Digital Marketing Tactics Used by Professionals to Increase the Closure Rate of Leads
Have you ever calculated how much you spend on digital marketing for generating leads for your company? Approximately 5 to 15% of your company’s revenue is spent on giving the best lead to your sales team. Then what is the actual conversion rate of your company? Converting leads into customers is the biggest challenge for 42% of B2B marketing professionals. However, 25% of B2B marketing professionals are not even aware of their lead conversion rate. Actually, the conversion rate is not in proportion to the expenses you are making for the lead generation. But, we have some effective ways to improve the conversion rate for your business drastically.
Top 13 Digital Marketing Tactics to Increase the Closure Rate of Leads:
Here are the digital marketing tips to earn more customers and revenue for your business.
1) Practice Lead Nurturing
Design a lead nurturing program that will combine the leads generated captured through different marketing channels. You will then persuade them to go through the buying stage to filter out the ones who are most likely to be your customers. Moreover, use list segmentation and targeted content to further qualify the leads for sales.
Lead nurturing is one of the core functions of marketing automation software. Therefore, you must undertake the best practices of lead nurturing in order to attain your objective. Email personalization is a practice that generates maximum ROI from the lead nurturing program. Now how will you conduct the programs entirely depends upon you only.
2) Set Higher Standards for Lead Quality
The majority of B2B marketers are prioritizing the quality of leads that are generated. It is just a waste of money if the leads can’t generate revenue for your business. Hence, the focus has shifted from lead quantity to lead quality. Marketers often struggle to show ROI and increase their contribution to revenue. Most B2B marketers reveal that their lead accounts for less than one-fourth of the total revenue. Thus, it is essential to set higher standards for lead quality.
3) Use a Lead Scoring System
A lead scoring system quantifies your targeting requirements. Whereas, lead scoring uses firmographics data to assign numerical values to leads. The lead scoring system also analyses browsing behavior, email engagement, downloads, and social media shares to assign numerical values.
The lead must reach a certain numerical threshold to pass on to the follow-up stage. Lead scoring initially decreases the lead volume but increases the percentage of qualified leads. As a result, it improves the revenue contribution and conversion rate of the lead campaign.
4) Collect the Right Lead Information
Your business might have various lead entry points like web forms, landing pages, gated downloads, etc. Therefore, you need to observe these entry points to ensure that you are getting the right lead information. Though it is a tricky task, it is extremely helpful to increase the closure rate of leads.
Right pieces of information enable you to allocate the right prospects for sales generation. Try to determine whether the prospects are interested in your products or content, or both. Wisely choose your questions for the web forms. In addition, you can consider a custom question depending upon the circumstances.
5) Run Data Verification
It is estimated that most B2b leads suffer from poor a lead quality, invalid formatting, missing form fields, duplicated data, failed email validation, and more. It is hard to connect with leads from a database of inaccurate lead profiles. It, in turn, has devastating effects on your lead generation campaigns. Thus, you experience botched personalization, deliverability issues, and unreliable lead scoring. So, you must also develop a formal strategy to overcome these data quality issues completely.
6) Use Targeted Content
Content is all about the way you communicate with your target audience. Moreover, the contents allow you to tell your brand’s story and offer value to your customers. Good contents are not only to attract readers but also educate them to shed light on their latent buying needs. That means you need to create content based on buyer personas and change them according to different stages.
7) Optimize Your Offer
Test the way you are framing and placing your offer to the intended customer. It determines what to gain and what to lose if you don’t take the desired course of action. Then, make the necessary changes to optimize your offer effectively. Testing your offer is the only way to maximize the conversion rate for your business.
8) Get Better Sales Training for Your Team
Sales training is not a one-time event but rather a monthly affair. Sales coaching is necessary to sharpen the skills of your sales team. High-pitched sales training loses its effect fast. Whereas, deep behavior changes like grooming and developing a sales culture will last longer.
9) Align Sales Development with Marketing Resources
Marketers wash off their hands once a lead is delivered. They don’t participate in the sales development process which is the most challenging part of marketing. In this way, they miss a huge opportunity for their business. Sales development is intended to move the leads to committed buyers.
Therefore, Sales development can be certainly done by old fashion sales pitching. But, it can also be done by materials like product comparisons, case studies, ROI calculators, and implementation guides. Thus, sales development reports are important to determine the specific requirements for your business. Know the assets that will help a prospect to take the final step in the decision-making process. Companies with well-aligned sales and marketing departments earn faster revue than others.
10) Master the Art and Timing of Follow-up
Not only marketers but sales representatives are also responsible for low lead conversion rates. The lead conversion rate mainly depends upon how quickly sales representatives follow up and handle the conversion. Sales development representatives should speak to the priorities of the lead.
A knowledgeable sales representative and an appropriate time frame together contribute to the success of a follow-up. It is not mandatory to carry on a person-to-person followup. Rather you can use autoresponders through a marketing automation platform one way or the other. The only thing you need to ensure that the prospect is receiving a relevant message and he knows the reason behind it.
11) Supplement Your Programs with Purchased Leads
Several B2B companies prefer to buy leads from a third-party provider who can be a B2B marketing agency or a lead generation service provider. Still, some of them can use a combination of generated and purchased leads. If your programs fail to high-quality leads, then outsource this service. But, make sure that the service provider you are choosing has a track record of success and can accommodate your targeting requirements easily. For further verification, see the case studies and try out a few samples before choosing a service provider.
12) Refine Your Pre – Selling System and Improve Sales Scripting
Strategically map out the way of approaching your prospect before a sales interaction. You can review client testimonials for further information. Also you can record the sales presentation of your top 10 persons and measure the impact on your closing performance. Then, point out the key salesperson and the modifications required in their activities.
13) Introduce a Motivating Factor
You can then introduce a ‘fear of loss’ to spark instant actions on the part of the customer. So, you can say that the customer will get a highly valued bonus if they take action and buy the product today. You can even introduce significant incentive pricing as a strong motivating factor for your customers. Hence, you will need to put yourself in the shoes of the customer. Therefore, understanding whether your product will fit their needs or not becomes an easy task.
If you have enjoyed the key ideas, then implant some or all of them in your business. Ultimately, your lead conversion rate depends upon how much you are willing to invest in your lead nurturing program. The faster you adapt to changing marketing forces, the quicker the results will be. Perhaps you are on the right track but a little extra effort in the right places will bring qualified leads for your business. It is wise to choose responsive persons who are ready to make a decision. To learn more, leave a comment in the section just below this article.
Frequently Asked Questions:
1. How Can I Increase the Closure Rate of Leads?
You can increase the closure rate of leads by implementing digital marketing tactics for your business. Marketers make huge investments in generating leads but the approach fails to meet their expectations due to certain important aspects. You can cover up these aspects by focusing on your customer preferences, training salespersons, running data verification, using targeted content, and optimizing your offer.
2. What is the Relevance of Digital Marketing Tactics for My Business?
Digital marketing tactics are relevant to design a compelling lead generating program for your business. Moreover, it will determine the correct timing for training your sales personnel and approaching your prospects. It will let you emphasize the quality of leads instead of quantifying them. It then highlights the importance of considering prospects while designing your lead generation program. It is beneficial for your business to achieve short-term as well as long term goals.