Attract, Convert, Monetize

Definition: 

Every business needs to attract potential customers, convert them to buying clients, and monetize them by increasing revenues from them and having them help you attract and convert additional clients.

  • What it is: Attract, convert, and monetize are the elements that a successful business must establish to grow and develop profitability. Each of the three steps are separate and unique, but they must all work together to grow a successful business. While this process has been popularized for on-line businesses, it is just as critical for brick and mortar businesses also.
  • What does it do: This process moves from the start-up steps of a new business to gaining a growing customer base to getting your customers to help you grow. When we talk about a business going viral, they are just moving through the steps of attract, convert, and monetize in a fast and spiraling manner. 

Uses:

  • How is it used: Attract, convert, and monetize can be used to start up a new product or business or to cause an existing business to grow. There are many ways to implement the growth process, but it is valuable to make sure that you are using all three elements. To attract a customer but not convert them to a client is a waste. To convert a customer to a client but not maximize how much you can monetize them, just means you are leaving money on the table. If you have the best conversion process, but nobody knows about your product then the conversion can not take place. If you do not monetize your current customer base you can not go viral.
  • Where: Every business can use attract convert and monetize, whether they are new or well established. Some common examples are:
    • New start-up app for mobile devices. You have to attract the initial users, get them to download, then get them to buy upgrades, add on, and refer their friends to cause the app to become profitable.
    • New products offered on-line need to be advertised in some way so that people become aware they are available. There needs to be a compelling story on why people should buy the product, and a process to make it easy to purchase. Then monetizing through repeat business, buying larger quantities or more expensive products, referring friends, and leaving reviews and testimonials.
    • New products sold through brick and mortar stores or services sold through professionals can use all of the same activities as the on-line product.
  • Why: You can not grow a product or business without all of the three steps of attract, convert, and monetize.

Limitations:

  • Where it shouldn't be used: I can not think of any place or business that would not benefit from an attract, convert, and monetize strategy.
  • Any restrictions: none
  • Warnings: There are several warnings to consider:
    • Attracting customers before you are able to effectively convert them can make them mad or turn them off to your product and future advertising. It can also create bad reviews and negative feelings about you in the marketplace.
    • Having a conversion process that is too aggressive, misleading, deceitful, or manipulating can turn people off to your company or product.
    • If your monetizing process makes people feel that they are being used by you, that can cause them to turn against you and your products and do more harm than good.

Demonstrations:

Step-by-step process:

  • Attract potential Customers
    • Identify the customers that you are trying to attract. Break them into homogeneous groupings where all the potential customers in each group will want to buy your product for the same reasons and will react in similar ways to your attempts to attract them.
    • Create a persona for each group (an example person whose personality and demographics will represent the other people in that group).
    • Develop a plan to attract that group of customers utilizing whatever tools you have available to you (i. e. Promotions, advertising, public relations programs, incentives, referrals, call centers, sales forces, search engine optimization, direct mail, social media, and events or programs… to name just a few).
    • Repeat the process for each of the customer groups to attract them
    • Implement the attraction activities once the conversion processes have been put in place.
  • Convert Potential Customers into Clients
    • Develop a story for people who come to your website, store, app, offices, etc. on why it would be to their advantage to purchase your services or products.
    • Utilize professional add ons to your website to increase the number of people who buy.
    • Analyze potential customers that come to your site, store, etc., and survey them or use ethnographic research (videotape how they interact with your product) to determine how you can more effectively convert them to clients.
    • Interview, survey, or use ethnographic research to find our why customers purchased from you to increase the incident rates of purchase more broadly among potential customers.
    • Target your customers and do not use a broad brush. The more you can target specific customers the more likely you are to make a sale.
  • Monetize your customer base
    • Try and get your current customers to buy more of the products they are buying. Offer a lower average price for larger quantities, offer Buy One Get One Free (BOGO), offer a subscription sale to encourage repeat purchases of the same product, etc.
    • Encourage customers to buy complementary products. Complementary products are products that can be used with the product they bought but are different than the product they bought., As an example, a woman can buy a dress, and you could offer scarves, jewelry, belts, purses, shoes, etc. to go with the dress. You can offer menu items at a restaurant, then offer appetizers, salads, drinks, desserts, etc. to increase the total bill for the dinner.
    • Offer an upgraded product to gain more revenue or more profit. You could offer a 30 inch TV for one price, but a 50 inch for a higher price, or add smart app elements to either one for another $200, or 4K HD for another $300. Each upgrade in size or technology is an opportunity to increase the revenue and or the profit.
    • Offer a discount or a credit for making a referral where a new customer makes a purchase. This can increase your customer base by making your existing customers salesmen for you.
    • Encourage customers to give you positive reviews and or testimonials that you can use to convince new customers to buy your product.

Template for capturing data:

Utilize a business plan, marketing plan, or PowerPoint presentation to cover the elements in the Attract, Convert, and Monetize process.

Output representation and recommendations:

One of the most effective ways to describe and make recommendations for an Attract, Convert, and Monetize plan is as part of a Marketing Plan. A formal presentation of the marketing plan should include all of the elements of the Attract, Convert, and Monetize activities and programs.

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