Having a steady supply of leads may seem great. While it is a positive sign that your marketing efforts are capturing your target audience’s attention, leads are worthless until they are converted.
Failure to respond to a lead may be just as harmful as not producing one at all — some would argue that it is even worse. If you’re investing time and money producing leads but failing to convert a significant number of them, you should immediately consider what you could be doing differently.
Controlling the appropriate number of leads in the first place is challenging. If you bring in an excessive number of unqualified leads, you risk agents not being able to contact all prospects, including many excellent ones. Provide insufficient supplies, and agents may seek their own sources.
The following are some effective strategies for lead conversion management:
1. Perform self-audits
Whether you’re soliciting email addresses from customers, reading newsletters, filling out contact forms, or purchasing leads from another organization, the first crucial signal is the cost of obtaining them. Establish baselines for both the cost per lead received and the ultimate cost of a lead that resulted in a sale as you invest in new programs, platforms, or any other marketing endeavor.
All of your marketing initiatives should be bench-marked. Assess your websites, landing pages, and click-through rates, among other metrics. Which sources or procedures are the most effective, and which require more testing or refinement? If they are not optimized (or do not measure visits, clicks, or shares), consider hiring a professional to assess your process and provide specific recommendations.
2. Establish sensible objectives
Lead generating programs cannot be turned on and off, and they immediately provide a significant return on investment. Before you can totally open the funnel, establish a system with stages for receiving, reviewing, implementing, following up, tracking, and making corrections.
Establish standards for lead conversion so that you can communicate and manage the expenses and goals of each campaign.
3. Drive traffic to a website
Numerous businesses operate under the premise that “build it and they will come.” This is a rare occurrence. You must have a compelling reason for doing it, and you must repeat it frequently. You’ll need to generate visitors to your website, whether through paid advertising, portal advertising, organic search, retargeting, social media, or other methods.
A CRM system may work as a central hub for your campaigns, so be sure to employ one to manage and measure all traffic-generating actions. Assure that the system is used by everyone to obtain an accurate image. Additionally, CRMs help handle lead data and make performance tracking easier, enabling you to respond and make required changes.
4. Seize opportunities
A website is still the most popular and effective channel for generating leads. Your website should be designed to generate leads wherever possible and to advance existing leads down the sales funnel.
If your business operates on a longer sales cycle, such as residential real estate, one option is to set up an automated follow-up campaign that provides valuable information to the prospective customer over time. Indeed, when compared to sales and marketing emails, thank-you emails can almost double the engagement rate.
5. Assemble the most qualified team possible
Technology is critical and provides an excellent means of scaling to higher volumes. However, success is still determined by human interaction and connection. Appoint team members who excel at interpersonal communication and are willing to go the extra mile.
Ascertain that all members of your team respond promptly to any lead or prospective customer communication. If you’re short on staff, consider hiring an external call center or freelancers to assist with lead follow-up.
Each individual should be held accountable and aware of the performance standards. Constantly monitor actions and their outcomes. The key to success is striking the ideal balance of technology, talent, and training.