Online campaigns like giveaways and contests boost your lead generation efforts. But without turning these leads into customers, it would be impossible to grow your revenue. That is why lead conversion should be a top priority in your business.
But let’s be honest: Lead conversion is challenging without the right strategies in place.
According to the stats, only 12% of marketing professionals are satisfied with their lead conversion abilities. Some of the top roadblocks to successful conversion include not having enough lead data and the inability to follow up with leads quickly.
In this article, we share some of the best tips to take your new leads down your funnel. First, let’s answer the question, why is lead conversion important?
What Is Lead Conversion And Why Does It Matter?
In a nutshell, lead conversion is the process of “converting” a lead into a paying customer by nurturing them. This entails using various marketing channels like social media and email, and strategies like audience research and displaying social proof.
Why is it important to convert your newly acquired leads? The most obvious benefit is that your bottom line improves. Better lead conversion creates more customers which translates to increased profits.
As you get better at converting your leads, you’re able to optimize your budget and resources. This reduces your expenses down the road. Here’s what’s also great: Earning more customers strengthens your brand identity.
Lead Conversion Strategies You Should Try
Now, let’s explore the ways to make it happen!
1. Get more data from your leads.
It’s important to have a data-driven approach, otherwise, you won’t know what works.
Based on the research study, The State of Lead Conversion in Marketing and Sales, 43% of those surveyed mentioned that they struggled with collecting enough data. That’s one big reason why they struggled to convert those leads.
That said, focus on collecting more lead data. You’ll want to know what types of content they prefer, topics they want to read/watch, challenges, location (and time zone), etc.
You can figure these out through short surveys (with incentives), studying your competition and noticing patterns, social listening, and using website analytics. Then compile your data to create a detailed buyer persona.
2. Establish your first contact with your leads right away.
People are bombarded by information online. Not to mention, other forms of distractions in their daily lives. So, it’s easy to lose interest in your business after not hearing from you for a while.
After your contest is over, don’t wait for weeks before you make your first contact. Write them an engaging email right away where you express appreciation for joining your list. Take this as an opportunity to introduce your brand and how you can help them.
It’s also a best practice to set the right expectations from the start. Let them know what content you’ll be sending. Make sure to provide these options to further qualify your leads right after the contest:
a.The option to unsubscribe from your emails in case they decide they don’t want to stay in touch.
b.The option to manage their preferences. This allows them to select what type of emails they like and how often they want them.
Here’s a pro tip: Get them to start engaging with your brand by providing links to some of your best resources! Link to your articles, guides, educational videos, and even social media posts.
3. Capitalize on producing valuable content.
Creating original content that meets your leads’ expectations will benefit them and your bottom line. Quality content takes time to produce. Here are a few tips that will help you in the process:
a.Position yourself as a thought leader. Through your content, show your leads that you already have the solutions to their problems. They may not be ready to buy yet, but at this point, they know who to go to for answers.
b.Narrow down your content topics. If your content tries to appeal to the masses, then it won’t be as effective in driving conversions. Don’t be afraid to create content that addresses a specific need of a segment within your audience.
c.Don’t forget to promote it on multiple platforms. It’s equally important to promote what you’ve created. This keeps your business top of mind. Email your latest content to your leads. Share it on social media during their active hours.
4. Embrace A/B testing.
A/B testing, also known as split testing, is the process of comparing two or more versions of a marketing asset to see which version works best.
For example, you’re trying to optimize a product or service page. You want to know what image to use that sparks conversion better. So, you create two versions of that page with only one element change, which is the image.
Even minor changes can affect your conversion rates.
In my video above, I talk about split testing in more detail and some recommendations of paid and free tools you can start using.
5. Run a retargeting email ad campaign.
Email retargeting entails running ads that are targeted to your email subscriber list.
You can show ads based on their recent behavior. For example, if they’ve opened your message or clicked on the link in your message. Then, when they visit Facebook, they’ll be able to see your ad.
Previously, I did an experiment where I split my email list in half. I sent group A and group B the same emails with the same offer. However, I retargeted group B with a Facebook ad. The results? Group B generated 50% more revenue.
Retargeting your email list with ads will remind them about your offer. Of course, your ads should be tailored to the email they received. A few marketing tricks you can use include scarcity and urgency to boost their chances of converting through your ad.
6. Use the power of social proof.
Social proof increases conversions by influencing people’s perception of your business. It eases their worried minds and creates a sense of trust. Here are a few lead conversion examples where you can leverage social proof:
a.Show customer testimonials on your website. Have a dedicated page with all your customer reviews. Or you can display these reviews on your product or service pages. According to stats, 92% of customers read reviews before making a purchase.
b.Create in-depth case studies. Has your product or service helped a customer reach their goal? Write a case study to showcase that success story. Take it to the next level by inviting them to a case study interview video. We do this regularly at UpViral in our Co-Pilot shows.
c.Show real-time stats. Trigger the fear of missing out (FOMO) by displaying in real-time each purchase or sign-up from your customers/users. So, when your leads are browsing your website, they’ll see those popup notifications and feel more compelled to convert.
Lead Conversion Best Practices
Are you converting enough leads? Maximize your efforts with these 3 best practices.
1. Implement a lead scoring strategy.
Lead scoring is the process of assigning a score to your lead based on their level of interest in your product or service. The more likely they are to make a purchase, the higher the score you assign them.
Scoring your leads is extremely helpful especially if you don’t know who to focus more on or follow up with. That way, you can spend more time on leads that are highly valuable and keep nurturing the ones that are starting to show interest. At the same time, ditch poor quality leads.
2. Focus on the right channels.
Online marketing presents a ton of ways to reach your potential customers. There’s social media, email marketing, video, search engine optimization (SEO), pay per click (PPC), and more.
How do you know which channels are appropriate for your audience? Start by looking at the ones you’re currently using. Pay attention to each channel’s performance.
Pro Tip: Review your contest and check which channels got the most campaign shares! This is a good indicator of where your target market hangs out.
In addition, consider the amount of time (and money) you’re willing to spend on that channel. Some marketing channels demand more effort but may provide a great boost in results.
3. Track your lead conversion rates.
Effective lead conversion requires constant monitoring. That’s how you’ll know whether your messaging, offer, communication channel, etc. is working.
To calculate your lead conversion rate, divide the number of leads that converted to sales by the number of total leads. Then multiply the result by 100. See the formula:
(Leads converted to sales/Total leads) x 100
You might be asking, “What’s a good lead conversion rate?” According to Databox, the average conversion rate across industries is usually 2.35%. Keep in mind that different industries have different targets. Other factors that affect conversion rates include page type and device type.
Unbounce’s Conversion Benchmark Report includes insights from 16 industries. These are their median conversion rates:
If you haven’t started converting your leads yet after your contest ended, now is the best time to start. Maximize your lead conversion opportunities by following the tips above. More importantly, plan carefully and track your results. Remember: Lead conversion drives business growth.