Shola Abidoye is the Founder of Convert Port, an automation software company dedicated to helping customers balance business growth with living the lifestyle they desire. Shola and her team pioneered and popularized CRSP, a technology for controllable, repeatable, scalable, and predictable customer acquisition. Their technology assists businesses in converting clicks into clients.
A Quick Preview of the Podcast:
- Why you need to observe behavioristic data in your email marketing
- How to effectively market to the right people on your email list
- How to identify your highest paying subscribers
To See These Tactics In Action:
To See The Transcript:
Tim: I’m Tim Paige, the conversion educator here at LeadPages and this is ConversionCast.
Hey Shola, welcome to ConversionCast. Thanks for coming on the show.
Shola: Thanks for having me in the studio Tim. How are you today?
Tim: Oh I’m doing great. How are you doing?
Shola: I’m doing brilliantly here.
Tim: Awesome. I love it. So we’ve got some fun stuff to talk about today. One of the things that we’re asked about a lot and seems to be a hot topic lately is how can we use automation and list segmentation to really be more effective rather than just being kind of complicated in creating a little bit of a mess for ourselves. You’ve been able to achieve some really interesting results from your segmentation efforts. So can you tell us what the results were that you were able to achieve?
Shola: Right. So what we have been seeing delightful results in is as follows. We’ve been able to increase our open rates by at least 75% which is translated to higher lifetime value throughout the entire funnel by doing what we call 80/20 data analysis. So the whole idea around that is that there’s a lot of talk on the internet about 80/20 or the Pareto principle how to get more or less but how to translate that down to your sales funnel is a little murky for people.
And the idea is that you have recency. You have frequency and you have monetary. So when you look at your list, which is really the audience that you own, your first talk is to look at your subscribers that have been responding to you in terms of behavioristic data most recently, those that respond most frequently and those that have spent the most money.
As an example if you look at one of our house lists, because we’re in many different verticals, we have one particular audience that we are getting higher actual bottom line profits from about not in person of that list okay. Through that simple segmentation of RFM then the entire list ended up in sales.
Shola: So if there’s one thing I could leave people with it’s as follows. You shouldn’t let another day go by whatever marketing platform you use without knowing who exactly specifically and precisely in your market resonates with your content, frequently resonates with your content, recently and also spends the most money. If you spend more time with those people then you’ll actually be able to get more with less which really is the essence of 80/20 theory.
Tim: Yeah absolutely and I want to talk about how to do that in just a second but before we do, tell everybody kind of who you are and what you do so that we can set the stage for you know, why you were doing this in the first place.
Shola: Sure. So really great, I’m the founder of ConvertPort and we are the folks who have popularized and are really seen as the market leaders in what we call crisp which is our technology for controllable, repeatable, scalable, and predictable customer acquisition. So I operate on you might call it a tricoastal basin. So I’m spending part of the year on the east coast, part of the year in the Mexican Riviera which is just south of San Diego. And then I spent part of the year in Europe. I’m either in the south of Spain or Berlin, London, or Stockholm.
So really a lot of what we’re talking about has been born from our desire to help customers balance a business growth with also living the lifestyle that we want. So I’m just unapologetically excited about talking with your audience about this stuff.
Tim: I love it. I love it. So people you know, if somebody says okay great, I get it, I need to know who my customers are. I need to know how often they’re interacting with me. I need to know all these kind of things but it sounds great. How do I do it? What would you tell them? How do they actually do those things that you’re talking about?
Shola: Right. So there are two options for you. There’s a manual way and there’s an automatic way. So obviously we’re a little biased. We love when people use our platform ConvertPort because it often comes with the implementations segment. But there are other simple or more sophisticated options when on the market. It really depends on what your budget for investing in the silent sales or marketing automation platform is.
But to give you a very clear, concise, specific step by step just for people who like more want to do it manually Tim, it will look like this. Step 1 is that you need to over the course of let’s say the next seven to 30 days look at who is actually opening your emails the most frequently. Right?
And then if you want to give yourself bonus points, don’t just look at who opens up your email but look at your subscribers that deliver the most clicks okay. But the next step is so now you have your frequency data. The next step is that you want to look at your recent data. Obviously you can look at who’s open in the past 24 hours, the past 7 days, the past 30 days okay. So imagine you have three circles, your sweet spot, that 80/20 sweet spot which is going to show you the subscribers that are most resonating with your message and who are the most probable for you are the sweet spot between circle 1 which is your recency, circle 2 which is your frequency and circle 3 which is your monetary. In other word who’s spending the most. The whole idea with that is you can actually export that data. Let’s say that list of however many subscribers and then you can start running campaigns of that.
A bonus for everyone listening is that if you have to do any media body let’s say on Facebook think about how much more targeted your audience would be if you upload that data into Facebook and you’re running at we’re targeting at it’s not just the people who visited your site but to that [indiscernible [0:06:27]] people who have resonated with your message the most. They have clicked the most. They have spent the most money and they have visited your page the most frequently. So that should really help folks.
Tim: Can you give an example of when you’ve done this kind of how you were able to message those folks to have them become those customers that spend more money and stick around for a longer term?
Shola: I can give you a mind boggling example. So I have in particular a campaign that we ran which some people know is SLO right, so a self-liquidating offer. So our vision with this campaign was we would initially – we would just be running campaigns to get people into the funnel Tim and to break even not even to make a profit but just to break even on their ad spend. So in other words, we will spend a dollar for a click and we will make a dollar in a sale.
Well we were selling a low value product for about $27. When we did this RFM analysis, we were able to get this because it blew my mind when I really sat down and looked at the data. We were able to identify from that same audience of people Tim folks who were willing to pay $15,000 for consulting services. So the thing is that most people they would just sell a product at a low end but if they don’t do the RFM analysis, they don’t realize that their people are in that exact same audience. That instead of spending $27, they would happily pay $15,000 for a service if it came with more of a done for you service as opposed to training products. So that is something that should really resonate for everyone because people often think that if somebody spends $10 or $20 they won’t spend the $15 or $20,000 but that’s actually not true. You just have to segment your list. So you’re putting the right message in front of the right people at the right time.
Tim: What specifically told you that those people would be the right people that would spend the $15,000?
Shola: So what we did is we ran a message to the entire list saying and this is something that I can encourage everybody to use click here if you spent more than x amount of dollars for products, okay. So in other words we – some people would be fearful about scaring off folks who would come into the funnel at $10 or $20 and we ran an email saying click here if you – well the specific subject line was click here if you sell $10 to $20,000 consulting products right? So we knew that everybody who opened up that email number one they’re curious about it but number two once they open up the email, and inside the message we said this is only for relevant for people who sell and buy x products at high price points then we knew who those people were.
Shola: So I would encourage everybody to think about their open subjects, their subject lines for their emails not just to get a click but to get a targeted click. So that is something that should really help people in terms of being practical because I don’t think a lot of people look at their email list not just as a way to generate more income but as a way to actually get more data about your in-house customer base.
Tim: And we have this issue now where I think if you’ve been in business for a while, you tend to think you know everything about your customers already but I think more often than not we’re proven wrong when we actually ask the right questions.
Shola: Absolutely and to just to close that out, Tim, your behavior is listen people say there are two ways that you can figure out what people really value. Right? If you think about well it’s just being a product of the value you create times leverage when you look at what people spend their time on and what they spend their money on, they really know what your customers want. So looking at your any kind of testing you’re doing with your list and really identifying that behavior data which is the recency, frequency, and monetary data that can really show you what people want. Not what they say but what they actually want.
Tim: I love it. This has been great, Shola. Thank you so much for coming on the show and sharing this with us. I know people are going to be stoked about it.
Shola: Thanks for having me. It’s been an absolute treat.
Listen To Discover The Exact Email Marketing Tactic That Yielded A 75% Open Rate