Converting leads into customers can be difficult without using the right strategies. One of the quickest ways to increase conversions is to make sure leads are valid potential customers.
Looking at customer personas, customer behavior and metrics like conversion rates can help businesses to minimize the time they spend reaching out to the wrong people. It increases their chances of gaining more conversions and customers who stay loyal over time. Here are five effective strategies to help businesses convert more leads.
- Be very specific about who you want to reach
Businesses need to be very specific about who they want to reach and not just use a broad category in a demographic. For example, their target audience may be females aged 18 to 30 but a specific customer persona is far more detailed.
For example, Shona, aged 22, is an entrepreneur starting her first business online. Using a customer persona means being able to offer a more personal connection and more customized product or service, which results in a higher click through rate, increased conversions and more revenue.
LeanData offers engagement analytics that connect the engagement of every buyer to the right account and eliminate hours of analysis with simple metrics and an overall view of account engagement.
- Track conversions to understand what you are doing right or wrong
Measuring success or failure means being able to find out what is or isn’t working. Not tracking conversions or doing it badly means businesses may end up wasting their resources on ads that do not convert or missing out on opportunities to improve.
Some important metrics to track include website traffic, email performance, number of new subscribers and how many leads are being lost. Defining what is important to track and going through analytics reports on a regular basis offers tangible figures that show how the business is doing over time and which areas need improvement.
- Focus on better-qualified leads
Lead scoring is the practice of assigning a numerical value to a lead according to how likely the lead is to buy. Leads can be assigned a score based on various factors, such as how many times they have visited a website or responded to an email and whether they’re following the business on social media.
Sales teams are then able to prioritize their workload and focus on leads that are most likely to convert. Focusing on highly qualified leads obviously increases the chances of conversion.
- Keep a close eye on late conversions
It can be exciting when people buy a product or service right away but there is value in paying attention to leads that take a longer time to convert. Customer churn can be higher for those who buy right away on impulse than those who spend time really trying to understand a product or service.
Businesses can compile a list of customers who took a long time to convert and send them a survey to ask them questions like why they finally decided to buy a product or what other companies they were considering.
- Create an irresistible offer
Businesses need to offer consumers a really meaningful benefit for doing business with them to get them to take action. Creating a compelling offer can make it much more likely for them to take the next step and make them feel as though they would be missing out by not taking it. This can help to eliminate any hesitation. Businesses who make it harder to so ‘no’ than to say ‘yes’ will immediately see the difference in their conversion rate.