When selling to consumers, generating leads is the first part of the sales funnel. Once someone shows interest or intent to buy, your work isn’t over. During B2C lead management, it’s your goal to do everything in your power to nurture each lead so you get the highest number of sales possible.
Here are five tips for managing leads and maximizing conversion rates.
1. Get qualified leads.
When it comes to readiness to buy, there can be a major disparity between leads. Some may only have a minimal interest while others may be looking to make an immediate purchase.
According to HubSpot, 25 percent of leads generated are ready to buy and 25 percent are highly unlikely to buy. That’s why it’s important to create scores for each lead and adjust your efforts accordingly. There are numerous factors that determine how hot a lead is, including demographic, lead source, and behavior.
If a consumer doesn’t fit into your business’s typical demographic and was just checking out your blog or reading up on product information, the odds of making a conversion aren’t favorable. On the other hand, a consumer who perfectly fits your demographic and was looking at pricing information could be classified as a hot lead. Because scoring leads can be somewhat tricky, especially on the large scale, many companies utilize lead scoring software to streamline the process.
2. Prioritize sales-ready leads.
You want to put the 25 percent of sales-ready leads at the top of your priority list and capitalize on them while they’re hot. For the 25 percent that probably won’t buy, you should still put some effort in trying to get them to convert, but shouldn’t make them your main focus. The remaining 50 percent, who fall somewhere in the middle, will require nurturing to increase their interest level and hopefully convert into sales.
3. Quickly contact leads.
Because even the hottest leads can cool off in a hurry, it’s critical to initiate contact as soon as possible. A study by the Harvard Business Review discovered U.S. companies are seven times more likely to qualify a lead when initiating contact within an hour than those that don’t. These companies are 60 times more likely to qualify a lead than competitors that wait more than a day. The key takeaway is the longer you wait, the less likely you are to qualify a lead and inevitably make a conversion.
4. Effectively nurture your leads.
When it comes to the hot leads, you can often go for the home run and do what it takes to make an immediate conversion. For the rest of consumers with differing levels of interest, you will need to implement some nurturing techniques until they are sales-ready. In some cases, this may only take a day or two. Other times, it could be a matter of months, especially when high-priced products or services are involved. Lead nurturing tactics can differ depending upon the business and industry, but some common ones include:
- Introductory emails in which you explain more about your products or services and answer any frequently asked questions
- Whitepapers in which you provide helpful industry information
- Blog posts so you can establish yourself as an authority
- Other forms of media such as videos and infographics
- Direct correspondence via email or telephone
5. Analyze your results.
To optimize future campaigns, track your B2C lead management efforts. Utilizing analytics software is one of the best ways to go about this because they will produce in-depth reports in which data can be digested with relative ease. This should give you a pretty good idea of what your primary consumer demographic is, which tactics led to conversions, which ones hurt conversions, and a wealth of other information. As more data accumulates, you should improve your overall lead management system and increase conversions.
Although effective lead management involves some trial and error, enough effort and fine tuning should help you get the results you want. Following these five tips will put you on track for success and reduce unnecessary mistakes. In the end, you can prevent wasting time on unqualified leads and increase your conversion rate for a higher ROI.