The world of marketing has a multitude of marketing metrics to track. But the only one that matters, in the end, is the lead conversion rate. A lead conversion rate defines the number of targeted prospects versus the amount that went through the entire sales funnel to make a purchase. It can also help determine how much revenue is trickling into the business.
Walking your leads to the path of conversion can be a tricky business. Understanding what works and what doesn’t for various audiences with varied behavioral patterns can be difficult. Marketers can often lose sight and waste budgets to figure out how to get a higher lead conversion rate.
Here are some tips that can help you understand how to improve your conversion rate.
1. Nurture your leads
Lead nurturing allows companies to create and reinforce a positive relationship through users’ entire buying journey. The process aims to understand which stage of the buying cycle the user is at and provide information that will nudge them closer to converting. Such a process builds trust between the consumer and the company. It is also proven to result in higher conversion rates.
2. Distinguish quality leads
The focus is on quality over quantity. Companies need to start becoming more selective when picking what leads for which they spend their resources. Creating a segmentation between leads that have a higher chance of conversion than others can generate a higher ROI.
3. Lead scoring
Scoring is a method used to identify the readiness of purchase action of the user. Points are assigned to various user actions to determine their readiness in the sales funnel. Such a system allows marketers and sales representatives to assess where they should spend their time and resources for higher conversion chances.
4. Capture relevant information
Establishing the right set of questions at lead entry points like pop-ups, forms, and landing pages can set your lead quality tone. Ensure that you capture all necessary information you might need shortly and concisely. Striking the right balance between curiosity and keeping user privacy in mind is vital.
5. Verify your data
Lead databases can often have fields that might have invalid formatting, missing information, and many other issues. Verifying your data involves checking the validity of all data points to sort out the quality leads from the fake ones. Using automation tools for such a task can save the organization man-hours with lowered error rates.
6. Create a value-based strategy
While initiating your lead nurturing strategy, make sure to offer value in terms of content to the user. Educate them about how your brand offering can help their situation. Combining content marketing efforts with your lead conversion strategy can offer many benefits. This will also allow you to nudge your leads closer to conversion in an effective method.
7. Align sales and marketing resources
Some companies have individual efforts from both sales and marketing departments which can be hard to manage. Rather than doing that, maintaining a single platform that measures efforts towards a single lead can help to realize the ROI of your resources and the viability of pursuing that lead further.
8. Use automation tools
It is no secret that automation tools increase the company’s efficiency and cost-effectiveness. Using marketing automation and CRM software can create a hassle-free lead nurturing program that can convert and optimize leads. Automation tools can help assess what kind of campaigns should run for a particular segment of your leads.
9. Create cohorts
While doing market segmentation of your audience and leads, you must create cohorts based on behavioral and demographic aspects. After understanding how the audience reacts to various media messaging, you can curate content that is more likely to engage a specific cohort than the other. This method is proven to have higher chances of working than a mass message that is generic.
10. Create a mix of generated and bought leads
Rather than carrying out your sales funnel strategy to leads that you might have generated on your own, purchasing quality leads from third-party suppliers can elevate your business. Purchasing leads offer a higher conversion rate as these often meet specific requirements of your ideal audience and are nearer to maturity. However, while choosing a vendor, make sure they abide by all privacy quotes to reduce liability issues.
With enterprises relying on B2B lead generation and high conversion rates for sales success, it is essential to look at your current strategy and incorporate methods proven to be successful.
There must be equal emphasis on both lead generation and lead conversion to gauge the program’s success. While lead generation requires verifying quality leads and getting more prospects, lead conversion is a quantifiable metric to monitor and measure success. Both processes are equally crucial for business success. Do you think your organization can create a healthy balance of both?
If you are looking for ways to achieve better conversion rates through smart lead generation strategies, Bython Media can help. With effective content marketing and lead generation solutions, your company can be nurturing your existing client base and reaching new clients far into the future. Contact us today.