Lead conversion is when a lead is turned into a possible account or contact. From here, the sales team will take the lead on and turn it into a paying account. The lead conversion funnel is important to track, to identify where prospects may face road blocks or be disengaged. Metrics that are used to measure lead conversion include win rates and revenue contribution.
Strategies to improve your lead conversion funnel
1. Make your lead form easy
Firstly, analyse your lead form to identify it is too hard to fill out. Many leads are lost as a result of forms that may have too many fields, questions or useless details. Therefore, make your form one that leads do not exit from, with examples listed here.
2. Engage leads
Secondly, when your leads are looking for a solution, it is important that you are at the front and centre of their decision making process. Make sure that you are not attracting the wrong leads by promoting yourself on the wrong platforms. For many businesses, marketing on platforms like Linkedin and via email have proven effective. Write content that is relevant to them and helps to directly answer their problems. This will make them more inclined to reach out when they do have issues.
Further, when looking to drive more lead sign up, make sure you communicate your offering clearly. What is different about your product? What do you do better than competitors? Knowing these differentiable attributes will improve how you stand out among prospects.
3. Be proactive
When it comes time for your leads to make decisions on if they want to continue with your product, you must be proactive. Reach out and answer to any concerns they may have. Gain trust by being transparent and clearly outline your product or service’s selling factors.
4. Align your team
Engage your lead by making sure each touch point is carefully curated. Even at different stages, your team should cohesively work together to align on the same goal. Your development team may be responsible for simplifying the lead form. Marketing team should be responsible for engaging leads. Then, it comes the responsibility of your sales team. This alignment is key – you can read more about the alignment here. By bringing these together to create one funnel is critical. Then, this will build your sales funnel and help you bring in qualified leads.
5. Analyse and grow
Finally, after implementing strategies that improve your lead funnel, look at the data that surrounds them. Then, use this data to inform you of what works for your leads. What were the common traits of the ones that converted? How can you emulate that to do better?