Lead Conversion Terms Every Business Should Know

Your website visitors come to your site, complete your forms, and boom, you’ve got leads. Now what? It’s a question that we, as online marketers, need to answer when consumers have actually passed that first step. Once your visitors have revealed an interest in your brand name, how do you turn them into customers? This process is called a lead conversion. Getting someone to view your site is excellent. However, those visits do not mean a lot if you don’t use lead conversion best practices to convert them into new consumers.

So what is lead conversion, anyhow? It’s whatever a company needs to do to turn opportunities into leads. Then turn leads into clients. Let’s dive into how to construct your brand’s lead conversion strategy and how to improve your current conversion rate.

What is lead conversion?

Lead conversion is a joint marketing and sales procedure that converts leads into clients through nurturing tactics like behavior automation, retargeting, and email nurturing.

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It’s not to be confused with list building, which turns visitors and prospects into leads.

In a marketing context, a lead is a possible sales contact that reveals an interest in your organization’s products or services. Leads are generally captured through the recommendation of an existing customer, or directly through the business’ website (using web-to-lead). Typically, leads are transformed when they have actually been recognized as qualified sales potential customers. Throughout conversion, the information from the primary lead fields appears in common areas for contact, account, and opportunity records. 

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A lead goes through a number of phases before ending up as a client. They start as a lead, become a marketing-qualified lead (MQL), and become a sales-qualified lead (SQL). This means brand names have to support their leads at every phase and provide opportunities for them to act toward becoming customers.

No two brand names have the exact same process, as each will build a conversion path tailored to its leads. 

What is a reasonable lead conversion rate?

The brief answer is between 1-3%. Ideal conversion rates vary based on many elements: channels of list building, ways of lead nurturing, and more. The lead conversion rate target can also vary for different industries. Unbounce.com has determined the median conversion rates for many industries so we recommend that you check that out.

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5 essential lead conversion terms every company needs to understand:

1. Lead Source:

This is the source that produced a lead to connect with your company. It may consist of any offline or digital marketing strategy such as print advertising, radio/TV promotion, SEO, search advertising, social networks, and local directory sites. It’s crucial to follow all your leads to track the true ROI of each of your marketing endeavors.

2. Click:

When referring to lead conversion, clicks are when customers click on a link to your site from an outside source. These may include a natural search results page, online marketing (such as a text or screen ad), social media posts or profiles, local listing, etc. A click does not necessarily represent a connection or a lead. Still, it’s the primary step in tracking your marketing effectiveness. Understanding the number of clicks each marketing source receives is an important sign that it’s working well. 

3. Visit: 

After someone arrives and clicks on your website, you’ve got a visit. Like clicks, views are an essential spot to begin with tracking. However, they don’t inform you of the full success of your marketing campaigns. Why? Due to the fact that a visit is not yet a client. So, ensure that your site is optimized to get you contacts. Some examples of contacts are emails, calls, web form, and also live chats to guarantee more viewers become connections.

4. Contact: 

A contact is an individual who has actually reached out to your company. They could’ve reached out either through a phone call, email, or web form. Yet, has not been confirmed as a lead.

5. Lead Tracking:

Lead tracking implies tracking detailed info about most of your leads. This can include lead sources, names, contact information, reference information (i.e., date, time, call recording), and other essential details. This can be accomplished manually or with technology like lead management software. Lead tracking delivers vital information that assists you in following up with your leads efficiently. It also allows ROI metrics to show you what’s actually working.

Conclusion

These lead conversion terms are necessary for every company to understand. They help define the processes, systems, metrics, and concepts that you need to get more consumers from your lead base and to see more value from your marketing efforts.

Want to discover more about lead conversion? Contact us today to learn how we can assist!

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