After understanding everything about leads and lead generation, Mike finds that it’s no use holding so many leads when none of them buy from him. So, what are the things that he can do to convert the leads into actual sales?
How to make leads buy from you?
First of all, lead conversion is a process of turning leads into actual buying customers. It only occurs when a lead is qualified as a high potential buyer.
To meet sales goals, there are few strategies for Mike to increase his lead conversion rate:
1. Follow-up immediately – Most of the time, Mike is suggested to contact the leads within 48 hours. The longer he keeps them waiting, the lower the level of interest becomes. It’s understandable that Mike has no time to meet every of them. So, he gives them a call, or even sends a text message or email to let them know that he cares.
2. Monitor sales pipeline – To get an overview on the prospects he is working with, Mike always refers to the sales pipeline. Also, the dashboard visualizes all sales data with charts and tables. He can monitor which stage of the sales process the prospects are in and the activities that are done to come out with a better plan in order to prioritize certain leads.
3. Research and target the correct audience – Information is powerful, but it is how one uses it that will define him. In this case, research is necessary to understand what customers want and how they like to engage with companies. So, Mike has to do research on his target audience and get to know them. Once he has the appropriate data, he can create offers that entice them to make a purchase with him.
4. Use Call-To-Action (CTA) – Occasionally, Mike meets indecisive customers. All they need is just a clear direction on what to do next. So, it is important to always add clear CTAs like “Subscribe to get the latest update”, “Sign up to read more” or even “Call us now before the offer ends” on ABC company’s website and blog to create a higher conversion rate.
5. Improve content optimization – There’s no point in having a powerful CTA if the content is lousy. So, Mike and his team work hard to produce engaging content and create effective SEO strategies to optimize visitors' web experience while visiting ABC company’s website. This can ensure a lower bounce rate (the number of visitors who leave after one page) and extend the duration of visitors on each session to increase the likelihood of them buying with ABC company.
6. Share success stories – This is one of the most powerful tools for Mike to build trust with customers. He always tells his customers how he helps other clients’ solve problems. It’s all about sharing. Once they have enough trust, they will buy from Mike.
The importance of a lead management system to lead conversion
Now that Mike gets an idea on how to convert a lead into actual sales, he is curious about the importance of having a system to manage everything.
Basically, lead management works as a system to prevent leads from getting lost or evaporating. So, why does ABC need a lead management system?
The answer is simple –
(i) They have spent so much time and effort to generate and contact a lead, why waste it?
(ii) They want to nurture the leads that failed to be converted in the first round.
How does a lead management system help?
After implementing a lead management system, ABC company gains a lot of benefits.
1. Lead organization/classification – Under this system, leads are organized under a standardized process for classifying and scoring leads as they are collected. These leads can be grouped in several ways – by location, media channel, behavioral patterns, duration of interaction and more. It can be challenging to coordinate the lead distribution and maintain a proper exposure schedule without a lead management system.
2. Automated response – Today, customers expect instant response, especially online. Lead management system helps to keep track of the inquiries and reminds ABC company’s salespeople to respond as soon as possible. This is important because customers might choose to buy from another company or salesperson if they do not receive a reply within a certain timeframe. Hence, an automated response system is extremely useful to help Mike manage the inquiries and enable him to keep in contact with leads as requests are distributed to relevant departments.
3. Lead distribution that optimizes efficiency – A lead management system offers a coordinated flow of leads to the sales force for ABC company, either geographically or chronologically or by product/service line. This helps to maximize the sales team effort by quickly assigning leads to suitable salespeople. The distribution cycle also helps maximize the productivity of the sales team and reduces the chance of losing a deal.
4. Real-time lead tracking – A fully functional system can determine a lead’s qualification and position in the sales pipeline in real-time. For example, a potential customer becomes a hot lead if he or she frequently engages with ABC company. With this system, warm and hot leads can be prioritized for sales engagement that lead to better operations management.
That’s all about managing and tracking lead conversion. Ultimately, the core idea is to understand customers’ needs and expectations and offer solutions accordingly.