According to the research of Econsultancy, only 22% businesses are satisfied by the conversion rate numbers. This simply points out the fact that the remaining 78% businesses need to work on their conversion efforts to come up with better results.
Around 59% of the marketers are having a tough time generating quality leads. Also, identifying the right potential prospects is a very important task for the businesses. No doubt businesses cannot take the issue lightly!
When it comes to B2B industry, the lead conversion is a long process which may take several months. There is huge money involved and the decision-making process keeps on evolving with time. With so much at stake, it really becomes important to build up a reliable relationship with customers and have a well-organised sales process.
One of the major problems that B2B marketers are facing today is the lack of innovation when it comes to generating leads; it is time to make the change and gear up with some new tactics.
Here are some techniques that can help you improve up to 30% of your website’s current conversion rates:
1. Set data-driven goals
Are people not into your products and services? Are they not finding it impressive enough? Then it simply means you are focusing on the wrong businesses. Such businesses are not your target leads. You need to have proper information about the buyer persona and for this, collect proper data.
To know more about your products and buyer persona, carry out market research keeping your existing customers in mind. This will help you understand your customer behaviour as well as understand the value of your products or services. You will be able to get some valuable insights about planning your marketing strategy.
Identifying the buyer persona means you are finding ways to make your prospects buy. For this, you need to understand their goals and focus on helping them achieve that. Whenever you strike up a conversation with them, just be sure to come up with information that will help you know more about them, rather than trying to relate them to your products and its features.
Drive in more information about the prospects and buyers based on their interaction with your customer support and sales teams. This will hugely help you understand and get a better idea about your clients, their businesses and requirements.
Getting answers to a few questions can help get a better insight.
- What are their needs and why are they opting for a change?
- What is stopping or encouraging them to change?
- Where do they go for information?
- Who do they contact for advice?
- What value do they expect in return from making the decision?
- Who have they got to sell the change to?
According to the Gleanster research, all the leads that reach you are not your potential buyers. 75% of your leads are qualified – 25% are ready to buy your product and 50% of are not.
If we look at the sales funnel, your customers are situated at different stages; some may be ready to buy the product directly while others may want a product demo. Some may want to talk with your customer service team, while others will want to know your product better. This means that your leads are present at different levels of the sales funnel and you need to understand them well because every customer follows a different buying path.
So, this is where it is proved that sales funnel works well when it is incorporated with data-driven buyer persona. This will help you have a clear picture of who your target audience is, as well as have a clear understanding about how to fulfil their different business needs.
2. Make the buying process smooth
On an average, 69% of the online shoppers abandon their cart after visiting an e-commerce store. This increases the pressure on the businesses to persuade the shoppers to complete checkout and buy something.
The main reason for shoppers to abandon the cart is the different obstacles present on the website; they simply distract the buyers or stop them from completing the task.
A number of things like mandatory login details, slow page load times, too many disrupting images and links, etc. are just a few things to name – they simply affect your conversions.
A number of shoppers leave the website at the checkout, so you need to make an effort to ensure the process is simpler. Removing the unwanted columns and just keeping the precise things can definitely keep them engaged on the page. Again, make sure you don’t have any oppressive texts present on the page.
Experts suggest that offering some financing option at the checkout can be a good decision. It will help the customers make a quick decision to buy the products with easy-to- pay instalment options.
Apart from the issues at the checkout, the lengthy product videos, and unwelcome pop-ups can also be the reason behind low conversions.
Experts suggest A/B testing is carried out to improve conversion rate.
- Form length – Too many fields can be distracting, so remove a few and see how it helps you with conversions.
- CTAs – They play a major role in decision making, so try out texts like Sign Up now or Buy Now and see what works well for you.
- Trust elements – Trying adding testimonials to your website, so put them in different places on the page and see what works better for you.
3. Have a lead nurturing system
The companies which had a proper lead management system in place was able to witness a 10% increase in revenue just within a few months. So, keeping that in mind, experts suggest that there is nothing wrong in investing your money and time on such a system.
When we compare drip marketing with a lead nurturing system, the latter offers far better returns. A lead nurturing system should be properly segmented based on the prospects and provide information that they are looking for. Such a system also helps to check the customer interactions continuously and come up with a campaign that best suits your prospects.
Having the right data is very important as it helps to understand and adapt to buyer’s instincts. This is where personalisation helps you match with your customers’ behaviour.
Many businesses think that normal office hours are enough to satisfy the customers but, most of the time things are different. What if your customer contacts you during odd hours? How are you going to find a solution for their problem? What you need to find are some ways to make your team available to the customers when needed. One of the best ways to achieve this is through a live chat option on your website.
If you want to make people buy quickly, then execute accelerator campaigns. But if you want to get the expected results, you must make use of right kind of content based on your customer behaviour. This can involve a number of processes like sending emails, instructional webinars as well as trial sign-ups. Following lead nurturing at the right time when your customers want to buy, will turn out to be effective.
4. Build the right team
The lead conversion process needs to have an active collaboration of your sales and marketing teams, so it is very important to teach them to get your prospects through the sales pipeline in the most effective manner.
For any business, the main purpose of sales is to create a new value. You need to know your buyers and come up with the best solution. In simple terms, you should know how your product will benefit the buyers.
There are chances of objection from the buyers and so train your team to tackle the same. So, what if they already have a solution to their problem?
Ask your team to talk with their prospects and collect more information about their current solution and try to know their likes and dislikes about the same.
Working this way will help your team to understand the scenario and come up with a strategic solution based on what your product is and what your competitors have!
Businesses face complex problems and so you need to offer solutions that are reliable and trustworthy. Therefore, your team needs to come up with a strategy that will reassure them about the solution as well as help them close the deal swiftly.
Your team will decide whether you are going to achieve or miss your monthly goals.
It is not at all necessary for the B2B businesses to stress on the need of trying to increase the client conversion rates. A proper planning will help them to attract businesses, keep them engaging and then see them convert.
All they have to do is to follow a simple strategy – plan – execute – convert.
About the Author:
Clara Decker is the marketing manager at CouponsMonk.com, deals and discounts provider company. She is passionate about money savings, investment and finance industry. In addition, Clara also supports non-profit agencies that provide healthcare solutions to handicapped and disabled people.
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