Unhappy with Your Conversion Rates?
You're Not Alone.
Over 77% of business are unsatisfied with their conversion rates (1). And that makes sense, because what business couldn't use a few more sales in their pipeline? It must be why over 69% of businesses surveyed by Hubspot are prioritizing their lead conversion efforts (2). All this says that the problem isn't that businesses don't believe conversion rates are a problem; the problem is that most businesses don't know how to effectively INCREASE conversion rates.
That's a concerning fact, because the truth is over 2/3 of small businesses FAIL within the first 2 years, and a mere 50% survive by 5 years (3). And the most-cited reason? CASH FLOW (4).
The best way to keep cash flow consistent is to SELL MORE.
Here are a few ways to optimize your conversion rates:
1. Improve your marketing messaging. Many times when marketing fails, it's because there isn't good message-to-market match. Businesses use me-focused, feature-heavy marketing messaging that falls flat in our "what's in it for me" culture. Even more, over 73% of buyers are looking to SOLVE A PROBLEM (5). If your marketing doesn't address this, then you're missing out. Optimizing the marketing copy is often enough to transform an "ineffective" strategy into an effective one.
2. Follow up more often. According to the data, 80% of sales required 5 follow-ups after the initial contact to make the sale (5). Yet the average business only follows up ONCE (5). If you're following what the "average" business does, you're leaving money on the table - period.
3. Know your data. Businesses who know their data improve their data. Your marketing metrics should pinpoint exactly where prospects are dropping off in the sales cycle, so you know which steps to optimize first.
4. Use multi-step marketing nurturing funnels. Many businesses we've worked with try to directly sell on the first touch point, choosing to highlight the features and components of their service without taking the time to nurture the lead on the lead's terms. This is like asking for marriage on the first date! Proving the point, B2B organizations which use lead nurturing see 20% more sales than those who don't (6). We recommend using marketing which "warms up" the prospect and gets them comfortable and ready to buy.
Want to get a higher conversion rate this month? I can help!
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