Table of Content for Top 11 Lead Conversion Strategies
- What is a Lead?
- What is the difference between a lead and the prospect?
- Lead Conversion
- Lead Conversion Rate
- What is the Process of Lead Conversion?
- How do you Convert Leads into Sales?
- How to do lead management that improves conversion?
- 11 Practices for Lead Conversion
- The Final Words
Increase sales and revenue. Build trust. Drive traffic. Convert leads.
These are the goals of lead conversion strategies.
The process of lead generation starts with enticing and fostering the leads. For a lead generation, there are many lead generation strategies. Which we have discussed in our blog Lead Generation: A Complete Guide for Beginners for more information you can refer to this blog. But after the process of lead generation what matters the most?
Is how many conversions rate you obtain from these leads.
There are various lead conversion boosting strategies which can help you to increase your lead conversion rate.
In this blog, we will discuss the top lead conversion strategies that can help your business to grow. Let’s start this blog by understanding what is a lead.
What is a Lead?
Leads are nothing but the potential customers who have shown some interest in your product or services.
What is the difference between a sales lead & a prospect?
Lead conversion is the process of converting a lead or a prospect into an account, contact, or opportunity. The process of lead conversion can be achieved either by inbound or outbound strategies.
Lead Conversion Rate
The lead conversion rate is the percentage of users who have completed the desired action by the total number of users who have participated in the event. It shows the total number of leads who have become your customers.
Example of Lead Conversion
Let’s try to understand lead conversion by the following example.
When someone shows interest in your product or service by completing the desired action on your landing page or by giving you personal information like email address, contact number or any other information. Then the lead or a prospect is converted into a customer. This is the example of the lead conversion.
What is the Process of Lead Conversion?
The process of lead conversion will help you better understand the lead conversion strategies.
In the first step, we find out people who have some interest in our product or services and provide them with information regarding the product or service.
In the second step, we prepare a strategy to gather the personal information of leads or prospects in the form of an email address or contact number. And then try to find out their interest or needs.
In this step, we form a direct connection with the leads or prospect through email or call. In this conversion, we stack up a report about their interest, needs and try to fix an appointment with them.
In this step, we have a meeting with the leads or prospects and discuss the products and services offered by our company. The result of this communication may be a sale, specific follow up or a closed deal.
It is the final step of lead conversion. This step includes an agreement on price, payment terms, and deliverables. This step also creates the opportunity for referrals.
How do you Convert Leads into Sales?
The majority of visitors don’t automatically convert into sales. First, you need to convert visitors into leads and then the leads into sales. Through enticing, fostering and by stacking up a relationship and trust it is possible. The following process will help you to understand how to convert a visitor into sales. The process of converting leads into sales includes
In this step, we entice visitors through blogs, Social media, etc. In this stage, the visitors are unaware of the products and services offered by our company. So, we try to create awareness about our products and services.
In this step, a visitor shows some interest in your product or services by giving their personal information like email address, contact number, etc. Basically, in this step, they fill a form in order to stay in touch with your company. Suppose, if the visitor completes the desired action it means they have some interest in your product or services. Here all you need to do is nurture the leads so that they can become your customers.
Finally, in this step, the leads are converted into customers by purchasing the product or service from your company.
In this step, the companies try to sell more products to the current customer by providing them offers in emails or at the time of purchase. Here the companies stay in touch with them to increase their sale and revenue.
In this step, the customers become your promoters. Basically, in this step, they try to convince other users to purchase your products or services and to become your customers.
How to do Lead Management that Improves Conversion?
Do you know the average conversion rate of marketing qualified leads to actual conversion is low? According to Forrester, only 1.54% of marketing qualified lead convert into revenue. And on average only 0.75% of the lead turn into closed deals.
One of the challenges that marketers face is in generating highly qualified leads. Therefore, lead management is a vital part of any business. As increasing the lead quality and quantity doesn’t matter unless you can manage them throughout their journey.
Through lead management, it is easy to educate potential customers and convinced them towards the purchase of product or services. If lead management is done correctly and effectively with CRM software, it can drive more leads for your business. (Know how to increase customer retention by reading our blog 10 ways to Increase Customer Retention this Festive Season. )
11 Practices for Lead Conversion
Qualifying and converting leads into sales is undoubtedly vital for enhancing business and for creating awareness towards the product and services. But do you know how to find qualified lead and how to convert them into sales-ready prospects? Here are some of the lead conversion strategies that can help you to increase your lead conversion rate and business.
1. Content Marketing
If you want sale for your company how will you get it? And what is the key factor for enhancing the sale?
The key factor to increase sales is through gaining trust. By writing a blog it’s easy to gain the trust of the customers.
Through blogging, you can stack up a relationship with your customers and make a strong customer base. But you need to keep one thing in mind if you want sale for your company. That is the content you produce should have high-quality information in it. The results might take time, but it will have a long-lasting effect on your company. Through high-quality content, you will be able to grab the customer trust forever. It will be easy to have a profitable business once you have established the trust. The content can be a variety of content marketing assets such as white papers, videos, ebooks, infographic, blogs, product demos, or case studies.
- B2B companies that generate blog post have 67% more leads per month than those who don’t.
- B2C companies that generate blog post have 88% more leads per month than those who don’t.
Stats source- HubSpot
“Content builds relationships. Relationships are stack up on trust.
Trust drives revenue.”
Statistics on Lead Conversion by Content Marketing
- Overall the companies that generate blog have 126% more leads than those that don’t.
- 61% of US online consumers have made a purchase decision based on recommendations from a blog.
- Publishing 16 plus blogs a month brings 3.5x more traffic than publishing 0 to 4 articles.
- Content marketing costs 62% less than outbound marketing and generates 3x as many leads.
Source – CONTENT MARKETING INSTITUTE
Search engine optimization is the process of affecting the online visibility of a website or a web page in a web search engines. Through SEO you can generate more leads. But if your web pages are not optimized they will not rank. SEO is used to target different kinds of search, including image search, video search, academic search, a news search, and industry-specific vertical search engines.
The five crucial search engine optimization (SEO) elements on web pages are page title, URL, page header, internal links, and page content.
Through SEO it is easy to optimize all these elements. If your pages are optimized and if it ranks then it is easy to generate leads. Therefore in lead conversion strategy SEO plays a vital role to entice more leads. If you want to know more about SEO then please refer our blog for SEO. ( Know how to use SEO tactics this holiday season by reading our blog 15 SEO tips to increase Holiday Festive Season Sale of eCommerce Store. )
- Keywords targeting
- On-Page SEO
- Off-Page SEO
- Competitors Analysis
- Social Media Tracking
- Email Outreach
Conversion Rates of SEO for Lead Conversion
- 78% of B2B marketers practice SEO.
- Google receives over 1.2 trillion searches every year
- Google’s global revenue was $109.7 billion USD in 2017 alone
- In 1999, it took Google one month to crawl and index 500 million pages. In 2012, it took less than a minute
- SEO leads have a 14.6% close rate, compared to 1.7% for outbound leads
- 45% of marketers plan to increase their SEO budgets
- Improvements in content have been known to increase blog traffic by as much as 2,000%
- The average first-page result on Google contains 1,890 words
- Companies that blog have 434% more indexed pages than those that don’t
- Brands and companies with blogs receive 97% more links to their website
- In 2017, Google changed its algorithm 13 times
- The average page in position #1 has 35,000+ external backlinks
- 130,000 Facebook shares helped a site rank in position #1 for competitive keyword phrases
- Almost a third of mobile searches are related to a location
- Mobile searches for “where to buy” have grown by 85% since 2015
- Business listings with a website get 25-35% more clicks
- 90% of all mobile and tablet search traffic comes from Google
- Mobile accounts for 52.2% of all web traffic
- 16% of Americans own a smart speaker
- Mobile voice-related searches are three times more likely to be local-based than text-related searches
3. Landing Pages
A landing page is also known as lead capture page, destination page, or a lander page in online marketing. In lead conversion strategies, landing pages is one of the good options used to create more leads. The purpose of a landing page is to capture lead information and to increase their engagement with your brand over time. The desired actions that a lead takes on a landing page is what determines an advertiser’s conversion rate. The desired actions could be downloading content, registering for a webinar, requesting a demo, etc.
Companies see a 55% increase in leads when increasing their number of landing pages from 10 to 15. source(HubSpot)
The objective of a landing page is to foster the leads to take the desired action and increase the conversion rate of companies. If the purpose of the landing page is to obtain a lead then it includes some methods for the visitor to get in contact with the company, usually a phone number, or an inquiry form. If the goal is to obtain sale then the landing pages usually have a link for the visitor to click, which will then send them to a shopping cart or a checkout area.
In simple words more the landing pages more will be the leads.
Image credit-Marketing Agency Software | REPORTGARDEN
Some important statistics on landing pages
- 67% of companies use landing pages
- Only 52% of companies and agencies that use landing pages also test them to find ways to improve conversions.
- Long landing pages can generate up to 220% more leads than landing pages with above-the-fold CTAs – but make sure to test to see what works for you!
- 61% of companies run 5 or fewer landing page tests per month.
- 48% of landing pages contain multiple offers.
- 42% of offer-related graphics on landing pages are not linked.
- Roughly 75% of businesses have problems finding suitable expertise for optimizing their landing page copy.
- The average number of form fields is 11 ….
- But reducing the number of form fields from 11 to 4 can result in a 120% increase in conversions.
- The optimal number of form fields for the most conversions from your landing pages is 3.
- When landing pages don’t ask for age, the conversion rate is higher.
- 48% of marketers build a new landing page for each marketing campaign.
- Only 16% of landing pages don’t have navigation bars …
- But removing the navigation menu can increase conversions by 100%!
- Using videos on landing pages can increase conversions by 86%.
- Companies whose conversion rates improved last year are performing, on average, 50% more tests and using 47% more methods to improve conversion.
- Businesses with over 40 landing pages generated a whopping 12 times more leads than those with 1-5 landing pages.
- Companies see a 55% increase in leads when increasing their number of landing pages from 10 to 15.
- Over 90% of visitors who reported reading headlines also read CTA copy.
- More than 20 percent of businesses have reported that they do not have an effective strategy for landing page testing.
- Even just a 1-second delay in page load time can result in a 7% reduction in conversions.
- 44% of clicks generated by B2B companies direct to the homepage instead of a landing page.
( If you want to know how to create enticing landing pages for cart abandonment then you should read our blog Why Users Abandon you and 12 Ways to revive from Shopping Cart Abandonment. )
4. Lead Scoring
The sales and management department uses the term lead scoring to determine the worthiness of leads or prospects. It is a methodology used to rank the leads. In lead scoring companies, assign a value to each prospect or lead based on their interest towards your product or services.
The Lead Scoring Model includes
The implicit score contains information derived from monitoring prospect behavior like which website they visit, what stuff they download, which email they open or clicks.
The explicit scores contain the information provided by the prospect like company size, industry segment, job title or geographic location.
The social score predicts the lead quality based on analyzing user presence and activities on social networks.
For qualifying leads, many companies use a point-based system. And must of the companies use a term like hot, warm and cold to refer the lead or prospect based on their history.
The objective of lead scoring is to identify the leads who are ready to convert into sales and which leads require further fostering.
Statistics of Lead Scoring for Lead Conversion
- The companies that are using lead scoring had a 77% boost in lead generation ROI over those not using scoring. (Sherpa)
- 38% of businesses surveyed experienced higher lead to opportunity conversion rates due to lead scoring. (Kentico)
- 68% of successful marketers cite lead scoring based on content and engagement as most responsible for improving revenue. (Lenskold and Pedowitz Groups)
- 42% measurable ROI of their lead generation program
- 38% increased conversion rates of qualified leads to opportunities
- 31% increased sales productivity and effectiveness
- 27%shortened sales process cycle
- 27% better forecast and pipeline visibility
- 19% better alignment of sales and marketing functions
Through lead scoring tactic it is easy to assign a value to the leads based on their behavior. Lead scoring also distinguishes between the users who have low and high priority to become your sales lead. Through lead scoring, it is easy to create a conversion rate for your business. Therefore lead scoring plays an important role, in lead conversion strategy for creating more revenue.
5. Social Media
Social media advertising is advertising on a social platform that relies on social information or networks in generating, targeting and delivering marketing communications. It is a social media marketing strategy designed to connect audience. If you want to know how to generate leads through social media then read our blog ways to generate leads with social media. There is various social proof to show that social media plays an important role in lead conversion strategies.
- LinkedIn is 277% more effective for lead generation than Facebook and Twitter, with the highest visitor-to-lead conversion rate at 2.74%. Yet only 47% of B2B marketers say they are actively using LinkedIn. (Forbes online)
- Businesses active on Twitter generate twice as many leads than those not using the platform. (Digital Media Stream)
- 43% of B2B enterprises with a Facebook page report generating leads as a result. (Content Marketing Institute)
- Social media lead conversion rates are 13% higher than the average lead conversion rate. (Marketing Insider Group).
- 87% of B2B marketers practice social media. ( know how to boost the eCommerce sale this festive season with social media in our blog 7 Strategies to Drive more Holiday Sales with Social Media. )
“social media lead conversion rates are 13% higher than the average lead conversion rate.”
– Nick Steeves
6. Video Marketing
In simple words, video marketing is used to promote, market your brand, product or service. Video marketing is a great choice to increase audience engagement.
The Benefits of Video Marketing include
- Increases brand awareness
- It can boost the conversion rate
- It’s easily accessible
- Increases Ad effectiveness
- Improves SEO
- Stack up trust and relationship
- Video marketing is effective
The Conversion Rate of Video Marketing
- Video marketers get 66% more qualified leads per year.
- 83% of those using video think it gives them a good ROI
- 94% of businesses see a video as an effective tool.
- 97% of businesses using explainer videos say it helps users understand their business better.
- Aberdeen Group says 41% of marketers use video as a strategy.
- Wyzowl says 63% of businesses use video for marketing.
- Almost 50% of web users look for a video before visiting a store, says Google.
- Wyzowl says that 79% of consumers prefer watching a video to reading about a product.
- Having a video on your landing page can increase your conversion rate by 80%, according to (EyeWideDigital).
7. Email Marketing
To increase the lead conversion rate, one of the option is email marketing. By email marketing, it is easy to foster leads towards your product and services, increase trust and awareness about the brand. Through email marketing, you can stack up a relationship with your potential leads or existing customers. Including offers in the emails can entice more leads. Through the email, you will find genuine leads who are interested in your product or services. Therefore, email marketing is used in lead conversion strategies. The following statistics will help you to understand the importance of email marketing.
- 64% of marketers say email is their most effective lead generation channel when they have to target audience. (HubSpot marketing statistics report)
- 42% of B2B businesses make use of email marketing as their most effective lead generation channel, and 88% or marketers cite email as the most effective lead generation tactic overall. (Circle Research)
- 93% of B2B marketers practice email marketing.
- The number of email users worldwide is forecasted to rise to 2.9 billion by 2019.
- The number of email users in the US was projected to grow to 244.5 million by the end of 2017, and 254.7 million by 2020.
- Nearly 105 billion emails are sent each day this number is expected to reach 246 billion before 2020.
“If social media is the cocktail party, then email marketing is the ‘meet up for coffee’.
The original 1 to 1 channel.”
– Erik Harbison
8. Lead Nurturing
One of the tactics used in lead conversion strategy is lead nurturing. But for lead conversion, you first need to generate leads and nurture them
For lead generation, there are various ways such as social media, content marketing, email marketing, etc. Once you have generated leads there is a pipeline of ways to nurture them. Lead nurturing is the process of encouraging the leads towards the purchase. In lead nurturing we educate, inform, engage and try to convert the leads. Through lead nurturing it is easy to increase sales and revenue. The following statistics show how important is lead nurturing for any business.
- 79% of marketing leads never convert into sales. Lack of lead nurturing is the most common cause of this poor performance. (MarketingSherpa via HubSpot)
- Companies that excel at lead nurturing generate 50% more sales-ready leads at 33% lower cost. (Forrester Research)
- Companies that automate lead management see a 10% or greater increase in revenue in 6-9 months. (Gartner via Web Ascender)
- 57% of marketers say lead nurturing is the most valuable feature of automation software (Ascend2)
- According to Forrester Research, companies that excel at lead nurturing generate 50% more sales leads at 33% lower cost per lead. DemandGen Report
- Nurture leads produce an average a 20% increase in sales opportunities versus non-nurtured leads.
- Lead nurturing emails get 4-10 times the response rate compared to standalone email blasts.
- Nurtured leads make 47% larger purchase decision than non-nurtured leads.
9. Social Monitoring
Social monitoring is also known as social media measurement or social media monitoring. This term is used to compute the popularity of a brand or company by extracting information from social media channels, such as blogs, wikis, news sites, etc.
Through social monitoring, companies can easily track who is talking about their company or product or services. Because social monitoring companies can keep an eye over the world.
Social monitoring alerts you that someone is talking about your products or services. It’s easy to track the users who are interested in your product or services through social monitoring. Therefore, it is a good option for lead conversion strategy.
- 92% of consumers trust recommendations from brand advocates. (Nielsen)
- Only 18% of consumers trust recommendations from industry influencers. (Forrester Research)
10. Optimized Call to Action
Call to action refers to a device designed to prompt an immediate response or encourage an immediate sale.
If you want to make it clear to the visitor which action you want them to take, how to take it, and what they will receive in exchange then you must use an optimized call to action.
To make the things clear to the visitor who can use different colors on your web page. Therefore CTA can be a valuable strategy for lead conversion.
But still, if your visitors are not sure where to click or what will they receive in exchange. Then your CTA is not optimized. And it means you need to work on it to generate more leads.
11. Measure Lead Conversion Ratio
Measure your lead conversion ratio on a daily basis. Measuring your lead conversion ratio can help you to identify your progress and will help you to focus on the points you are lacking on.
And measuring lead conversion ratio will also help you to track of your previous work and help you to analyze the stuff you need to focus in future.
The Final Words
Lead conversion strategy is like giving your business an extra opportunity to boost your sales. In this blog, we have discussed various lead conversion strategies which will help you to enhance your business. The results might not be visible immediately. But in the end, you will be able to increase the conversion rate. ( Read our blog Increase the Retail sales by Simple 10 Ways to know how to increase the sale of online retailers this festive season. )
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