What Is the Lead Conversion Rate and How to Improve It for Your Business - Growth Freaks

What Is the Lead Conversion Rate and How to Improve It for Your Business

sign outside of a shop that says we love our customers

Are you just starting out with your business? Or have you already been in the field for a while now? Regardless of what category you’re in, you should know what a lead conversion rate is and how to make yours better. No business will take off without customers, and this is precisely what the lead conversion rate refers to. Join us in discovering what a lead conversion rate is and how you can use it to improve your business.

What Is the Lead Conversion Rate?

The lead conversion rate represents the percentage of leads that eventually turn into customers for your business. Typically, when you start your business, you will do whatever is in your power to draw in new leads. However, oftentimes, these leads don’t actually become customers, which will hurt your business in the long run. That is why it is important for you to know your lead conversion rate and establish what you have to do to turn more leads into customers.

How Can You Improve Your Lead Conversion Rate?

1. Use a Lead Nurturing Program

Such a program will analyze all of your leads and persuade them to go through the next stages of actually buying something from you. Then, it will show you which ones you are more likely to convince to become customers. One such example of a lead nurturing program would be Oracle Eloqua.

2. Implement a Lead Scoring System

What does a lead scoring system do? Well, it takes each one of your leads and it provides it with a numerical value. This value is based on the data your company has from when it first captured the lead. The data includes the size of the company, the department, and the role of each potential lead. Moreover, it will also focus on behavior such as shares on social media, downloads, email engagement, and so on. If one lead manages to pass a certain threshold, the sale department should do a follow up on it.

3. Offer Your Leads Targeted Content

In order for leads to turn into customers, you have to be extremely careful about what kind of content you offer them. If you’re simply using content marketing, which focuses on simply getting people to visit your website or share your posts in order to get more leads, you might not get the best results. What you should do instead is try to educate your potential customers through your content. Think about what their priorities and goals are. That means that your content library should ultimately be focused on individual customer needs. So it has to be flexible and adaptable according to different lead typologies.

4. Don’t Forget to Follow-up

In order for your lead conversion rate to be high, sales reps have to remember to follow-up with leads. The way they follow-up with a lead has a lot to do with whether the lead will become a customer or not. The sweet spot when you should do the follow-up has to be somewhere between too fast (because they will feel pressured) and too slow (because they might forget about your company).

We hope our short yet comprehensive guide to what a lead conversion rate is has convinced you that you should focus on improving yours right away. Why not start with some of our tips?

Image Source: here.

Author: Amanda Knowles