When the potential customers in the CRM customer management system show interest in the company, they need to go through a series of cultivation to convert them into formal customers. The more potential customers in CRM, the better the sales performance? Not necessarily, although a large potential customer base is definitely a good thing, if the conversion work is not done well, it will still be very difficult to achieve performance goals.
About Lead Conversion
For potential customer conversion, each enterprise has its own understanding and standards. Usually, it refers to a working method of sales and marketing linkage cooperation in the process of converting potential customers into formal customers, and the results obtained. The conversion of potential customers is as important as the development of potential customers. If the development is re-developed but not the conversion, the market cost of developing customers will be seriously wasted.
The lead conversion process involves various stages before closing the deal, and the role of the marketing department or salesperson is to nurture potential customers and successfully guide them through the process. The process of nurturing potential customers is not complicated, including providing potential customers with personalized experience, fully demonstrating the value that the company can provide to customers, until potential customers intend to purchase.
Where does lead conversion start
Some say that conversions start at the lead generation stage, and getting high-quality leads means a higher conversion rate. Others believe that conversion begins the moment a lead enters the CRM. To keep it simple, we believe that once a lead is acquired, the conversion process can start. Combining our own customer nurturing experience, some general principles should be followed before connecting with potential customers:
1) Scoring: Sorting potential customers correctly
In a CRM system, maybe more than 80% of potential customers fail to complete the final conversion, and there are also some potential customers who are more likely to convert than others. So how do we recognize it?
We use percentages to express the possibility of potential customers converting, and then segment customers based on this percentage. Every business calculates this percentage differently.
Scoring leads can help target potential customers with higher scores, develop personalized nurturing plans for them, save time and energy for salespeople, and prevent salespeople from wasting energy and resources on low-return sales opportunities. Scoring clues is too much to cause headaches, but fortunately, CRM's AI artificial intelligence assistant can achieve the ultimate in scoring clues.
2) Fully understand potential customers
Understand the industry, interests, needs, and pain points of potential customers. After collecting this information, you can design a personalized nurturing journey for potential customers. According to data from a global marketing and market research firm, nearly 80% of customers are more likely to make a purchase when businesses provide them with a personalized experience. Enterprises that grasp this point are more likely to stand out from many product and brand competitions.
3) Prepare content related to customer cultivation
Businesses need to continuously deepen their understanding of potential customers throughout the entire customer journey. High-quality content, such as blogs, articles, videos, eBooks, and more, are effective ways to give potential customers insight into your business.
At each stage of the customer conversion journey, it is imperative to configure the right content to provide meaningful, valuable information to the prospect and then move the lead to the next stage.
4) Implement customer cultivation plan
After completing the above basic work, the enterprise needs to formulate a more specific and well-defined action plan. This plan includes factors such as when to first contact a prospect, how often to follow up, what to share and when to share it. Incorporating these action plans and execution rules into the CRM workflow can ensure efficient execution, instead of plans being planned and actions chaotic.
To sum up, in order to improve customer conversion, it is not that the more potential customers, the higher the conversion rate, but that the potential customers are imagined as seeds through a systematic method, and cultivated step by step until they blossom and bear fruit