There is no officially published data on the number of people who played the $400 million Powerball lottery yesterday, but the number of tickets sold was estimated to be somewhere around 40 million just for yesterday's drawing.
If you are like me and the rest of the team here at Square 2 Marketing (yes, we buy office tickets when the jackpot gets really big) you didn’t win, which means it's back to work trying to make money the old-fashioned way.
The good news is we have inbound marketing to help us get rich. Since the Powerball is all about numbers, let’s look at the numbers associated with an inbound marketing program.
If we snap a baseline on the performance of your current marketing effort, it might look something like this:
- Website traffic – 500 visitors a month
- Conversion rate – 0% (if you don’t get leads from your website) to .5% (if you get one or two a month)
- Leads – one or two a month (on a good month)
- Average revenue from a new client - $10,000 (you can fill in your number here)
- Close rate – 20% of the sales opportunities turn into business (again, you can put your actual number in here)
With these numbers you would get about 12 leads a year from your site and you would close two of them for $20,000. I’m doing some rounding for the sake of this case study. If any math majors are reading this, please forgive me.
The most challenging part of the story is the entire year would go by and there would be no improvement over these numbers. But add an inbound marketing effort to your business today and, after just 12 months, these numbers would look dramatically different.
Take a look at the chart below that shows a modest 10% growth month over month in website visitors, a slow a steady conversion rate improvement and a regular increase in the number of leads generated by your website. By the end of the year you would have generated $370,000 in new revenue from your inbound marketing campaign.
But wait. That’s not even the most exciting part. Take a look at the next chart. This represents year two. Improvements and results don’t stop after year one, they continue to compound and generate even more leads. After year two with the same 10% growth and no improvement in conversion rates you would have generated over $1.6 million in new revenue.
So don’t play the Powerball and hope you hit it big, start working on adding an inbound marketing program to your business. Your chances of winning the Powerball are 1 in 175,200,000. You have a better chance of getting hit by lightning. But your odds of implementing and getting results from your inbound marketing program are virtually guaranteed—almost everyone gets results.
While these results won't happen overnight, creating a scalable, repeatable, Marketing Machine to drive revenue for your business might be the most important investment of your professional career.
Start Today Tip – Run these numbers for your business and see the impact inbound marketing might have on your bottom line. Every business is a little different. Every business owner, CEO and marketing executive is a little different. While results do inevitably vary, over time, every business sees improvement – some modest, but most dramatic. The key is implementing an inbound marketing program that is built on a solid marketing strategy and has the correct set of inbound marketing tactics delivered at the right time in the way your prospects want.
Square 2 Marketing – Leading The Reality Marketing and Inbound Marketing Revolution!