Before we discuss what goes into converting a lead to a sale, let’s take a second and break down these terms. Every member of your team needs to have the same definition of an opportunity that may lead to a sale, and where the starting point to your sale really lay.
First off, you need to identify what you’re looking at. Is this prospect a possible sale down the line? As in, do they have a problem that your product can solve? Before you know the answer to this question, and a prospect pops into your frame - whether it’s because they you’ve reached out to them or they’ve just clicked on your site - all this is is a lead. You’ve got a tiny bit of information, but haven’t dived deep enough yet to know if there’s anything there. The reality with a lead is that you may never hear from that person ever again.
If you do hear from a lead again, then you can ask them a few questions to see if you have a solution for them. Once you’ve identified that yes, this person has an issue that I can solve, they move into the prospect category. Then, after you’ve retargeted this prospect and they take have shown interest - perhaps this is when they sign up for your newsletter, or they’ve contacted your business - then it’s way more likely that they’re actually going to purchase your services, or that they believe your services may be able to solve their problem, and now they’re more of an opportunity than a lead or a prospect. We know more information about them, especially that not only can we help them with our services, but that they’re actually interested in our products. Of course, once a sale is made, the person is now a customer and a sale. Success!
Take what you want from my definitions of lead, prospect, opportunity, and sale, but what’s crucial is that in your company you have a clear understanding across the board of what these terms mean to you and your employees. When these are miscommunicated, it can ripple out and affect your revenue projections and more.
Down to the nitty-gritty. How exactly can you turn these leads all the way into sales? Well, the name of the game is engagement. Engage and re-engage… and then retarget them again. You don’t want users to forget your name or your product. You want them to be reminded as much as possible, without being annoying, that you’re here and you have something that can help them.
Let’s take Firon for example. We help people with their digital marketing strategies. Your problem: you can’t seem to get your name out there enough, or you want to work harder on engaging your customer base and acquiring more, or maybe your name is out there but the cover of your book looks like garbage and isn’t representative of what you do. Our solution: improving your brand, website functionality, and overall targeting of customers, potential and already owned, using digital marketing tools.
An example of an inbound lead would be someone who went on our website and filled out a form.
An example of an outbound lead would be someone that we emailed or cold-called.
An example of a prospect in either of these cases would be: this person checked out our blogs, and then reached out and let us know they may need some help with marketing; or the person responded to my email saying tell me more. Even without these steps, the essential part is that we can confidently say that this user is interested and has some need for our product, in fact there’s a chance they could purchase our services.
Say we’ve got many prospects and now we want to retarget them. Hypothetically, we’ve got a database of emails for these people who have expressed interest, or who we know have a need. Time to send out a few marketing emails reminding them of who we are and what we can do for them. Maybe we’ve got social ads that present themselves because the prospect has Google searched “digital marketing” or even looked at our website, or maybe just talked about digital marketing - since we all know Siri is listening.
An example of an opportunity: now we’ve got this person on the phone or in our office. We’re spitballing ideas around and giving them examples from our case studies of work we’ve done for others. They can see our expertise through the articles on our blog. The likelihood of their purchasing is much higher than it is for a prospect or a lead. We’ve done outreach or actively engaged these people in order to get them to this point.
Ta-da, they signed on to receive our services. Pretty self-explanatory here.
If you’re having a hard time converting leads to sales, digital marketing is a major tool to use in that battle and should be considered in your overall strategy. Once you’re ready to up your game with real marketing that works, reach out to us and we can help.