The 4 P’s to the One2Many Sales Process™
It is an incontestable fact that the One2Many process, when done correctly, generates a consistent flow of qualified and motivated prospects as well as the best ROI. In fact, a recent survey of top producers shows an average ROI of more than 300%. If you think that sounds too good to be true, do the math. If you invest $10,000 in a seminar marketing campaign that generates 40 buying units and you close only 10% of those prospects (assuming an average commission of $7,500), you’ll have an ROI of 300%.
Before jumping into the One2Many Sales ProcessTM we first need to determine your current Customer Acquisition Cost and Lifetime Value of your customer
The Customer Acquisition Cost (CAC) is one of the MOST important metrics for any business, along with the lifetime value of a customer (LTV). We need to ensure you get a return on investment (ROI) from your marketing and sales campaigns.
The important ratio to focus on, then, is one that tells you exactly how much value you’re making from your customers in relation to how much it cost to acquire them:
- Less than 1:1- You’re on the road to oblivion, and fast
- 1:1 – You’re losing money from every acquisition
- 3:1 – The perfect level. You have a thriving business and a solid business model.
- 4:1 – Great news but you’re under investing and could be growing faster. Start more aggressive campaigns to acquire customers and bring your ratio closer to 3:1
As well as the above you need your CAC to assess how your marketing campaigns are performing. The goal is to find the marketing channels that have both a high LTV:CAC ratio and are scalable. There is no use in only focusing all your time on channels that send only a very small amount of customers. Find the right balance between time/effort, LTV:CAC and quantity of customers acquired.
With all that said, it’s critical to have a campaign mindset when planning your seminar marketing. That means you have to commit to at least 6 campaigns before assessing the success or failure of seminars. Additionally, you must look at seminar marketing as an investment, not an expense.
Two decades of data shows that prospects – yes, even affluent prospects – have, do and will attend dinner seminars. Remember, you have to follow the proven seminar marketing formulas and promote seminar topics that are of interest and concern to your target prospects. This means you have to work with a seminar marketing company that has experience, data and proven results. Mom-and-pop printers may cost less, but they are just putting ink on paper; they aren’t engaged or well-versed in targeting and getting affluent people to respond to your seminar invitations.
Finally, no matter if you’ve done seminars in the past, are doing them now or want to start using seminars to generate new prospects, find a mentor. Identify someone who is a successful seminar marketer and learn from that person. It will make you a better overall seminar marketer by avoiding common mistakes and you’ll also pick up many techniques to improve your ROI.
– We first need to identify your target audience- Who is your customer?
We use the largest, most detailed list databases in the world to take the guesswork out of who’s coming to dinner. By using simple age, income and zip code criteria, our seminar mailings usually generate an average between a 2.5% to 5% response rates. More targeted criteria (net worth, business owners, professionals, etc.) can be used as well.
A standard list will most likely include many of the above anyway, at their home addresses. No need for sophistication or high-priced bogus mailing lists. You know the areas around your local markets better than anyone. Combine that knowledge with our data and that will create the best response.
–Once we know who your customer is – now we can design a proper marketing piece
For an invitation to work, the envelope and the letter must create attention and have the right components to get the desired response. However, a great looking invitation is only 20% of the necessary ingredients of a successful seminar. 40% is your list and 40% is your offer (solutions, services, door prizes, dinner, etc.). Having said that, the 20% is still very important – which is why our envelopes and letters/invitations are designed together. They keep your prospects looking – and reading – and make a good impression.
-Next we need to choose our event location
Critical to the success of every seminar marketing campaign is the location! Over the decade, we’ve collected statistics on seminar locations in every state in the Union. Whether you’ve done seminars in the past or are just starting out – call us today to find out which restaurant is garnering the best response rates in your area!
-The mail drops and your prospects RSVP
As soon as your prospects receive your letter, a certain percentage of them will RSVP right away – many of them will respond at the same time. This is why we provide you with access to our Seminar RSVP call center service, which is staffed with highly skilled appointment setting operators.
– We take your inbound RSVP calls
One of the most important factors when marketing seminars is the ability to accept inbound RSVP calls from your prospects. Time after time it has been proven that affluent seniors prefer not to leave a message or speak to an answering machine. Keep in mind, using you own office staff to take calls is risky because you are only open until 5:00 or 5:30 pm. Most responses seem to come at night when people are most likely to read their mail. You also run the chance of occupying your lines during business hours while prospects are trying to call in. It is critical that you understand that offering a 24 hour live RSVP line is a very important process to maximize your attendance. Our service includes not only taking all your calls, but also logging them in to our proprietary on-line back-office. You will have direct access, real-time to all of your prospect’s information as they are calling in. You will have your own private access code to log-in. Now all of your prospects will be organized in a database that you can use for future promotions and prospecting.
When it comes to successful seminar execution, we don’t want to leave anything to chance. We offer our clients the very best in industry research, logistical implementation, presentation materials, support materials, coaching, appointment-setting techniques and follow up marketing strategies. But we never ask our clients to merely follow our advice blindly. Instead, we have developed a process that allows our clients to be as involved in the process as they want to be. In addition, with our event expertise and network of sales professionals throughout the country, we have developed and ran entire sales and marketing divisions for companies
When clients allow us to help them nail down all the details associated with running a successful seminar, using a method we’ve developed over time that pinpoints all possible failure points, we generally see the type of results that can actually help a company greatly in terms of meeting its growth goals
The point of a seminar is to initiate and establish multiple, mutually profitable long-term relationships. But don’t just invite guests, get to know them. There is a variety of ideal opportunities to establish and build relationships. It’s easier to convert a lead by this kind of contact than letting potential clients slip in and slip out of the seminar. Remember, if you give the greatest presentation in the world and your potential clients leave out of there feeling educated, but they do not schedule an appointment, then ultimately your seminar was not a success.
Setting the appointment and getting the sale is the whole point of the seminar: Getting people to a seminar is a ‘lead’ – but we all know that a lead must be converted into an appointment and sale. You actually have to do this work yourself. Although it helps, excellent public speaking skills and quality information are not enough to get seminar guests to set appointments. Closing strategies for seminars are abundant. Feedback forms asking for an appointment can be filled out before the seminar begins. Appointments can be solicited in an appropriately worded opening presentation. Your assistant can work the audience too, politely soliciting complimentary appointments. We have literally attended hundreds of seminars around the country, and have witnessed, FIRST HAND, what works and what doesn’t. And while there are several methods, the successful ones focus the effort on one goal: to set appointments and generate sales. We suggest appointment setting techniques based upon what we know works and the human resources our clients have available to them. As great as you think your event went – No appointment ultimately means that the method has failed.
Now we get to celebrate bit….but not too much! If your goal is to work less and earn more then this is where the One2Many Sales ProcessTM starts to get exciting. And this is really where we shine.
Now that we’ve perfected your first campaigns it’s time to replicate your model. This can be done by training your existing professionals or utilizing ours. With our event expertise and network of sales professionals throughout the country, we have developed and ran entire sales and marketing divisions for numerous companies. But before we do this we need to revisit our Client Acquisition Cost and determine how quickly we want to grow.