How Small Businesses Can Win the Lead Conversion Game
Running a small business in the US is not a mean feat because the competition out there is stifling. The numbers say it all: 18% of small businesses do not survive through their first year, while 50% fail after five years. While statistics don’t look great, estimates show that 17 million startups were launched in the country in 2021-22. That’s an impressive number, considering the COVID crisis.
Achieving success in a competitive market requires a strategic approach from the outset. The best way to stay afloat initially and sustain growth later is by maximizing lead conversions. Without effective conversion strategies, you may lose all the hard work invested in your marketing initiatives. Unfortunately, 68% of small businesses do not have it in place, resulting in low revenue.
With conversions, you cannot leave things to chance, and neither can you take any shortcuts. We have some valuable insights from industry leaders to achieve your conversion targets.
Here are the strategies you can rely on:
Research your Audience
Nothing matters more than researching your audience when it comes to optimizing conversions. Understand their expectations, pain points, and preferred modes of engagement. For example, an e-commerce business can expect potential buyers to explore and buy through its website. A seamless design and user experience can ease the buying journey, so these are the first things you need to work on.
After you slay your design, consider doing SEO to get leads for your business. A robust SEO plan makes your website visible in search rankings, increasing the traffic volume. At this point, you must also optimize your website content with the right search keywords. The step ensures relevant visitors with a high conversion potential.
According to CodeParachute, SEO for lead generation entails perfection in three essential areas:
- EEAT (Experience, Expertise, Authority, Trust)
- Keyword optimization
- Website design
Knowing your buyer persona is the first step toward achieving these goals. It helps you create valuable content, optimize it with the right keywords, and ensure a smooth UX for your visitors.
Categorize your Leads
Besides knowing your target audience, you must categorize your leads to get ahead of the conversion game. A small business might generate several leads a month, but not all are equal. You must distinguish and categorize them to separate the wheat from the chaff and prioritize the ones most likely to purchase.
Meticulous research is pivotal to identifying your valuable leads. Follow their behaviors and preferences while they navigate your website. Extract data from your CRM system to get actionable insights and use them to develop a viable conversion strategy.
Harness Social Media
Recent data suggests that all social media platforms had an average click-through rate of 1.21% in 2022, a slight decline from 1.3% in 2021. Despite the dip, the numbers show the need for compelling social media ad campaigns to maximize conversion. Since social media attracts people from all demographics, it should be a part of your lead conversion plan.
Share engaging posts, give valuable information, and offer instant feedback to your social media followers to maximize conversions. At the same time, encourage happy customers to share positive experiences through social media reviews. These act as powerful tools to boost your reputation and get more conversions for your small business.
Offer Freebies or Discounts
Years of research have established that deals and discounts draw consumers and drive purchase decisions. Providing giveaways is a great idea if you want to convert more leads and build long-term relationships with your customers. The best part is that freebies don’t have to be grand or costly.
Besides giving early discounts to new buyers, you can reward the existing ones for their loyalty and referrals. Find creative rewards to get your sales soaring without spending a fortune.
Leverage Consistent Follow-Up
You cannot overstate the value of follow-up in enhancing lead conversions. Did you know that only 2% of sales close during the first contact with buyers? That means you may lose 98% of potential sales by failing to follow up on leads. Even a straightforward call or email may ignite the conversion process because it shows that you care for the potential buyer.
But you cannot rely on a single follow-up to seal your deals. Consistent follow-ups across different touchpoints can help you increase your sales conversions in the long haul. Be patient and keep trying, but don’t go too far because you may end up irritating buyers and chasing them away for good.
The Bottom Line
Lead conversions are the mainstay of success for a small business. But maximizing them in a competitive space requires a creative strategy. It takes more than showing buyers why and how your offering is better than the others. You have to be visible where your target buyers are, gain their attention, and win their trust. These actionable steps can help you cover all fronts.