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Conversion in a business is not a single-step process. It takes a combination of different techniques and metrics to bring out the best conversion rates for your team. Conversion is like baking a cake; all essential ingredients need to be there, otherwise, the cake will bake disappointment rather than deals!
Checking your conversion rates weekly is extremely important because it helps you understand the profitability of your team. It is also a great benchmark to see how well your sales representatives should be converting. Once you have this benchmark in hand, you can easily identify the sales reps who are performing well and those who are not.
Now that you know the importance analysing conversion rates, let's look at 6 ways through which you can drastically improve your conversion rates!
Lead Distribution in a business is crucial when it comes to boosting conversions. Having more connections and leads is always a plus, but it is essential to distribute them wisely.
Various factors should be kept in mind while distributing leads to your sales reps. The bottom line should be - Distribute leads in such a way that a sales agent can still work to their highest potential and not slack or get burnt out. Some of these factors are-
- Their Sales expertise
- Existing workload
- Effort and Connectivity metrics
Speed to Lead
When it comes to sales conversion rates, Speed To Lead is a company’s backbone. It is basically how fast a salesperson puts effort into connecting with their new lead, and in a society driven by instant gratification, it has to be pretty quick.
50% of internet buyers will work with the 1st salesperson who connects with them, not the best agent. That is why if an agent gets in contact with their new lead within 1-2 minutes of it dropping in their lead pool, they will have a 50% chance of working with them.
The idea of speed to lead is to get a hold of your future client before anybody else does.
Retargeting leads becomes vital because we need to nurture meaningfully. A combination of techniques can be used to do this; some are-
- Retargeting cold leads through drip email campaigns
- Running retargeting ads based on their website behavior
- Doing timely follow-ups
It is important for businesses to not just focus on buying leads from various portals, but also have systems in place to convert them better.
When you think of a CRM, you think of systems, scaling, and processes. But even though there is a system set up, all businesses are people-focused; one cannot shy away from human contact! CRMs are not meant to limit contact; they make contact more systematic and foolproof.
Handling follow-ups on your own can be a difficult task. Humans make mistakes, but machines rarely do, so why not automate some of your follow-ups and reminders?
Optimizing and leveraging your CRM can help you easily boost your conversion rate. How? Here are some steps you can begin with
- Start with cleaning your CRM, so everything is up to date.
- Create the right kind of action plans depending on your lead conversion timeframes.
- Create to-do lists and touchpoint systems for each sales rep so that their approach towards lead contact is planned and systematic.
- Reminders to do periodic check-in calls, e.g., Nurture leads should be called twice a month.
There is so much you can do with a CRM, but with automation comes accountability. As a business owner, you need to make sure that all the touchpoints of connectivity are being met, and no leads are going untouched!
Attempts Per Lead
A salesperson should not stop trying if their first attempt was unsuccessful!
Attempts per lead is a significant factor in boosting conversion rates. If speed to lead is your backbone, attempts per lead is something that strengthens it.
‘10 days of pain’ is a fascinating practice that solves the problem of attempts per lead. The sales rep keeps a buffer of 10 days where they reach out to the potential client 10 times in 10 different ways! If the lead does not respond even after that, they archive the lead and nurture them. This way, they are not only increasing their chances of getting a deal, but they are also growing their retargeting list at the same time.
Marketing is your added x-factor when it comes to increasing conversion rates. Good marketing will help you generate more leads, as well as increase the interest of existing leads.
As a team, do not shy away from trying new and creative ideas that can help you boost your conversion rates.
- Start by setting up your team profiles on all social media platforms
- Reach out to your new and old leads through video messages
- Create an interactive blog where you provide industry knowledge!
- Organize online informational webinars
These small promotional steps go a long way when it comes to conversion!
Lead conversion is clearly not a single-step process. It requires working on a combination of metrics based on unique business and industry structures. Hence, it is always good to try out different combinations and strategies of outreach and prospecting to boost conversions.
A tried and tested strategy of leveraging your CRM and having a humanistic touch in lead contact has proven to be highly successful in post-pandemic lead conversions.