Most businesses today understand the importance of multichannel marketing. They invest in SEO, PPC, social media, and even trade shows and conferences. However, if your hard-fought marketing budget is not able to increase your customer base or pool of prospects consistently, then you can be sure your funnel has developed a few holes in the wrong places.
Unfortunately, both B2B and B2C businesses are guilty of making sales-killing mistakes again and again; oftentimes, putting off customers without realizing it. These simple blunders could cost your business big-time, hurting growth opportunities and diminishing returns from existing customers.
Here are four pitfalls you should be wary of while implementing an integrated, omnichannel marketing strategy, so that you don’t lose any targeting opportunities. All of these tips apply to the technology, methods, and tactics that are currently used by entrepreneurs, companies, and marketers, cutting across industries and geographies.
Preferring Safe Over Sorry
Taking risks is a big part of running a business, and something that many entrepreneurs are used to. However, once they start experiencing success and growth, many begin to shy away from taking chances.
In the long run, many business owners admit that playing it safe was one of their biggest mistakes. In terms of marketing and sales, going the safe route can actually hurt your brand. Why? Because it is simply boring.
According to a study by Adobe, 54% of marketing experts know that they should be taking more risks, and an alarming 82% of companies believe that they need to reinvent their branding in order to succeed. Remember, your customers’ needs and mindsets are constantly changing. If you rely on the same tactics, the same advertisements, and the same marketing messages, people will eventually get bored and your results will diminish.
Reassess the methods and tools you use for audience analysis, and take a look at how the demographics have shifted over the years. Compare your past results with your current numbers to see if there are any noticeable differences. It may be time to take some risks, try something new, and see what happens.
Relying on Imperfect Bots
Saving on customer support by passing on the majority of your customer service workload to an automated chatbot system sounds like a dream come true. If used correctly, these bots answer customer inquiries, resolve issues, and even make sales. This is why the AI-powered chatbot has exploded in recent years, with 15% of consumers reporting that they have used one to communicate with businesses over the past year, according to Drift’s 2018 “State of Chatbots” report. (Opens as a PDF)
However, just because this customer service channel may be working for some businesses, it does not mean that it is a one-size-fits-all solution. When creating a chatbot, the overarching goal is to solve the cognitive puzzle that fills in the gaps between a bot conversation and a human conversation. When a conversation is initiated, in any capacity, there is an exchange of data that sheds light on emotional engagement between the two parties. Take away the emotional exchange, and empathy is unachievable.
Programming an online bot to handle all sorts of customer queries and interpret exactly what someone is looking for does require a bit of technical knowledge and understanding, despite what off-the-shelf chatbot sellers will have you believe. A poorly programmed chatbot could easily result in lost revenue.
Just one bad or frustrating experience with a chatbot will likely push away 73% of customers forever. If a bot is simply not answering their question or simply offering irrelevant information, then it is doing your business far more harm than good.
In order to determine whether or not your chatbots could use some help, take a look at some important metrics. Has your sales cycle lengthened? Are fewer leads moving down the buyer’s funnel? Are you facing an increase in helpdesk escalations, despite an improvement in response times? An effective sales bot should be boosting conversions — or at least micro-conversions — so if numbers are shrinking, that’s a definite red flag.
You can also try adding a short satisfaction survey at the end of each chatbot conversation to gather some customer feedback and help identify any weak points that are killing the customer experience.
Ignoring the Micro-Influencer
It seems like everyone and their grandmother is “leveraging” influencer marketing these days, trying to reach the promised (read, purported) 11-times ROI of other digital marketing methods. It is easy to get blinded by the numbers; especially in terms of “reach” and “engagement.” Just because an influencer has a huge following doesn’t necessarily mean that their promotion will help your business.
Micro-influencers (accounts with 100,000 followers or fewer) actually perform better, in terms of audience engagement and actual “influence” — purchase rates. In fact, these smaller accounts generate over six times more engagement than influencers with massive followings. Customers are also more likely to buy a product that is recommended by a micro-influencer than they are to purchase something recommended by a person they know. Additionally, the cost per lead and cost per acquisition is lower than paid ads and regular influencer marketing.
If your brand has dabbled with big-name influencers in the past, it may be time to consider a partnership with a micro-influencer to reach more relevant audiences. Because these accounts have smaller followings, they tend to be niche-focused, meaning that their content is highly pertinent to their audience’s needs and interests.
Obsessing Over Any One Stage of the Sales Funnel
Marketers love to talk about the importance of the sales funnel and creating marketing plans designed to “nudge” customers through it. While the sales funnel is definitely a great blueprint to guide your strategies, getting caught up in any one phase could spell disaster for conversions.
Remember, every visitor, prospect, lead, or target must go through several steps, go back, forward, and run around in circles before they become a full-fledged customer. They must be introduced to your brand during the awareness stage, learn more about your business and products during the interaction phase, get interested and place their trust in you, and ultimately make and stick to a decision to buy from you.
However, many marketing teams tend to forget this trajectory and get caught up in either building brand awareness so potential customers grow bored, or spend too much time promoting sales jargon that people totally disengage, due to advertising fatigue. If your customers are unfamiliar with your business (thanks to a lack of top-of-the-funnel marketing), the pressure to “Buy Now” will be ineffective.
Keep in mind, it might take up to 13 interactions with a brand before a lead can even be classified as a sales-qualified lead (SQL). Focusing on any one section of the sales journey can narrow the funnel significantly, meaning that fewer people flow through.
Focus a good chunk of your efforts on educating and raising brand awareness. Once people start tuning in, give them more specific information about your content and everything you offer. As you gain serious interest, then it’s time to start talking about price points, deals, and how potential customers can take proper action.
Most importantly, you need to place emphasis on the transitions between stages. They need to be smooth and organic if you want your sales funnel to function properly.
Fix Your Strategy, Fix Your Sales
Selling is an art form that no one has truly perfected. There are so many ins and outs, little details, and psychological factors that play into it — making it a deeply complex and ever-evolving practice. Online sales add another layer of complication by removing that up-close and personal factor. However, once you’ve plugged the leaks in your sales funnel, you’ll see a larger number of customers coming in and coming back. Good luck!