Increase Conversion Rate of Leads
Most businesses are all about generating new leads. While that is certainly important (why else would we call our business Leadfreak?) it’s really only one piece of the pie. It’s encouraging that you already seem to know this seeing as you clicked on that button.
Your business may already have great brand awareness and lots of initial interactions with your target market, so why is it that your leads seem so frequently to drop off the face of the Earth?
What’s the point in putting so much effort into acquiring new leads if so few of them ever convert?
If you don’t also focus on improving your conversion rates, the short answer is that there really isn’t much point.
Here are the main problems with having a low conversion rate...
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Your customers are costing you more
If your business is suffering from a bad case of low conversion rates, your customers will have a much higher acquisition cost than those of businesses who have focussed on improving conversion. This is because the cost of every lead you pay for that doesn’t convert gets tacked on to the few prospects that do. Ultimately, increasing your customer acquisition cost, reducing profitability, and limiting your competitiveness.
In summary, you really, really need to start paying attention to conversion rates. You must improve them by filling cracks in your pipeline, nurturing your leads, and providing your prospects with the value they need to move forward. Lowering your customer acquisition cost will mean you get more revenue per customer, you get more customers in general, and you both receive and deliver more value to and from your customers as well. All of this will allow you to grow your business both profitably and sustainably, and keep those orders rolling in.
So, how do we get to work on this? The reasons why you have low conversion rates can be difficult to identify, particularly from where you stand on the inside of your business.
The solution is an automated sales system that will move leads seamlessly through each stage of a digital funnel, nurturing, educating and filtering them every step of the way.
It is possible to entirely digitise the process of converting cold leads into hot opportunities. You can do this by setting up an automated system that drives leads into a funnel that will push them through from the beginning of the sales journey to the end.
What’s more, prospects in your sales funnel are easily trackable from one stage to the next. Digital tracking and tagging techniques give your sales team the ability to instantly pinpoint exactly where a prospect came from, and the journey a customer has taken before they end up as a converted sale. This way, you’ll easily be able to figure out where your leads have been disappearing to, and implement strategies to keep them moving through your funnel in future. Your sales team will feel more motivated in the knowledge that they are dealing with excited prospects that are ready to convert.
What would be the impact on your business if the conversion rate from initial brand awareness campaign through to customer conversion improved by 5%? Sometimes, even small changes can make a huge difference. Take HubSpot’s recent redesign of its website that saw conversion rates double. Leadfreak will work with you to identify areas for conversion rate optimisation, and will put those changes into place so that your business can continue to flourish.
Contact Leadfreak today to find out how an automated sales system can banish your sales stress and give you a happy sales team by improving your conversion rates.