There are literally thousands of articles, lists, and tips about turning prospects into customers out there. Maybe that’s because converting prospects into customers isn’t exactly that easy. In fact, it’s pretty complicated, and what works in one market may not work as well in another—and even then, it’s a moving target at best. For example, many of your prospects are likely to be more receptive to social media and video content, while others may prefer more direct, personal contact.
The tools have changed just as much as the rules of the game. It’s no surprise that the probability of selling to a new prospect is a fraction that of up-selling an existing customer. But up-sells, while great for revenue, kill conversion rates. Sifting through all of these factors is difficult, but with the right guidance and tools, converting prospects doesn’t have to be a headache many marketers consider it to be. Predictive analytics and business intelligence used strategically, can make a big difference. Here are some ways you can use data and predictive analytics to improve your conversion rates:
Know your prospects.
By analyzing lead data, such as the browsing patterns of website visitors, the methods prospects are using to ask questions and research your offerings, the geographic area’s prospects come from, the keywords they searched for to find you, where they visited on your site and how long they stayed on the site, you’ll gather valuable information about who your prospects are and what they want.
Figure out which prospects are most likely to become customers.
Use predictive lead scoring to analyze the factors that have turned previous leads into customers, and map current prospects to those customers with similar profiles. With this information, the marketing team can choose the methods most likely to yield results based on past history of requirements and behaviors.
Understand what prospects need to click the “buy” button.
By analyzing which types of content prospects respond to best and which channels they prefer to consume content on, you can fine-tune your content mix across channels to optimize conversion. For websites and blogs, for example, metrics include unique visitors, page views, how many times assets are downloaded, the number of times prospects fill out forms or register, how many times people click on links, and average time on the page can give you valuable insights into how leads become customers.
Route your leads intelligently.
You can use analytics to match the needs and preferences of prospects with sales reps who can best satisfy those requirements. For example, if your prospect is a millennial, matching that prospect with a sales rep who relies on social media for quick, direct communication is a good bet. If a sales rep is particularly well-versed in a specific line of products, match that sales rep up with prospects who have indicated an interest in
those products.
Finally, don’t underestimate the power of speed. According to a report by InsideSales.com, following up with web leads within five minutes makes you nine times more likely to convert them to customers. A platform that delivers live data gives you the ability to strike while the iron’s hot, rather than after the opportunity has passed.
Find out how Domo helps business quickly and intelligently turn prospects into customers with live data at a glance, powerful analytics capabilities, stunning visuals, and a mobile-first experience that gives companies the information and agility they need to make smarter decisions, across the organization.
See how other sales leaders are using data to drive decisions. See the report.