Every business must generate leads and there is a pressing concern that those leads generate tons of sales which attracts in massive ROI. In this article we explain how your business can move from generating leads to making actual conversion in sales. Read through.
In marketing, lead generation is the initiation of consumer interest or inquiry into products or services of a business. Leads can be created for purposes such as list building, e-newsletter list acquisition or for sales leads. In other terms, lead generation is the action or process of identifying and cultivating potential customers for a business’s products or services.
Frankly, a large number of businesses today are heavily dependent on Lead Generation as it enables the websites of such businesses to generate more traffic which may lead to the further conversion of such found Leads into Customers. This leads to an increase in conversion rates helping a business gain huge profits in the process.
As a business, you have been using various lead generation strategies and methods generate leads and you’re smiling because you’re getting data of prospective customers. While that is a great step in a right direction you must have had those leads, even cold called them, and all those methods you’ve read about. But the pending remains that your lead generation is working but is not converting to what you as a business leader wants so badly — Sales!
How do you move your lead generation strategy to a more efficient conversion aspect? This question has baffled many in various industries, especially startups and even long time businesses and business owners. As we will see, lead generation is not dead, but some effective strategies to convert your leads will be outlined. Before we get down to this methods, what is Conversion?
Lead Conversion: In-depth Meaning
What comes to your mind when you hear the term ‘Lead Conversion’? Of course, the thought of lead becoming a paying customer as the end goal of the lead conversion process, plays in your head. You are not wrong! The sole end goal of any lead generation and its process is to acquire paying customers. Lets face it, every business must prove it’s value in profitability and there is no way on earth a viable business sustains itself by having lead that are not converting.
Everyone and business desperately needs leads conversion. Using some of the lead conversion standards include:
- Practice lead nurturing.
- Set higher standards for lead quality.
- Use a lead scoring system.
- Connect your CRM and marketing automation platform.
- Capture the right lead information.
- Running data verification.
- Feeding your lead generation strategy with targeted content, etc.
And to be frank the list goes on and on. So how can a business move from lead generation to actual lead conversion?
Steps to Convert Leads
- Use Calls to Action: Sometimes, all it takes for people to act is a slight nudge in the right direction. A definitive call to action in your marketing efforts encourages potential clients to make a decision. Without a decisive call to action, OptinMonster co-founder Thomas Griffin warned earlier this year, new visitors to your website “don’t know what the next step to take is and have to guess on their own.”
Regardless of your end goal, interesting calls to action that use certain verbs or phrases can lead to conversions. “We don’t just place verbs like ‘download now,’ “act now’ or ‘get free’ — you must admit that sounds like an order,” said John Breese, founder and CEO of HappySleepyHead. “We use a combination of idioms and call-to-action verbs — for example, ‘first come, first served,’ ‘contact us today’ or ‘buy it off the shelf’ — and we use this combination on every page of our site.”
- Utilize Social Media: Regardless of how proud you are of your business’s website, it’s not the be-all and end-all of your online presence. Customers of all walks of life turn to social media to get their news and keep up with trends, so your business should be there too.
To that end, Iryna Shevchenko, a Facebook Groups expert, said creating a social aspect to your business can easily turn leads into customers. “I usually encourage leads to join my private Facebook group where I share deals and free information of high value to select members. It is there I can get instant feedback from customers to help me better serve them, and it’s also a much better converter of sales when given the opportunity to buy.
Once someone has converted, they will also usually share their positive experience in the group in real time, thereby encouraging other leads to convert.”
- Give Useful and Helpful Info to the Prospect: It is important to remember that most people coming to your website aren’t coming to purchase right away. They come to your site for information. An early-stage lead shouldn’t be expected to give up the same kind of details as a later-stage lead.
People start to question the value of providing too much information on forms before you’ve earned their trust. You’ll do better by thinking of lead generation as a process of micro-conversions that build an opportunity profile over time. Start with requesting necessary information such as an email address. In the next step, ask the first and last name.
Later, ask more detailed insights as you earn trust. Companies trim its registration form to include an extremely basic two-field form and found its conversion rate more than tripled with this simplification.
At the same time, companies who use this strategy expanded their email follow-up process and are able to increase the amount of personal data collected over time.
- Convert leads into paying customers: The final step is to convert prospects into customers.To increase your conversion rate, make sure you make it as easy as possible for people to complete their purchases. You can do so by:
- Providing one-click signup and sign-in options
- Minimizing the form fields
- Simplifying your checkout and payment processes
Most times, business who are online have issues with payment gateways and this affects the leads conversion activation. Check with your developers to know if the payment gateways that support your online business for customers are up and running. Also simplify the checkout process, that way the user experience is top notch.
5. Nurture Early Stage Leads until They are “sales-ready”: Lead nurturing is the process of having a relevant, consistent dialog with viable potential customers, regardless of their timing to buy.” With lead nurturing, you are strengthening the relationship you have with potential customers, by adding value, even if they never buy from you.
Many people think lead is nurturing as just an email workflow in their marketing automation. Instead, you need to think about it in much broader terms by reaching people in whatever channels they want to be contacted with information that is valuable, relevant and helpful to them.
When you nurture leads, it is important to offer content which is relative to their needs at any given time. Remember to nurture accounts, not just people. By providing an individual with meaningful information, you are helping that person have meaningful dialogue with others in that organization. You need to think about what’s useful to your potential customers. That’s why relevant content is essential, and you can’t get stuck in a “set it and forget it” campaign mentality.
6. Follow Up: This may seem like it should go without saying, but following up with potential leads is extremely important. Just a simple email or call asking a prospect if they have any questions can often kick start a sale. Just one follow-up likely won’t be enough, though. According to a study by Propeller, “44% of salespeople give up after one follow-up,” while “80% of sales require five follow-ups after the initial contact.” “Follow-up is the best way to make your prospects feel important,” said Hima Pujara, of Signity Solutions. “Regular emails related to your service will leave a brand impression in their mind, and later, when they need a related product, they will surely consider your business.”
A large number of businesses today are heavily dependent on Lead Generation as it enables the websites of such businesses to generate more traffic which may lead to the further conversion of such found Leads into Customers. This leads to an increase in conversion rates helping a business gain huge profits in the process. Using these tactics are a way to see your lead generation start converting to paid ROI to your business. If you have not started, it’s best to start now and remember that in business, time is needed to see the effect of the hard work, and of course it will pay of!