What is Conversion Rate Optimization & Its Importance In Lead Generation?

Remya
Remya

14 Apr 2022 | 6 Min Read

Have enough leads but they aren't converting? Looking to increase lead quantity? Does this situation sound familiar? Well, then let’s put you out of your misery and uncover the secret of conversion rate optimization for lead generation.

As a lot of B2B marketers will agree happens at some point in their career. A lot of effort has been put into creating customer leads from which to create sales opportunities.

However, when the customer leads are handed off to the sales team they have a hard time converting them into customers. Ultimately, the visitor to lead conversion rate starts tipping.

Let’s take this step by step and start off by understanding what is conversion rate optimization? Its importance, benefits, and tips for low-traffic websites. Next, let’s discuss effective strategies to optimize lead conversion rate and what it actually takes to make B2B lead conversion work.

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What Is Conversion?

Before understanding conversion rate optimization, let’s take a minute to understand the meaning of conversion.

A conversion is simply a basic goal or action that you’ve set for your website such as a customer making a purchase or filling out a form.

What Is Conversion Rate Optimization?

Conversion Rate Optimization is the process of optimizing your website based on user intent to improve the chances of the visitor taking desired actions.

An action can be anything from a subscription to email lists, creating an account, or making a purchase.

What drives these conversions (actions) are optimizations that can happen all over your website starting from your home page, blog page, and pricing page to the checkout page.

Fuelled by the fast-moving online world and fleeting attention span, it is getting increasingly difficult for businesses to get a hold of customers.

Not being able to engage your customers in the first visit is equivalent to a lost opportunity for your business leading to a disturb in the balance of conversion rate of leads to sales.

To put it simply, website conversion rate optimization is simply turning visitors into leads, leads into customers, and customers into business advocates.

Read More: How to Convert Blog Traffic Into Business Leads

How To Calculate Conversion Rate?

Divide your number of conversions by the number of visitors and multiply that number by 100 to get the percentage.

For example, if you have a 20% conversion rate, that means all of those 20 people visiting your website are your converts.

A high conversion rate means your website and content are well-optimized and is proving to be effective in catching the attention of your target audience.

Conversion Rate Optimization Benefits to Look Out for

  1. Gives you an insight into the customer's mind

Conversion rate optimization helps you know your customer better and understand their choices, what action they repeatedly take, and what they dislike.

These insights are a gold mine and tapping into them can help you tailor your optimization efforts according to the needs of the customer.

2. Lowers acquisition cost

Wouldn’t it be great if every click could turn into a conversion? Well, that’s how conversion rate optimization benefits your business.

By strategically optimizing your website, you in turn lower your acquisition cost to a great deal.

3. Enhanced SEO results

CRO and SEO are like two sides of a coin. Both take user intent and customer behavior into careful account.

Keeping customer experience in mind will not only bring in more conversions but boost your SEO efforts too.

Read More: 5 Steps to Identify Sales Opportunities with Real-time Insights

Conversion Rate Optimization Tips for Low Traffic Websites

Websites with high traffic find it easier to experiment and make multi-level changes while witnessing its impact in a faster manner with data-driven statistics to prove results.

The same may very well be possible for low-traffic websites but would not result in n the same data-driven statistics that too in a shorter time span.

Does this mean the amount of time and effort invested into conversion rate optimization for low-traffic websites is not worth it?

Well, that’s not true. Conversion rate optimization is for everyone and benefits all. But when it comes to low-traffic websites, patience is key, and mapping out a different approach is crucial.

  1. Test pages with the highest traffic

It’s best to test pages that get the most visitors. The home page would be a good place to start and results derived from it could improve other low-traffic pages on your websites.  

2. Stick to simple

Don’t get riled up in performing multivariate tests that take more time and show slower results. It’s best to not complicate things for yourself and keep it simple by using A/B tests.

3. Make more changes & test it all together

It makes sense to incorporate big design and content changes and test it all together. This strategy helps yield greater results in terms of conversion rate.

Read More: 11 Highly Successful Ways to Get Traffic to a New Website

How to Optimize Lead Conversion Rate?

Take matters of optimizing conversion rates into your own hands. Check out these 5 effective strategies for your lead conversion rate successfully.

  1. Be quick with followups

It’s important to follow up with your leads quickly. Following up too slowly can be as bad as not following up at all.

Sending generic automated emails isn't going to cut it. Go the extra mile by customizing each email you send and giving them a personal touch.

Leads are more likely to convert into paying customers faster when they know they’re being heard.

Make sure your lead follow-ups have a human name listed in the name portion of the email and pictures if possible, in order to make it more memorable.

2. Use content to your advantage

Content is a very powerful tool. However, there’s a right way and wrong way to use it. Learn to leverage your content by creating valuable pieces geared toward nurturing leads rather than simply drawing them into your funnel.

A good rule of thumb is to spend as much time on creating lead-nurturing material as you do on capturing leads.

You want the same level of focus. When crafting content for lead progression, ask your sales team what exactly you should be including in those materials to help make them progress faster.

3. Laser-sharp focus

Lead nurturing must be conducted by keeping relevance in mind, as it is foundational to a relationship-building experience.

When initiating your marketing endeavors, you'll start out with a broader focus, however, what matters most in the later stages is identifying unique target prospects who have exhibited specific intent signals that point toward interest in your offering.

It then comes down to taking close notice of lead engagement metrics as you learn more about how your recipients react to said content and then mold content efforts as required.

Read More: MQL to SQL: 7 Step Lead Qualification Checklist

4. Leverage lead scoring

Instead of using lead scoring as your only means of qualifying leads, some marketers use a more holistic approach and look at each lead’s potential to convert based on their stated interest in purchasing a specific product or service.

Keep in mind that not all leads are alike, so you need to treat them differently and should create opportunities for leads to self-qualify and filter out those who aren’t high-quality.

Note that not all qualified opportunities are the same. You should be managing the value of each contact within your system effectively so you know which contacts can provide the highest return on investment for future sales efforts.

5. Reengage lost leads

To show that you'll get your money's worth from the investment you've made, it's imperative to re-engage potential customers or clients.

Letting leads go cold should be a last resort and marketers need to keep in mind that re-engaging with these leads is not only an effective way to demonstrate their expertise but also a great opportunity to convert into paying customers.

Also if there are leads that still need a little extra push to move in the right direction then you should also run them through a lead nurturing campaign where they may be followed up with over an extended period of time.

Traek Let’s You Unlock the Highest Conversion of Leads from Each of Your Website Visitors

Identifying your B2B website visitors and those who show high intent to one or more of your products can help you greatly in structuring up your sales contact list when it comes down to helping them get converted into accepting a trial/demo visit.

Note: Traek is a smart tracking tool that identifies companies visiting your website, even if they don't end up filling your lead magnet form. Interested to begin?

Sign up for your free trial or learn more about Traek.

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