Gone are the days when salespeople would knock on doors and spend hours cold calling to try and generate leads and target potential customers.
The world of digital marketing has overrun traditional marketing methods. But lead conversion remains as important for your business as ever.
What is lead conversion, exactly? Keep reading to find out what it is and how to create the best lead generation and conversion strategies for your business.
Lead Conversion Rates
Lead conversion is the process of turning leads into paying customers. A lead is anyone who is a potential customer and shows interest in your business offerings. Generating leads is very important, as the more leads a business has, the more potential paying customers it can secure.
The calculation for lead conversions is simple. It’s the number of total conversions divided by the total number of leads, multiplied by 100 to get a percentage,
It’s difficult to apply an average conversion rate as conversions happen at different stages, and this also differs among businesses. Try to look more closely at all your channels of lead generation and conversion stages.
Leads vs. Sales
There are fundamental differences between leads and sales. Leads occur near the beginning of the sales process, while a sale conversion is a final action in the process.
Leads give businesses insight into the interest in a business’s products or services and should always be voluntary rather than coerced or forced.
Lead Conversion Metrics to Keep an Eye On
So, how do you monitor and track lead conversion successfully? There are several lead conversion metrics that you can track. Check them some examples out here:
- Revenue contribution of converted leads
- Opportunity win rates by a campaign, lead source, and lead owner
- Opportunity win rates from converted leads
You’ll become more comfortable with tracking lead conversion rates once you identify your most important channels and sources of leads.
Lead Generation Tips and Strategies
Before you even think of trying to convert leads into customers, you need leads. Dental leads would include attracting more patients, while software platform leads may be increasing signups to free trials.
Use these tips to attract more leads so you can convert them into paying customers:
- Enhance and refine your social media pages to reach more people
- Use audience insights to target the right people at the best time
- Keep an eye on what marketing tactics your competition uses
- Use strong calls-to-action on your website
- Ensure your landing page is compelling
- Use an automated email marketing campaign
These are just a few tried and tested strategies that you can implement to grow your leads.
Get Comfortable With the Ins and Outs of Lead Conversion
In digital marketing, lead conversion is a vital aspect. Once you know how to effectively generate leads and convert these leads into customers, the world is your oyster. First, focus on growing your leads list in an organic and voluntary way.
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