, 96% won’t buy. They’ll turn up to your website and, for a myriad of reasons, whether that’s your pricing, product, whatever, they just don’t buy. They might not need your product for 6 months.
I’ve got a flow chart of what to do, I think it’s intuitive once you see it and once I explain it to you but what I see when I coach founders, they get the principal but they don’t get the mechanics behind it.
Lets say 100% of people get to your website. Lets say 4% (industry average is 2 or 3%) who come to your website will buy. What happens on most websites is that the 96% of people who turn up just leave. If you want to grow your revenue without increasing marketing spend. What do you do? You target the 96%.
Capture their email using HelloBar
When they come to your website, you want to capture them when they intend to leave. There are few ways to do that.
Some companies use an ‘exit pop-up’. We don’t want to sell them anything at that point. We want to capture their email. One tool that does that without being slimy is ‘HelloBar.com’. It does a really good job at that. They’ve got a free plan and it’s around 30 bucks a month to customise. Install this on every page of your website and blog to capture the email address of the visitor when they intend to leave. You can, within the settings, show them Hellobar when they intend to leave. I’ve tested all the options and the one with the modal where the background darkens works best. Around 4.25% of visitors leave their email address. That’s gonna take your abandonment rate down.
You’ll get 5% of people who were gonna leave to leave their email address. If you have 1000s visiting a day that can be 100s leaving their address.
Leverage the content you’ve made
Then you can use your email marketing tool, I use Mailchimp, and leverage the content you’re using now. Does not matter if you create blog posts or videos or white papers.
The whole idea of getting them into the content funnel is that they won’t buy now. They’re going to buy at some point. You want them to buy you. To do that is, stay top of mind. The only way to do that is to give them content that helps with their purchasing decision or another problem. So you want to build trust and when they are ready to buy you’ve helped them and they’ll remember you.
This whole process is automated. Every time you post a new blog post, they get an email e.g. 21 ways to solve whatever problem etc. You want to have content that’s solution focused.
No pitches or promotions. Don’t sell to them. Keep it 100% educational
Lets say you were selling analytics software then you might write ‘the 5 metrics every business in whatever industry must track’. Zero sales content , no promotions, no coupon codes. 100% educational only.
Every 3 or 4 days, have someone on your team or agency to create content to put it on your blog.
They will go straight to you when they’re ready to buy.
You can build an email list of 1000s of people and when they are ready to buy they’ll go straight to you.
Are you actually doing this in your business? probably not. When you think about increasing your revenue you can get more customers or charge existing customers more. You don’t have todo that, you can use this low hanging fruit idea. They’re not ready to buy, they’re not ready to transact so give them something of value.
Make them look good to their boss
A very simple strategy. If you implement this and give it 6 months and create content every few days it’s very easy to add 30% to 40% to your top line.
Your competitors are sending discounts and coupons but you’re helping them solve problems. One of the best things you can do is help them look better to their boss. They’re gonna love you for that.
Used this at all my companies
That’s a very simple content funnel strategy that I use at all my companies and has a dramatic impact on revenue and conversion rate.
Your blended conversion rate will easily double. It halves your acquisition costs and doubles your revenue.
Create the content yourself if you have to. It can take only a few hours a week because you probably know your prospects better than anyone else.
People want to buy a specific result
If you liked the above then read this quote on product marketing by the same guy:
“When was the last time you woke up and said:
“Today I’m going to buy some software/consulting/services/apps/etc?”
Seriously, when was it?
No One Gives A Sh*t About Your Product.
They want to buy a specific RESULT your product gives them.”
Read more on that quote and see a few more.
5 more motivating customer success quotes
Clone your successful customers
Also read Lincoln Murphy’s ‘5 Ways to Accelerate Sales’ including his point on cloning your successful customers.
Pardeep overlooks growth at Upscope and loves writing about SaaS companies, customer success and customer experience.