About Me 0067: Who's Making Money

This post was written by the Web Marketing Ninja — a professional online marketer for a major web brand, who’s sharing his tips undercover here at ProBlogger. Curious? So are we!

As online marketers, we often devote a large amount of time to finding ways to attract eyeballs to our online assets. We put such effort into simply get the readers there that we allow the rest to take care of itself. Money will flow, Ferraris will be purchased, and we can all retire nice and young…

Then we discover the concept of sales funnels.

You may already know what a sales funnel is, but if you don’t, let me quickly describe it for you.

A sales funnel is a simple map of your lead-to-sale process.

Let’s imagine you start with 1,000 leads (visitors to your web site).

100 might click on a sales page link for of one of your products.

50 might click your Order Now button and enter your shopping cart.

Ten complete the checkout process and buy the product.

So your sales funnel starts and 1,000 and ends in ten sales—that’s a 1% conversion.

That’s a bare-bones view of a sales funnel, but as you can see it takes four steps, not one, to increase the amount of sales your site delivers. If we put all our attention on attracting new visitors, we’re essentially forgetting 75% of the puzzle—and we’ve all done that.

But that’s not where online marketers go wrong!

It’s not hard to sell people the idea of the sales funnel—it’s simple to understand and easy to quantify. It’s also been around for a long time. Offline sales professionals have been using it for decades.

The problem with the sales funnel is that in the offline world it’s a simple and straightforward methodology, but in the online world, it’s not.

The image below is a quick process map I prepared for a Managing Director of a large retail operation, who’s focusing heavily on online strategy.

As you can see, that organization’s sales funnel is a lot more complicated than the simple four-step process I mentioned above. There are some key points I want to highlight in this map:

Seven different types of traffic that visit the site.

There are multiple behaviors that we need to analyse: what pages visitors view, how long they stay, the navigational path, and their user profiles (locations, browsers, etc.).

There’s a connection outcome, as well as a buy outcome.

A visitor can become a customer in a range of ways.

Now my idea of a funnel resembles something I use to fill my car with oil, and this looks nothing like it. This depiction reminds me more of the tubes game I play on my iPhone. In even more bad news, I made this process map in five minutes. The reality is that this business’s online sales funnel is probably twice as complicated!

The key to sales funnel success

The key to creating a more successful sales funnel is: step away from the keyboard. While I work in an office, I actually have a whiteboard in my house. I actually use it, and it’s better than any online tool I’ve seen for laying out the bare bones of a real, live sales funnel.

I start by detailing every single way people can enter the funnel, identifying where they have come from, what their persona is, and where they’re at in the purchase cycle.

Then, I identify every activity that someone can undertake on the site: read some content, read some more content, subscribe to a newsletter, view a social media profile, buy something, or exit the site.

Finally I detail the measures I can put on each activity: time on page, entry path, exit path, and so on.

Then I start connecting the dots and putting together all the different pathways a visitor can take thought my funnel. The key here is not to change anything about your site yet.

Putting theory into practice

Once the funnel is mapped, and the measures are in place, I start collating reports at every step. What I’m trying to do here is understand how my funnel works in practice, not in theory.

Try this on your blog. Once you’ve collated enough information to start making decisions, I guarantee there will be obvious points of failure in your process, and they’re likely to arise in two main areas:

a page that does a great job at encouraging a secondary behaviour (that is, rather than keeping someone in the sales funnel)

a page that fundamentally fails to move a customer to the next step in the funnel.

Initially, you’ll probably feel like there is a lot to do, so you’ll need to prioritize the changes you want to make. Focus on the areas that are costing you the most sales (which might actually be at the bottom end of your funnel).

With time, effort, and focus, you could see huge improvements in the performance of your site, without your having to attract one new visitor to your site. Sounds good to me!

Have you tweaked your sales funnel recently? What changes have worked best for you?

Stay tuned from most posts by the secretive Web Marketing Ninja—a professional online marketer for a major web brand, who’s sharing his tips undercover here at ProBlogger. Questions? Suggestions? Email him.

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/> [style="text-decoration: underline;">Ed. note: This post is authored by Evan Jowers and Robert Kinney of Kinney Recruiting, sponsor of the Asia Chronicles. Kinney has made more placements of U.S. associates and partners in Asia than any other firm in the past four years. You can reach them by email: asia at kinneyrecruiting dot com.]

Evan here. If you are a transactional associate at a top US firm and your name happens to be of Asian origin, especially of Chinese background, then you are probably receiving multiple cold calls per day from recruiters. After all the Asia lateral biglaw markets, especially HK / China are red hot now and it is of course very easy to compile a list of top US firm associates with Asian names.

Keep in mind that there can be very negative consequences in giving control of such an important career move and job search to someone calling you out of the blue (no matter how many times they may call). We often get calls from very well qualified US associates with sad tales of at worst their resume being plastered unauthorized all over China or other Asia markets; or at best only authorized submissions (thankfully) but realizing their recruiter has done little more than emailing their resume to begin with and is unresponsive for weeks.

It is important to note that your resume is a very valuable commodity to recruiters calling you. When you are placed at a law firm, the recruiter who submitted your resume is typically paid (by the law firm) 25 to 30% of your starting base salary. Thus, the recruiters cold-calling you have a big incentive to get a hold of your resume and email it to law firms, with or without your authorization (believe it or not, some biglaw recruiters in Asia are known to be even less ethical than the worst of the lot in the US). Once your resume has been submitted to a law firm, the recruiter who did so “owns” your candidacy there for at least six months. Further, when your resume has been submitted without your authorization, it will take an affidavit from you to the target firm explaining such for the submission to be reversed (and basically that is you explaining to the firm that you did not know you even applied there, which can of course cool off any motivation of that firm to continue to want to interview you, and the unethical recruiter is counting on you to thus not take that route).

We try to think that a lot of recruiters do not take such unethical steps, but please note that even the most well-intentioned recruiters trying to break into the Asia markets are more often than not woefully inexperienced with such lateral placements (and even most of those with some experience have never been more than resume pushers).id="more-49277">

We recommend that you make sure you are represented by a recruiter who is willing and able (has the experience necessary in your target market) to act as your agent, instead of just someone who is only able and / or willing to email your resume to firms. You should be pro-actively looking for an agent (we recommend interviewing prospective agent / recruiters months before you start your search when possible), not simply handing your search over to a headhunter that happens to be calling with the earth shattering news that they know, for example, of firms in China that have openings for Mandarin fluent US associates in cap markets and M&A (almost every top US and UK firm in HK / China has such openings), or that the sky is blue.

The question you should be asking is not whether there are openings and whether you would be very competitive candidate for such spots (yes and yes), but whether the person calling you is best suited for representing you.

At the very least, make sure the recruiter cold-calling you can:

a) Provide at minimum 10 references of US associates they have actually placed in your target market in Asia (I could easily provide 50, as 10 is a very small and unimpressive number, but should be a minimum guideline to figure out if the recruiter actually has a history of successfully placing US associates in your target market); and

b) Is able to discuss in great detail each roles you may consider targeting, including details regarding the relevant partners involved (does the recruiter even have a business relationship with the particular partners making the hire), including their personality, practice area, and plans for growth. I usually refer to this as the “3 hour rule”, in that if you get the impression that the recruiter could not talk non-stop about your target market for about 3 hours, then move on to the next recruiter (does not mean you actually have to listen to them for 3 hours).

It can be a lengthy process to find the right fit lateral spot in Asia, especially if you are moving from the US. It is much more complex than simply moving down the street to another big office. Instead you are moving to a much smaller office, smaller group, a place where you will have a lot more responsibilities with clients and where your personality fit with your primary supervising partner will be key (not only for progression at your new firm, but also for the foundation of your career in your target Asian market).

It is also a very exciting move and you deserve to be working with an agent / recruiter (rather than headhunter / recruiter) who is excited about helping you and the firms / partners he is recruiting for in Asia; who is excited to be invested in your career for the long-term; not focused on a recruiting fee (is willing to give advice not corresponding with recruiter being paid if that is the best advice); and who is capable (actual long-term experience with the market and similar lateral moves) of giving you the best advice and guidance.

Our team at Kinney can of course do a great job for you on an Asia job search. We know a handful of recruiters outside our recruiting firm as well whom we can recommend and are happy to do so. If unfortunately you have gone down the road already of being represented by a headhunter (instead of an agent) and you need advice, feel free to get in touch with us as well. While we can’t represent you at your target firms in such situations (remember, your headhunter already “owns” your candidacy at any firm contacted for at least 6 months), we are happy to give you advice and guidance regarding job search strategy and which offer to take (we have helped numerous US associates in such situations, including helping them negotiate their comp packages).

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About Me 0067

Wednesday, December 22, 2010

Who's Making Money

The key to sales funnel success

Putting theory into practice

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