A sale is not considered successful unless the deal is closed. Cutting across all industries, lead conversion is an important aspect in the sales generation process. There is no point of getting as many leads as you can, if none or only a few will only be converted into sales. Did you know that lead conversion can boost your business success with little or no cost at all?
Lead generation is vital for business success, but lead conversion leaves a deeper dent. On the average, more than 50% of people landing on your website just leave and do not come back. As a retailer or business owner, it is crucial for you to capture this market. Here are some strategies you can use in converting your leads.
1. Capture the Right Target Market
Business strategy, means of communication, products, and service offerings are all created with the right target market in mind. Just as how you create your brand, leads must be properly defined in order for you to capture them.
The target market of your brand is the particular group of people within the entire economic market which you, as a business enterprise, aim to connect and provide marketing and sales efforts onto. Prior to designing your lead generation strategies and conversion path, make sure to properly identify your customer base and understand their behavior. Customer details and behavior include the following:
- Demographic Data – Age, gender, education level, employment, role in the family, etc.
- Geographic Data – Location, address, region, country
- Psycho-graphic Data – Lifestyle, social class, personality and attitude
- Purchase Behavior – Brand loyalty, seasonal purchases, buying triggers
With a clear view of your target market, you can now focus on key factors which will affect their buying decisions. You may scrap, too, which strategies may not be applicable.
2. Achieve Lead Quality over Lead Quantity
There are many fishes out there. The question is, have you fished out the largest catch? It does not hurt to focus on what you want. Defining lead quality will always be to your advantage.
Experts from BrightTalk reported that lead quality is more important than lead quantity. According to the report, “B2B marketers have demonstrated a clear preference for generating high-quality leads (68%) over generating a high volume of leads (55%).”
Spotting the right lead is the first step. This should then be followed by attracting and nurturing it for a better chance of conversion. There is no debate as to what should be the focus. The most important thing that every businessman or marketer should concentrate on is the bottom line – attracting the right leads which will result in the expected conversion rate.
3. Understand the Lead Conversion Path
The process by which a guest or visitor to your page becomes a known lead is the conversion path. It begins when a visitor sees content that interests them, and then clicks on this content for further information. The visitor is taken to a landing page, wherein that individual will be asked for further customer details in exchange for the information which originally drew the visitor to the page in the first place. This is basically how the lead conversion path works.
The lead conversion path has three basic phases, as follows:
- Content Offer. Your content must be interesting enough to capture the attention of your customers. Remember that this is the first stage where you might get that possible sale. Content is everything that you see in emails, blog sites, social media pages, website articles and whatnots that might capture your target market’s attention. Provide them with content that is relevant and will possibly provide them an answer to their questions.
- Call-To-Action. Has your content evoked emotions from your customers? Are these useful enough for them to seek further details about it? If yes, then your customers must be directed to where they can find that information. CTAs or call-to-action are buttons or links which your customer can click to direct them to a more comprehensive site – your landing page. Calls-to-action must be action-oriented, compulsive and relevant.
- Landing Page. The landing page is where it all happens. This is a page on your website which collects information from customers in exchange for the information, product or service the customer needs. A relevant landing page must be tailored to fit your target market and their needs, and give information about where they can purchase a product, if applicable..
- Thank You Page. This page moves the customer further in the purchase process. This is where the promised information, product or service is promised after certain details are gleaned from the customer.
A good conversion path has the three phases mentioned above. However, with the vastness of the digital world and the numerous conversion paths available, it is best to define the fitting conversion path for your own brand. Make sure that you have created the right path for your customers.
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4. Use Lead Scoring to your Advantage
Rank your leads based on preset scales you have chosen in order to quantify your leads, scale your requirements and successfully convert your leads into sales. A good conversion rate of your leads is highly affected by how you score your leads. Lead Scoring allows you to determine the value and importance of your leads.
Here are the key benefits of Lead Scoring:
- Increased effectiveness of marketing strategies.
- Increased effectiveness of sales strategies.
- Better collaboration between marketing and sales.
- Increased revenue.
- Faster return on investment.
5. Integrate your CRM Database and Marketing Automation Platform (MAP)
To simply define this, the integration of your CRM database to your Marketing Automation Platform allows you to use your leads wisely. The CRM database is the pool of customer details you obtain from lead generation, technologies, and programs. You may also use CRM systems which compile relevant information about customers from different channels including direct email, social media pages, website, live chat, blogs and the like.
In addition, Marketing Automation Platforms are software and technologies which are designed to perform your marketing strategies on multiple channels and in a repetitive order. For example, you use a particular MAP to buy or sell at Amazon or to post scheduled contents on Twitter and Facebook. Some of these marketing automation tools include Marketo, Eloqua, and Customer.io.
By understanding your CRM database and synergizing it effectively with your chosen Marketing Automation Platform, you will be able to use your leads well and convert them faster to sales.
6. Verify the Data Received
Studies have shown that roughly 40% of B2B leads are considered of poor quality. These leads often lack information due to invalid formatting, missing entries, data duplication, unverified emails and/or other pertinent issues.
Unverified data may also result in the poor implementation of marketing strategies, a low response rate from customers, unwise use of budget, a low conversion rate and minimum sales. Make sure that your efforts are not put to waste by improper data verification.
7. Use Communication Channels Preferred by Customers
In today’s digital era, a retailer or business owner may use multi-channels when marketing a product or service. A product or service is considered properly marketed when there is a contact interaction from customers and an increased brand reach.
The question is – are you using the communication channels preferred by your customers? Being on top of the game means knowing who your customers are, where they are and how they can be reached. In a study by Experian Marketing Services, customers have their own channel preferences.
The study further stated:
“Retailers are 87 percent more likely today to ask their customers to set their own preferences on communications channels (email, mobile, direct, social, etc.) and 65 percent more likely to allow them to set their category and product preferences. Further, retailers are 131 percent more likely to acquire mobile numbers through preference centers than nonretailers.”
If you do not want to be left behind, stay on top of the game and know what your customers want. Reach out to them through their preferred communication channel.
8. Never Fail to Follow Up
There is a secret to high lead conversion, and that is to follow up. There is no secret ingredient when it comes to regularly calling or emailing your target clientele. Just let them know that you are around to remind them about your services or offers.
More and more deals are closed every day when one religiously follows up. A crafty follow-up is not about pushing your clients and making every call sale. It is about being proactive in providing your customers with the things they need or a solution to their problems.
9. Measure the Rate of Conversion
Are your leads successfully converting to sales? If not, you are not using the correct business strategies.
The outcome should define your conversion. For example, it could be the total number of shares of your content, the length of time spent by a visitor on your website, or the actual number of purchases made. Understanding your conversion rate is a vital factor to hitting your sales target.
Measure your efforts so that you can manage the results well. Use analytics in measuring your lead conversion rate. You can identify a clear rate of conversion measurement through various analytics sites such as Google Analytics, Mixpanel, Segment or Similar Web.
10. Highlight Testimonials from Happy Customers
Your brand can market itself if you have great reviews. The more people give positive feedback about you, the more trust you gain from your target market. The positive feedback your satisfied customers give you is equivalent to good word-of-mouth. Shoppers often check, before making the decision to purchase, Google Reviews, Facebook Star Rating or Yelp Reviews.
Make sure that you allow customer reviews and ratings of your sites. Furthermore, highlight those customers who gave you the best feedback in order to recognize them.
Lead generation requires the use of various digital channels, online techniques, programs and tools for it to materialize. Too many companies are staging their own game plan in order to capture their leads and convert them into sales. Surely, you do not want to be left behind the competition.