Customer engagement is not luck. What's your engagement ratio?
You have a business, you want to get new engagement, new leads, and potential new business. There is a lot to it.
Engagement is Not Magic
You know that saying..."Everything happens for a reason." so too does getting new business.
Below are 7 factors that contribute to you getting the opportunity to do business in any marketing you do.
After this post read: 6 Reasons We Don't Catch Fish (Customers)
Back to this article...
Are you aware the odds, you are going to get leads?
Even on the best of days, the odds of someone engaging new leads is far less than 100%
With this article it's time to manage your expectations.
When you are thinking about where to invest your time, and energy, please remember this article.
What are the odds of engagement?
Whether you are out networking, marketing your business or sending eMails, you need to calculate the odds of business with the person your connecting with.
The Engagement Per Thousand (EPM)
If you connected with a thousand people, what are the chances you will develop a legitimate lead?
Developing leads, we see as a function of 7 factors. Each of these factors, you can give a quick score out of 10 in order to determine the STRENGTH of each factor.
The Relevance Of Your Contact (Factor 1)
If you have connected with someone in anyway, what are the odds they would even do business with you? Do they live geographically in an area that prevents you from connecting. Do they even care...
The Trust Of The Referral (Factor 2)
Let's say you just gave a speech on a particular subject and someone comes up to you and complements you on your speech. Pretty high trust score. Or what if this person was referred to you by their best friend. Same thing. Trust is not automatic. Can you be trusted by this individual....
The Urgency of Need (Factor 3)
You know, some people wait until their back is really sore before they seek help. Sadly, preventative maintenance is often an afterthought. But the more someone has identified an urgent need with your topic, the better the score out of 10.
The Clarity Of Message (Factor 4)
You have someone attached to you, with lots of good desire, now you have to quickly give them the elevator pitch on how you can help. And if you talk too much, they will tune you out. Clarity of message is crucial in generating engagement or converting people into leads.
The Strength Of The Call-To-Action (Factor 5)
You are so close, you just need to say the right thing to make it happen. You need to provide the carrot your contact wants. And in many cases, it's different for each person. But a strong ACTION oriented invite is powerful.
The Resources To Value You (Factor 6)
You got them, they love you. They are broke. They don't appreciate your value. Did you clearly convey the value proposition. Do they have the means to even engage with you?
A Lack Of Other Options (Factor 7)
You are still amazing. You have completed all the steps above. They are ready. Oh wait. Uh "I have a friend that does this" (Thanks for the information) That's right you just took someone to the edge. Totally appreciated what you had to say. You convinced this person, they were ready to buy!! Well Done. But...they are going to reach out to a friend.
Sadly, if any one of these factors is a ZERO, so are your odds of engagement.
The truth is, the odds are against you. This is why so many people take the secure route. But it's too late. You are in the ring. So you might as well know what you are up against.
Let's Calculate The Odds
When determining your odds, you just score everyone of the above factors out of 10. No this is not a science, but you will get the point.
In this scenario, I am delivering an eMail to 1000 people that I think MIGHT be a good fit for my product/services. I will calculate the odds of engagement.
The Relevance Of Contact: The chances you have compiled a list that is perfect is low, but lets say this score is 6/10
The Trust Of Referral: These are unsolicited eMails, and you know people are wondering who you are. We score this 3/10.
The Urgency Of Need: In this case of the 1000 people you contacted, only 2/10 actually need what you are putting down.
The Clarity Of Message: You did a great job here. 8/10 people that read it totally understand what you do.
The Strength Of The Call To Action: You did well here too. 7/10. The people that will be affected by this, will act.
The Resources To Value You: Sadly in this case only 4/10 have the money and the resources to truly engage.
The Lack Of Other Options: Well, this is a kick. Because these contacts are constantly bombarded, only 3/10 don't have other options.
Ahh..Engagement. Will You Close The Deal?
What are the odds you will close the deal?
Give me my score please!!
To get your engagement per 1000, all you do is multiply all of your scores together and then multiply by 1000.
The score (6/10*3/10*2/10*8/10*7/10*4/10*3/10)*1000 = 2.41
That's right 2.41 of these 1000 people will be interested under this scenario.
Is it worth it?
Well, only you know what you are spending in terms of time and energy and what the value of each sale to you is.
If you are selling a single $5 widget, I'd suggest it's not worth it. However, if you are selling an ongoing business relationship that brings you in $2,000 every year, it just might well be worth it.
The odds of engagement, well, it can be a tough pill to swallow, but it reminds me of the story of a salesman that defined his success over the years.
He said. "every day, I made one more call, after everyone else was done. 1 More Call over a 30 year career, was roughly 6000 more calls". Brilliant. 6000 more chances at getting customers, and don't forget, each customer you get, leads to new referrals.
So in the early days, this math (engagement score) may seem daunting, but the truth is, if you have a valuable product/service, each new client is worth their weight in gold.
If you value this article: Please rate it and share it. Your trusted referral is appreciated. You can follow me too. I attempt to put together stuff that makes you truly think about your business.