Yep, at least 70%. There I said it.
No matter how many marketing tactics you use, how well-designed your sales proposals are or how many leads you currently have – it won’t translate into revenue if your business has low conversion rates.
The ultimate goal of sending proposals to prospects is to ensure they are accepted and converted into real sales.
After all, sales conversions imply that you're delivering compelling messages, your brand is resonating with your target audiences and you’re on your way to smashing business targets.
So, are you creating more demand, capturing more leads and driving more valuable conversions for your business?
If you’re not sure, let me show you how to effectively determine the efficacy of your leads pipeline and conversion success.
3 key metrics to measure your real sales success.
- First, we have the Initial Lead Call > Proposal Sent CVR.
This metric measures the percentage of initial lead calls conducted by your team that result in the sending of a proposal.
It reflects how well your marketing and sales teams are working harmoniously to attract and nurture highly qualified leads. So, a higher percentage signifies superior outcomes.
Personally, I recommend that you should aim to convert at least 50% of your initial lead calls into proposals sent.
- Next is the Proposal Sent > Client Won Conversion Rate.
The second metric focuses on the number of proposals sent that have successfully converted prospects into clients.
It also serves as an indicator of the in-depth alignment and integration of your marketing and sales teams, showing how effective they are in educating leads about the value you offer as a business.
At Ask Marketing, I often advise businesses like yours to achieve a minimum conversion rate of 70% to increase your chances of closing deals and generating revenue.
- Lastly, Total Leads > Client Won Client Won Conversion Rate.
Meanwhile, the final metric assesses the number of clients you have successfully acquired as a percentage of the total leads that have entered your business.
Just take note, however, that “leads” here refers to individuals who have booked in for their first call or touchpoint with your sales team.
Since this metric sits across your entire customer journey, the percentage will definitely be a lower, rolling figure – 30% to say the least. Nevertheless, this metric still remains a valuable tool for evaluating the collective performance of your marketing and sales teams across all touchpoints.
By tracking these 3 success metrics, you’ll be able to identify areas of improvement, optimise marketing and sales strategies and reach KPIs.
Now, let’s return to our main question: Are you converting 70% of your proposals?
If your answer is no, then it’s time to act (and it's easier than you may realise).
A low conversion rate implies that you’re not effectively persuading prospects to become paying customers, which can hinder your business from achieving the returns it deserves.
It can also indicate that there are inadequate lead qualification processes, a lack of personalisation or insufficient nurturing of leads from your end.
But don’t panic – marketing to the rescue!
To increase your business’ conversion rate, you need to "pamper" customers throughout their entire buying journey.
But how?
One effective strategy is to leverage strategically placed pieces of marketing content across all touchpoints that will help you enhance the overall customer experience and build trust.
By consistently delivering value from the top of the funnel (TOF) to the bottom of the funnel (BOF), you can significantly increase the likelihood of conversion and successful customer acquisition. Click here to learn more about the exact things to do at each stage of the funnel.
Right! Here are 3 ways you can actually put this into action.
- Always deliver thought leadership content.
Whether it’s through blog posts, podcasts, newsletters or videos, you can use your expertise, knowledge and influence within the industry to educate customers and solve their problems.
By sharing thought leadership content, you’ll be able to establish your credibility, differentiate your brand and engage your target audience. This, then, can help in attracting qualified leads and nurturing them towards becoming customers.
- Gatekeep your time using lead pre-qualification tools.
Increasing conversions is not always about trying harder – say, making more calls, sending numerous follow-ups or endlessly chasing customers. It’s also important to work smarter by focusing on the right prospects who are most likely to commit to your business.
You can do this by using pre-qualification tools that identify and prioritise leads based on specific criteria. In addition, you may opt to send proposals only to leads who have already expressed their intention to come on board and have verbally committed to signing a contract with you.
In doing so, you not only save valuable time but also reduce the costs associated with building and sending proposals.
See how the answer to better conversions is often to augment your processes with technology. Meaning you and your team can work less, not more!
- Make sure you have social proof to provide to customers.
Social proof plays a significant role in addressing common objections or concerns prospects may have.
From case studies and qualitative-quantitative results, to customer reviews and video testimonials, social proof enhances people’s confidence in your brand so that they can move forward towards a conversion.
With the right marketing touchpoints, your business will begin to see more highly qualified leads entering your sales pipeline and a higher conversion rate of sales proposals into signed clients.
How does that all sound? Are you ready to up that sales conversion rate?
If you need direct help, we always say: all you have to do is ASK.
So, do you need help with your business’ marketing?
At Ask Digital Marketing, we combine decisive digital strategy and managed marketing execution to help B2B service-based businesses build demand, establish thought leadership and own their industry through digital business marketing.
Stop waiting. Start building. Experience success.
Just get in touch with us and we can discuss your business and the ways we can help you navigate the digital marketing landscape.
Together, solidify your marketing plan and achieve your business goals!
For more great marketing content, connect with our company leaders, Alexandra King and Stephanie King, or follow our Ask Marketing LinkedIn page.
Let’s harness the power of digital marketing today!
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