Last week, we hosted a webinar entitled, Let’s Talk About Sales Results, for a Change, which was motivated by the lack of hard sales numbers in articles and blogs produced by the 3,800-odd marketing automation companies industry wide. In short, we see a lot of adjectives and slogans but, few hard sales numbers. The hard numbers we do see are from survey results, e.g. "65% of CMOs think marketing automation is a good idea", not sales figures. At Micronotes, we don't use adjectives, hyperbole, and inferences when describing the performance of Micronotes, we use numbers. Here are those numbers...
Any discussion of results must start with the conditions that preceded those results so, here they are:
- 90 days of production data from one community financial institution
- 68,000 unique online banking users/mo. avg.
- Secure-side online banking interview marketing only, mobile not included
- Targeted display advertising
- Banner ad click-through rate: 0.1%
- Landing page conversion rate: 5%
- Lead to sales conversion rate: 10%
Using the assumptions above, the base case for targeted display advertising is shown in Figure 1:
The actual results from Micronotes are provided below, Figure 2:
And here are the Micronotes sales results by product category:
So, the natural question is, "so what?" Well, that extra productivity yields about $23K/mo. in extra revenue and acquisition cost reduction; here's the math and please note that $23K is one month of revenue and cost avoidance or $69K/3 months.
We count 139 extra sales above, or 149 with Micronotes minus the 10 that would have been achieved with targeted display ads as the base case. 139 is the incremental or extra sales achieved with Micronotes.
And here's the dollarized return on the monthly Micronotes platform investment.
Therefore, the incremental return of adding Micronotes to the secure-side marketing mix is about $20K/mo. for this particular community financial institution, or $3.50 per online banking user per month. While results will vary from one banking provider to another, the incremental productivity advantage will remain and drive more sales and less attrition more than ten times faster than targeted display advertising alone.
So, those are the hard, dollarized return figures for Micronotes; no hype, just results. But, don't take our word for it, try Micronotes yourself for free for 30 days. If your webmaster has access to your online banking logout landing page, s/he can install Micronotes in under an hour and you'll be on your way to a radical improvement in sales productivity and better returns.