Dave Harries: I want to talk in a little more detail about measuring the digital sales funnel. Let’s start at the obvious place, the top of the funnel. How do you measure that?
Grant Leboff: Yes. The first thing to measure is, essentially, how many people are in my funnel. That’s easy in essence because it’s how many people are in your CRM system, how many people are on your Facebook page, or Twitter follows. It’s just all that. If you take it all as a total, how many people are in that funnel. Now where you have to be very, very careful is a couple of things. The first thing is you have to segmented your market place. You need to know who are my customers, what do they look like. Then what we’re trying to do, is we’re trying to ensure that it’s those customers that we’re counting. You may attract other people to your funnel sometimes, because they’re very interested in what you do. For example, a competitor may go into your website and have a look at what you’re doing. They may even sign up for your newsletter. If you can identify them as a competitor, then you wouldn’t count them as part of your… You’d leave them in the funnel, you wouldn’t get rid of them, but never the less, they wouldn’t be counted.
You can be very, very clinical. What that means is this, you might say my market segment is law firms in the UK, just for arguments sake. Let’s say there are twelve thousand of them. What would happen is you might say, “Well actually, I need to engage the senior partners and the practice managers at these law firms.” In other words my client university is twenty four thousand, and at the moment between my CRM system and my social presence, and profiles, and everything else, I currently have five thousand people engaged with me that are the right people. So one of your KPIs for the next six months or year’s activities, might be how do I get that five thousand to eight thousand, or how do I get that five thousand to nine thousand. The idea is you can start to be very, very clinical about understanding what your client universe looks like, and what your market share in terms of attention is.
It’s not your market shares in terms of customers but in terms of attention. What people often do otherwise with CRM systems and social media, is they’re just gathering followers. See, well I’ve got a hundred thousand people, yes but what does that mean? Who are they? This way it gives you a definite sense of what you’ve got and how that might lead during a buying journey to actually getting a ROI at the end.
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