So far in our review of the ‘the Lead Funnel Formula’ we have covered in previous blogs this month:
Target Market (Avatar)
Lead Generation (Attract)
Lead Magnet (Capture)
Now that you have all of those leads coming into your business, the next part of the formula is converting them into sales through the ‘Lead Conversion’ process.
Lead conversion is the process that involves converting leads into customers through nurturing tactics like behaviour automation, retargeting, and email nurturing. It’s not to be confused with lead generation, which focuses on turning visitors and prospects into leads.
We use 5 steps for building an effective and efficient lead conversion process:
- Prepare Quality Content
- Build an SEO Strategy for Your Site
- Create an Appealing Landing Page Design
- Use Social Media Channels to Generate Leads
- Do Email Marketing in Your Relevant Niche
The lead conversion process can be automated to save time and handle increased volumes. For example, if a lead is reviewing the testimonials on your website, this may indicate an interest in your product or service, particularly if using special software which can identify the areas they are browsing and the length of time spent doing this. With this in mind, you can automate a follow-up email that could bring the lead one step closer to a purchase. This could be a free trial offer or a product demo.
Here is a list of behaviours that could benefit from automation. The lead:
- Reviews your pricing page
- Schedules a product demo
- Signs up for a free trial
- Engages often in email marketing
- Inquires about product features through chatbot, email, or other channels
- Downloads a high-intent content offer
Working with your marketing/sales team or consultant will allow you to recognise those key behaviours and be instrumental in automating follow-ups that convert.
Email nurturing is the process of engaging your leads through email marketing with the end goal of turning them into customers. When nurturing leads via email, offering relevant and valuable information is key.
This is when the data piece becomes important. Using the information you’ve compiled on your leads, you can deliver content that piques their interest, aligns with their goals, and solves their challenges.
Here are a few tips to make your emails stand out, that we use at Ceebeks:
- Personalise your emails with the lead’s name.
- Use automation software to trigger actions based on email engagement.
- Segment your email list.
When leads are considering your products or services, social proof can help nudge them toward a purchase. Examples of social proof include customer testimonials and reviews, which give leads a look into customers’ experiences with your brand.
They are best used when leads are in (or close to) the decision-making stage. So, you’ll often see them on landing pages and pricing pages.
When trying to scale your lead nurturing process, automation is the key because manually sending out personalised emails to your leads might have worked in the early days, but that will quickly get overwhelming as your business grows.
Automation allows you to maintain the same level of personalisation at a fraction of the time and resources. Once you’ve got your conversion path set up, automate the follow-ups that will be triggered when leads exhibit certain behaviours.
These tactics can not only save your team time but also streamline the conversion process so that no lead falls through the cracks. This practice also leaves room for your senior team members to focus on big-ticket sales.
The key takeaway here is that lead conversion isn’t a one-and-done process. It calls for strategy, cross-team collaboration, and a whole lot of experimentation.
In an ideal world a good lead conversion rate would be around 10% — there are the landing pages with conversion rates of 11.45% or higher. So, when analysing your conversion rates, anywhere between 2% and 5% is considered average. 6% to 9% is considered above average. And anything over 10% is good.
To convert leads into loyal customers, you need to nurture them properly throughout their sales journey. Calculate your lead conversion ratio and be aware of their progress status to know where you, as a brand, are missing out in terms of converting them into customers. Be patient, work on your lead generation strategy, and make necessary amendments wherever needed to get positive results to your business.
Have a great day!
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