It’s exciting when you turn on a new campaign and see tons of traffic. Traffic is good – but traffic that converts is much better. Honestly, there is tons of bad traffic out there and if you are not careful you will burn through your marketing budget quickly.
Obviously, acceptable conversion rates differ based on your product or services. An attorney buying bankruptcy leads shouldn’t expect the same conversion rate as one buying foreclosure defense leads. That said, it is worth noting that leads do not magically lead to conversions just because you have directed them through your conversion funnel. According to econsultancy, companies spend up to $92 in generating a lead and yet only spend only $1 trying to convert the generated lead.
This explains why most companies can generate or buy leads but still report low conversion rates. Low conversion rates mean you either have untargeted leads or a broken sales process.
Let’s dive into some answers below!
How to increase your conversion rates
1. Outline the ROI
What any customer is looking for in your offer is value for their money. When you make the return on investment clear, prospects will find it easier to click the buy button. Most companies underestimate the importance of this simple step and end up losing a lot of business.
2. Define your unique selling proposition
Before you contact your prospects, take time to analyze your competition in order to establish what makes your service unique. Seek to answer the question, “why would a buyer choose me and not my competition?” It is naïve to assume that your prospects will buy from you just because you have contacted them. You must demonstrate value in order to convince them to buy from you.
3. Create a detailed FAQs page
We are living in the information age. The average internet shopper will take time to research a product before they purchase it. You can take advantage of this by creating a detailed frequently asked questions page on your website. Your sales and client support team can help you compile the most commonly asked questions.
4. Refine the funnel
Refining your funnel entails reviewing your entire sales process in order to identify any bottlenecks that are affecting your conversion rates. Try as much as possible to eliminate ambiguities because they could easily confuse and frustrate your prospective clients. Take deliberate steps to do away with unnecessary bureaucracies because they could also scare away prospects.
5. Customize your pitch
The sales team should ask prospects questions that can help identify the unique needs of the client. You can use some analysis tools like discprofile.com to make the analysis easier. Once you have identified the unique needs of the individual client, you can now go ahead and customize a pitch that addresses their unique needs. As simple as this process sounds, it can dramatically increase your conversion rates.
6. Work with a deadline
Setting a deadline for follow-up is an important facet of the sales conversion cycle. After the deadline elapses, remove your prospect from the funnel. However, make sure to notify them of this in case they want to restart the conversation. You can write something like, “This is our last follow-up email since we haven’t heard from you in two months. However, you are always welcome to reach out in case you have any questions.” Eliminating dormant accounts from your funnel helps your sales team to focus on other promising accounts. Additionally, it creates a sense of urgency, and this can inspire the prospect to respond positively.
7. Rework the script
If you notice your script is not working, it would be a good idea to rewrite it. Sending the wrong message or the right message in an ambiguous way could be the reason behind your low conversion rates. As a rule of thumb, your copy should focus more on the solution rather than the problem. Additionally, tweak your script from time to time instead of using the same wording for every client.
8. Quick follow-up
Always respond to client inquiries as soon as possible. When too much time lapses before you get back to the client, they will probably move on to another solution. Even after responding to them, give yourself a couple of days and get back to them to find out if they need any further assistance. This simple technique can help you convert most of your leads.
Creating a lead magnet is important in the sales process but even more important is taking deliberate steps to convert the leads. Most companies make the mistake of concentrating their efforts on lead generation and spend very little time on maximizing the conversion rates. Your goal should be to convert most if not all of the leads into buyers.
9. Ask For The Sale
It seems like common sense to ask the prospect for the sale. However; it often gets lost in the sales pitch and is escpecially difficult for new sales reps. Ask your leads if they are ready to purchase and watch how many reply “yes.” They became a lead because they were interested in what your business offers. Asking for the sale can look different for everyone. Simply asking “Do you want to buy my product or service” is a little dry and may set you up for disappointment if they say no. We recommend trying different methods to find what works for you and what your company offers.