Cash flow banking is a method of marketing that focuses on capturing the ebb and flow of cash in your business. This is an alternative take on traditional marketing methods that focus on using paid advertising campaigns to drive traffic to one particular page (usually the sales page).
The idea behind Cash Flow Banking is that there are always customers present, but that the number of customers present at any given time is constantly fluctuating, based on how often that customer visits your website or calls into your business.
Cash Flow Banking works by using advertising campaigns scheduled to coincide with these fluctuations in order to help build awareness and trust in your brand, which you can then leverage later when it is their time to purchase.
Advertising during a lull or drought is a more effective form of marketing because you are not fighting against the flurry of activity from other marketers trying to get their product in front of your target market, and therefore more likely to receive a higher return on investment (ROI) from your advertising spend.
This can be very difficult to understand unless it is seen in practice, but once you have a better understanding of flow and ebb of your customers visit frequency, the marketing techniques become much clearer.
Why Cash Flow Banking?
There are a number of reasons why Cash Flow Banking is an attractive option for companies that are looking to excel online:
- It is extremely cost effective when compared to traditional marketing methods
- It can be much easier to create a successful campaign, because you are only trying to attract people during their purchasing window rather than attempting to attract both leads and customers at the same time.
- It is far more flexible when it comes to being able to target different types of customer.
- You can use your advertising budget to create brand awareness rather than direct sales which means you are building up a solid reputation for future sales.
- You can track your ROI on a much more granular level, as you are able to break down the activity by campaign and set up specific goals for each.
What Do I Need to Get Started?
In order to start Cash Flow Banking you need:
- To understand your customer’s purchasing behaviour (the frequency and type of customer)
- To have a clear idea of what you want to advertise when a customer is in a buying mood. This can be a product, service or information related to your industry.
- An active and engaging social media presence which will make people aware that your business exists, and give them an opportunity to learn more.
- A domain name and web presence of some kind so you can pitch yourself as an authority on your topic.
- Some flexibility to adjust your advertising strategy if it is not performing as expected (and a willingness to try new things)
How Do I Set It Up?
The first part of Cash Flow Banking is understanding how customers flow between different stages of awareness. This can be broken down into six simple phases:
- The customer knows nothing about you, your business or what you offer
- The customer is learning about your company and industry but nothing more. This could mean watching a video on YouTube, reading an article online or listening to a Podcast.
- The customer is becoming more familiar with you and your business, but has not yet reached the point of qualifying whether or not they need what you offer. This could be generating awareness of your brand through social media, Google Adwords or traditional advertising outlets.
- The customer is beginning to identify some problems that could be solved by using your service or buying your product. This could be a sudden increase in visits to your website from Google, enquiries to your phone number, or an increase in people “liking” you on a social media site.
- The customer is starting to consider acquiring the necessary skills or knowledge that they will need before committing to a purchase, and therefore is beginning to research the topic in more detail.
- The customer has decided to buy what you offer, and is taking action. They may be starting the checkout process on your website, or making a phone call in order to secure an appointment. This can also include people signing up for trial versions of products or services that you provide, or becoming qualified leads through paid advertising methods.
The next step is to map out the different stages that customers pass through when they are moving closer towards making a purchase, and where necessary consider creating separate campaigns for each of these stages. An example might be social media posts targeted at people who are aware of your business but not yet familiar with it, and posts with information that is more relevant to lead generation.