Does more leads always equal more sales?
So, you’re generating leads. Great!
While statistically speaking, the more leads you have, the more potential customers you have, a greater amount of leads doesn’t always translate to more sales.
How can you turn these leads into sales? It all starts with looking at your sales funnel.
Your sales funnel is the path your customers take before making a purchase. Your leads may differ depending on how far progressed they are through this funnel.
So what exactly is a lead?
If you’re a B2C brand, a lead is a person who has shown interest in your product or service. If your business is B2B, a lead is a business that has shown interest in your product or service. Businesses encounter three types of leads: cold, warm and hot leads.
What’s the difference between the three types of leads?
A cold lead is someone who hasn’t yet entered your sales funnel. They might belong to your target audience but they have not engaged with your offering.
A warm lead is someone who has shown interest in your product or service. They might have engaged with your brand online, for instance followed your social media pages or signed up to your mailing list.
A hot lead, often referred to as a ‘qualified lead’, is someone who has already shown interest in making a transaction. They are well progressed through your sales funnel, and might only need a gentle nudge, if that, to get them over the line.
So how can you turn your leads into sales?
Provide an incentive for customers to come to you
Gone are the days of relying on the telephone to get through to prospective customers. We’re now in the age of the internet, and with it has come tonnes of tricks and tactics to connect with target audiences on a deeper, more personal level. Inbound lead generation is about providing a path to attract customers to your offering. This might be through offering a lead magnet, like a free ebook, online course or software download. It could also be by maintaining a blog on your website or using social media strategically to draw people in.
Target the right people
Building leads that will actually convert takes a bit of groundwork. To attract valuable leads to your brand, it’s important to target the right people. The more specific, the better. Find out who your perfect customer is and tailor your marketing efforts towards them.
Know your sales funnel through and through
It’s likely that you’ll have multiple sales funnels that provide different purposes. They might span across offline and online, your website and social channels, your mailing list and event lists. Map out your sales funnels and get to know them really well. If you run an ecommerce site, you’ll want to set up goals on your website so that you can track the point at which people are exiting your sales funnel. When you detect a problem, you can then make necessary adjustments to your website and strategy.
Nurture your leads
To transform your cold leads into warm leads, your warm leads into qualified leads and to drive your qualified leads to convert, it’s really important to nurture them. This is best achieved by using a multichannel approach. Try using tactics like personalising your emails, being specific with your targeting, and tailoring ads for individuals at different stages of the buyer’s journey.
Convert your leads
Last but not least, you’ll need to convert your leads. After nurturing your leads through your sales funnel, you’ll want to turn your qualified leads into sales. Unlike the process of nurturing, converting requires a little more assertiveness. Try offering incentives like a free gift upon purchase, a time sensitive discount, or simply ask your lead if they’re ready to make a purchase.
If you would like help turning your leads into sales, get advice from an expert at Green Door Co today.