A Guide to Converting Prospects
We all know that lead nurturing and converting prospects is extremely important when growing your business. Although a marketing qualified lead (MQL) may vary from business to business, it is important to ensure you are attracting the right kind of prospect. As a business owner or salesperson, you may find yourself asking, “What happened there? Why weren’t we able to close that sale?”
Many businesses face challenges in the conversion stage of the sales funnel. These are just a few of the may ways you can close the deal.
- Examine your customer’s behavioral history
- Identify patterns
- Develop lead scores
I have also created an in-depth guide to help you start converting more prospects.
It’s important to look at your customer’s recent activity.
- How quickly did they travel through your sales funnel?
- How long have they been a loyal customer?
- What is it that drove them to your business?
It is a good idea to always ask new customers whereÂ they heard about your business.
Also, take into consideration the number of page views, content downloads or event registrations it took for your lead to become a customer.
When you’re studying a prospect closely, you’ll often noticeÂ patterns that indicate the likelihood of you closing the sale. Frequency is a great measure to watch for.
- Are they visiting your website often?
- Have they signed up for a free trial?
If you hosted an event or webinar, look at the number of attendees. Compare this number to those who ultimately became customers.
*To find your close rate, divide the number of closes by the total number of leads.
I recommend using a lead scoring program that incorporates data from your sales funnel to help you determine at which level you are catching the most customers. Always look for actions that lead to a significantly higher close rate. Moving forward, consider these when building your marketing strategies.
Optimizing Funnel Stages
Optimization is an ongoing process which requires continuous research and analysis. Some of the metrics I recommend for monitoring when you’re converting prospects are:
- Visitor-to-Lead Conversion Rate
- % Sales Accepted Leads
- Lead-to-Customer Conversion Rate
- Sales Cycle Length
- Average Cost Per Sale
These metrics will be helpful in building and adapting your marketing strategy. Pay close attention to where you are catching prospects and where you may be losing them. This will allow you to pinpoint concrete actions.
Throughout his career, Rob has worked with many business owners, like you, and helped them improve advertising effectiveness and effectively manage advertising budgets by offering valuable advertising critiques. Increase your sales and conversion rates with aÂ FREE Advertising Critique.Â