About Mike Stodola
Mike Stodola is Chief Marketing Officer for Elite Capital Advisers and resides in Chicago, Illinois.

Mike is known as “the Jewel”. Mike told us about a story involving Mike and Dave Dee, next week’s guest. The epithet has stuck.

Contact: Mike Stodola – Elite Capital Advisers - http://elitecapitaladvisers.com/



This episode is dedicated to thought, effort and attention to managing the leads you have generated. Most business owners don’t measure much, but plenty do measure leads and sales. Mike Stodola talks about the FIVE DROP OFF points between getting the lead and closing of the sale. It makes great sense to focus on the 5 drop off points to increase your results exponentially.
#1 You didn’t capture them!

The lead was generated, they turned up on your landing page, they called your phone, but they didn’t take any form of action. You have no way to follow up because you didn’t capture their details. You don’t even know you had them!

Mike referenced the company “Meet Edgar” https://meetedgar.com/ who re-engineered their entire home page to capture contact information. Their home page is their best performing opt-in page. They really concentrate on maximising this step.
#2 They opted-in but drop off.
If they do come, they can opt-in, but don’t sign up for the webinar/ or next step. Maybe they called your restaurant for a reservation and they didn’t show up. They registered for your webinar and didn’t show up.

The drop-off rate on webinars is around 80% for a live webinar. Even higher for recorded webinars. Some of us think that signing for a webinar is all you need to get the provider to send the replay link to enable you to watch it at a time of your choosing.

With simple follow-up steps, you can increase the show-up rate to 40%.

They went to the landing page, they gave you their information, but failed to take the next step with them. A financial planner might offer a free lunch seminar, but don’t sign for a one-on-one appointment.
#3 They turn up, but don’t take next step.
The key thing here is taking micro steps. Micro-commitments can be they show up, then you ask one simple question, email address for the report, next screen, we’d like to send it to your home, give us your home address, next step is buy the book at a very low fee.

Counter-intuitive, because you get a drop off at steps 2 and 3, but the micro steps increase your buyer rate or acceptance with these micro-agreements.

Robert Cialdini’s laws of influence. Nice summary https://www.influenceatwork.com/wp-content/uploads/2012/02/E_Brand_principles.pdf
#4 Conversion
They show up but they don’t buy whatever it you are offering. Mike refers you to Dave Dee’s advice on converting, especially webinars (or one to many selling).
#5 Don’t buy the package, buy but leave, buy don’t refer you
You don’t want to spend money and a great deal of work to attract new leads and customers, for them to attrite quickly, for them to leave quickly.

Many customers get a customer to make a sale,
smart businesses get a sale to make a customer.

It’s all about customer lifetime value. If you have a good upsell process you can make back the initial cost of attracting customers.

TIP: Capture customer data at the first step and every step.

So, does your receptionist view their job as answering your question, rather than that plus getting your contact information? Without it you are leaving things to fate or hope.

As a dentist, maybe they want opening hours, but your receptionist script could ask for their mobile number so they can send you an offer on teeth whitening for new patients. If you can get 20% compliance you have built a list that you didn’t have beforehand.
Where should we concentrate?
Drop off point #1.
The ‘lead generation magnet’. What can you offer that is of value to a new customer before they become a customer? Mike says if it doesn’t give you butterflies about offering it,

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