Ad prices go up, they go up and Google, they go up in Facebook. That's not going to change. Right.
Whatever they are today. Fast forward a year or two, they'll only be higher. They won't be lower.
So what I see a lot of marketers doing is trying to figure out how do we get our ad costs down? It's asking the wrong question. The better question should be how do we generate more revenue from the leads that we have?
The key to making media work the key to making advertising work is oftentimes accelerating the rate with which you ROI. So there's two ways to solve this problem. You can either spend less to acquire or you can make more during the acquisition process.
And I can tell you, you will never spend less than zero. So it's always going to be diminishing returns. And when it comes to getting more, you got unlimited upside.
As long as you can identify who are highest value, so you don't have to do anything else. The first step to this is just to think who are those high value segments, I’m going to come back to the high value segments within your existing customer base? The 80/20 of the 80/20.
Right. Those people that are five, ten times more valuable. We realized that digital marketer, we had two quite high value segments.
The first was directors of Marketing, VP of Marketing. They were buying our content in bulk to train their teams. Generally five times more valuable than an average lab subscriber.
Five times more valuable. Digital agencies. Another high value segment.
They weren't just buying our stuff for their team in bulk. They're also buying it for their clients on average ten times more valuable. So an order of magnitude more valuable than our average subscriber.
You all have these again. Step one I identify who are these high value segments within your organization. If you know who they are, great.
If you don't dig into your data. What we did is we didn't export and we said, who's giving us the most money or the least bit of time? And just began looking at the domain names and the email addresses.
Realize that these are agencies. Oh, my God, this person. That's how we figured it out.
We red-necked then we said right now that we know that there's these two groups. Let's ask them. During the lead acquisition process, we began introducing dropdowns.
So we would ask people, are you an agency owner? What's your job title? Right.
Are you a VP marketing director? Right. So we introduced all these different dropdowns.
Y’all get those. Okay. Don't do that.
That was really dumb. That didn't work at all on average by introducing this. It reduced our conversion rate on the page by about 40%.
So the percentage of people who actually filled out this form dropped by 40%. So yeah, more valuable people, but oh my God, about half as many of them. So then we decided, you know what, let's not go that route.
What if we instead break these up over into multiple steps? The first thing that we asked people is, what's your role in the company? All right.
And I got this from Ryan Lubeck. Got to give credit where credit's doing this one. So you had a couple blocks in your so be like, what's your role?
And some of these roles were designed to be the people we wanted, some were the people we knew we didn't. So we know we didn't want somebody who was, for example, an intern. So what's your role in the company?
Intern. Awesome. You're generally worthless to us.
Love you. You're probably phenomenal as a human being. Not that valuable for us, right?
So we'd ask him, What are these roles? That was the question that was here. Next question that we asked.
And again, yours might be a little bit different, but what is the company size? Right. What's the size of your company?
And again, we had four boxes on there. Anywhere from just me to like 2 to 10. And then finally we decided to throw in.
What's your biggest challenge again in all of these? No dropdowns. Drpdowns are conversion killers.
Drpdowns are death. If you have dropdowns on something, try to get rid of them, break them out into these multiple stages. So instead, same thing challenges.
And all they had to do is click one of these beautiful, happy boxes that also works extraordinarily great on mobile. Now, here is the cool part. Remember how these dropdowns cut it by about 40%.
So we only we basically only had 60% of the people making it from here to here with this one. When we switched to this 96%, we only lost 4% through that, but gathered all the data. All we did is if somebody was one of those couple of groups that they were in, those key groups, the only thing that we would do is we would modify the very first email that they got.
So the very first email that they got would be a slight modification. We would still want to deliver on whatever it was they were asking for here, but it be, Hey, thanks so much for registering, by the way. I see that you're a marketing executive.
That's awesome. We love working with marketing executives to help them grow their team. In fact, I'm going to make sure that somebody from my organization reaches out to you.
Keep an eye on your inbox for this subject line from this other person, and then 5 minutes later, they get another personalized email from someone in our on our team. Now, if they didn't qualify, then, then that's fine. They would just get the standard response and they get put on the standard, you know, autoresponder and all that.
Then we would send them another email with this subject line company name loves agencies. So whatever they said, they were up here, they're getting an email from us saying that we love them. This one, by the way, the subject line was simply nice to meet you name and it opened with you know my CEO Ryan Deiss said that we should connect and then another one that we tested down here further, are you a marketing agency?
So the first one is we love agencies. The next one was just, are you an agency or are you a consultant? Are you an executive?
Do you run a team? So we're bringing in the same things they check here down in the subject lines. So that's pretty simple.
Just this one process alone by adding a customized email here and then that one additional email there allow us to double what we were generating from our ad costs in the first 60 days. So same kind of thing that Chris said. If you can generate twice as much, you can spend twice as much.
So whatever we got from these, we put all of the sales that we generate, all the revenue that we generate from these high value segments right back into the top of the funnel. And that's how we were able to scale.
