Sales are the backbone of every B2B and B2C commerce, whether it is a commodity or service. Leads are generated, but until the leads are successfully converted into sales, they are of no use. Conversions to business opportunities and deals equal money, and money equate success and growth.
A well-thought-out strategy and the right CRO software is what every company needs, or else time and money are wasted generating leads that don’t convert into sales. Sales representatives waste time following unfruitful leads, and the company sinks money into unsuccessful campaigns. Read on to find out how to improve the conversion of your leads and increase revenue.
- 1 Ways to Improve Conversions
- 2 Conclusion
Ways to Improve Conversions
Lead-to-account matching is the connection between inbound leads and the right accounts. Sometimes while connecting with a lead, a sales rep is quite embarrassed to find that the lead is already in touch with another sales rep or is already an onboard client. That is where lead-to-account matching saves time and money, minimizing faux pas and chasing wrong leads. It helps to use the data for scheduling, analysis, routing, etc. This process can be manual and requires only an email domain.
An automated matching process includes connecting a new lead automatically to the company they belong to. If the company is already on the client list, then the lead gets connected to existing records. It helps to create a healthy pipeline of clients which in turn, keeps the revenue flowing.
Align Sales and Marketing Functions
Aligning the marketing resources during the development of the sales process is a good way to improve conversion rates. Once a lead is in the pipeline for sales, both departments should work in coalition to see the deal through. The sales development process requires sales enablement tools like product comparisons, case studies, ROI calculators, and guides for implementation. These are assets crafted by marketers who should work with the sales reps to deliver specific client requirements.
A simple yet absolutely essential factor in any sales development process is follow-up. Leads need to be followed up quickly while the iron is hot to quicken the conversion process. Sluggish follow-ups let the leads go cold and give the prospect a chance to rethink and possibly back off. It is important to master the art of following up without becoming a pest. This helps to keep your brand at the top of your mind. Follow-ups can be personal or automated.
Lead Nurturing Program
With the help of sales enablement platforms, a lead nurturing program can analyze leads acquired through various tools and single out the ones that are most promising. A list segmentation feature, along with targeted content, can be used to test the leads before a sales rep is assigned to follow up with them. This screening process eliminates leads that fail to qualify as promising prospects.
A lead scoring system helps to quantify the target requirements. Each lead is assigned a numerical value which is based on firmographics data. This data is derived during capturing of a lead and includes company size, role, department, etc. The system also includes actions taken by the lead like emails, browsing patterns, social media shares, downloads, etc. The lead is required to reach a certain numerical limit, after which it is handed over to sales for follow-up.
Lead Quality and Qualification
Setting a standard for the quality of leads a business wants to pursue, is a good strategy for conversion. Instead of quantity, the sales reps concentrate on the quality of the leads. The sales and marketing teams agree upon a clear-cut framework of the buyer’s journey along with shared definitions for lead qualification. The platforms include demarcations of sales-qualified, marketing-qualified, and sales-accepted leads.
Study the sources of the leads, like web pages, downloads, social media, etc, and check if you have the correct information about the prospective leads. Privacy is a concern, so without asking too many questions, you need to get authentic information to allocate a prospect. Put out a web form with minimal but important, non-negotiable fields that will provide the seller with basic firmographic information and a basic name, email, and a few credentials.
Information and data received also need to be verified further to check for authenticity. This will minimize sales reps following up with useless or false leads. Data can also be affected by incomplete form-filling, invalid format, poor or duplicate data, and false information. Wrong information can lead to unreliable lead scoring and deliverability issues as well.
Integration of CRM And Automated Marketing
A dual-way integration between the marketing automation platform (MAP) and the CRM database allows the sales as well as marketing teams to share lead information and work through a unified pipeline. The platform shows where leads were generated, how long they are active, and how they qualify. These insights help the sales representatives to begin conversations with familiarity.
The CRM/MAP integration can also be used by marketers to track conversion metrics and closing rates. This offers transparency to know how their efforts affect the revenue of the company.
The strategy for lead generation should be content-oriented. This includes targeted content for communication with prospective clients. It’s how you tell your brand story and show value in your product through effective communication. Content marketing not only attracts visitors but also educates them about the product and raises their latent needs.
If you are a business looking to improve the conversion rate of your leads, these techniques can be a huge advantage. However, it is important to ensure that these techniques match your business and the industry.
Hence, before you adopt any strategy to improve your business’ conversion rate, carry out adequate research and create a suitable strategy.