Question

Topic: E-Marketing

Major Question Here

Posted by Anonymous on 3/7/2008 at 10:17 AM ET 125 Points
Good morning!

Today's question is centered around something new I have tried out. I run a membership site that provides marketing tools for loan officers. I recently began performing live demo's using GoToMeeting.

The demonstrations have been a big hit for me, in that the conversion ratio is nearly 40% (Quite substantial in this industry) and prospects love the idea of seeing a demo before joining.

However, the drawback is that the demo's are quite time consuming, and hosting demo's to more than 1 person at a time seems to drastically reduce the effectiveness, as prospects don't ask many questions, and are a bit withdrawn knowing others are on the line.

So here's my question:

Could you offer some advice regarding a potential compromise. In this case, an automated demo? Perhaps a flash movie, or a powerpoint video showing screen shots, with screen capture of a walk-through of the site?

I feel that there are 2 things to consider here:

1 - An automated demo would allow me to capture emails as they "register" to see the demo. This is a plus. Next, it would allow me to distribute the demo on a much more extensive scale, and I of course, could dub some great audio walkthoughs to accompany the video.

2 - Here is the "but." I feel that this method of delivery of the demo would water down its effectiveness. Without the personal attention and live feedback I can provide, I feel the conversion ratio would be diminished, and there is not quite the same level of urgency. There's something to be said for 1 on 1 salesmanship.

There you have it. My current decision to be made. I realize web metrics come into play, but I don't have a whole lot of captured data to go off of, as this site was not a major focus of mine for the last 6 - 8 months. Yes, yes, I know I should have captured this data, and I am now taking steps to do so... Howwever, based on the info provided, I would love to get some opinions who may have been in a similar situation in the past? Thank you in advance as always.

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RESPONSES

  • Posted by Inbox_Interactive on 3/7/2008 at 10:46 AM Accepted
    It's a classic question.

    Do I expand my universe and know that conversions will suffer (as a percentage), or do I keep taking the personal approach knowing that I might not scale to the level that I could?

    I think that there's definitely a right answer here, but I don't think you'll find out what it is without testing it out.

    I would say that you should try the less personal approach only if you have so many people who need a demo that you don't have time to serve them. Otherwise, what's your hurry?

    If you do have quite a few demos to do, could you hire someone to handle this process for you?
  • Posted on 3/7/2008 at 11:46 AM Accepted
    I think a flash piece would be the smartest option. You can often find individual graphic designers just launching their business, who will do a great job for a sweet deal. If you design a simple, well-done peice, that captures their attention and educates them on your site, you save the time of a 1 on 1 meeting, and give yourself room to grow (not to mention time to work on your marketing strategy). Give them an option to contact you with questions, and get back to them promptly. This will narrow down the questions you receive, the time you spend answering them, and give the user an impressive experience on your site. If it is a good and interactive peice, it will pay for itself in the time you save. You can usually pay a minimal fee to have updates made when you want to add/change anything in the walk-through. Good luck to you!
  • Posted on 3/7/2008 at 3:41 PM Accepted
    Could you do a short form version of the demo to pre-qualify potential customers, then follow up with the personal full demo? Perhaps have 5 customers see the short form together, then make individual appointments with the ones still interested in the full demo.

    This still allows you to collect registrant's email addresses for follow up marketing. It allows you to answer the most basic questions from mild prospects, and possibly turn them into better prospects. You just don't take as much time with less qualified prospects.

    You are right that there is no substitute for the personal touch. I don't know how long your current demo is. I also don't know if you are trying to sell a product or a service. If you could condense your presentation down to three to five minutes for the "pre-sell," you can show your knowledge and personality to a small group without a huge time commitment.
  • Posted by Jay Hamilton-Roth on 3/8/2008 at 10:05 AM Accepted
    Also consider your positioning. For example, what is the lifetime value of a new client? $1000? $100,000? The more valuable they are to your organization, the more effort you should expend to woo them.

    Likewise, does your company tout it's great personalized service? If so, then a 1:1 demo shows that from the get-go.

    You might have people who are interested in your services answer a few questions, and direct them to a prerecorded small demo that focuses on their needs (if you can group your prospects into various categories). Then, schedule a follow up, either via demo or a simple phone call to discuss their specific needs after seeing the video.
  • Posted on 3/12/2008 at 9:53 AM Author
    Great replies, and much appreciated! Thank you
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