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Why Focus on Leads Conversion Ratio

Quantazone blog: Why focus on leads conversion ratio

Before jumping into how to increase the conversion ratio it is necessary to know what exactly does Leads Conversion Ratio mean.

Leads Conversion Ratio is defined as the Ratio in terms of percentage of your leads that are converted into opportunities. For instance, It is the total number of leads that are converted into opportunities divided by the total number of leads generated in that particular period.

For example, if for the month of November, a total of 30 leads were converted into opportunities out of a total of 100 leads generated in the same month, then your ratio will be 30/100 = 30%.

Calculating Leads Conversion Ratio Automatically: Sales Scorecards help companies give a graphical overview of their leads that are converted into opportunities. In other words, companies are able to automate their lead conversion rates and categorise it on a number of factors.

Sales scorecards provide information on the amount of calls being placed to generate leads. Therefore you are able to convert leads into opportunities.

Conversion of the leads that are generated into business opportunities is not an easy task because it is difficult to maintain interactions with your customers. Keeping these entities moving down the sales funnel all the way up to the dotted line is a difficult task. In the sales funnel, many leads are lost. While Leads are turned into opportunities but it is difficult to convert potential customers into actual customers. In short, Successful Lead conversion involves creating professional and personal relations with your customers. Though Technology has made it far more simpler, these entities still remain the core ethics for generating quality leads. Developing this connection with customers is a challenging task in this modern world but by inculcating the appropriate principles and techniques, it may be achieved.

1) Understanding your users:

It’s very important to gain an understanding of what your users want and who they are. Following are some tips:

Interviews: This is the simplest and the best way to ask your users what exactly are their requirements because of any discrepancies between the users and the clients are cleared away then and there itself. CRO experts like Quantazone hold interviews as their first process to eliminate the gap of understanding with its users.

Visitor Recordings: This is an efficient way of analysing user interaction by observing the minute details in the process of leads conversion. Leads that weren’t converted into opportunities are taken care of.

2) Emphasise on what you provide:

It is necessary for your customers to see and find value in the services you provide. Are your products or services making their life better? Does your product or service have a positive impact on your client’s life? These questions are needed to be considered because they help you understand your customers perspective. The other aspect to look upon is the format supportability of your service. Not everyone wants content or information in a standard or default manner. Each person wants it to be of a way comfortable to them. Some may prefer mails, some prefer text, some may want it to be a video. Providing the right content but not in the format your client demands is of no use.

3) Keep Clients Updated:

Keeping potential customers intact with the process of providing service is a key step towards maintaining relations with them. Don’t wait for potential leads to come to you for concerns and updates, it is your responsibility to keep them in a loop.

An efficient way of doing this is to send timely e-mails to keep them updated and to establish any kind of communication with them. Keeping your customers in a loop is a sign of integrity and trust.

4) Keep It Real:

Being Honest is an essential part of the process of developing a successful relationship with your customers. It is never a good idea to mislead your customers into false hopes about your service. Maintaining integrity should be the golden rule of your business no matter what and how many problems arise. Don’t offer more than you can to customers and don’t hold back to tell them the entire process. Any kind of qualities which were promised but are not met will have a negative impact on the reputation of your business in the market.

5) Customise Your Approach:

It is a good practice to meet leads where they are because it helps to provide an overview of the status of your customer interaction. Are what point are they in the sales funnel? Are they ready to buy? Customising your customer relation methods is of key value. Your methods shouldn’t be the same for someone who is making their first enquiry to that of someone who has previously connected you. Lead Management is all about personalised, individual experience that you are offering your customers.

Bringing Everything Together: Now that you know the ins and outs of CRO, you should be comfortable in determining the appropriate strategies due to which your Leads will be converted into opportunities and into customers. Above all, customer relationship should be the first priority of any business.

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