Boosting Your B2B Lead Conversion: 7 Tips for Success
Lead conversion is a big deal in B2B marketing. The goal is to transform a prospect into a marketing qualified lead (MQL), and then, ultimately in a potential sale. But, let’s face it, trying to figure out how to do it can be overwhelming. If we are realistic, only a percentage of leads make it to the bottom of the funnel and convert into deals. What’s more, generally few sales reps report that leads generated through marketing efforts are high-quality.
So, what are the challenges that we face when it comes to lead conversion, and how can we overcome them? Here are seven tips to help you make the most out of your lead conversion process:
Sales and Marketing Need to Work Together
Sales and marketing teams need to work together to address the issue of value in individual MQLs. Sales teams are often focused on generating revenue in the short term, while marketing teams focus more on branding and the long term. Companies with aligned sales and marketing teams are more efficient at closing deals and can generate more revenue from marketing efforts. Taking an Account Based Marketing (ABM) approach can be a good starting point to get marketing and sales teams aligned.
Agree on Target Accounts
Sales and marketing teams need to agree on target accounts and prospects. Marketing teams should provide MQLs from accounts that fit the sales team’s target profile. Sales teams should provide marketing teams with their list of target accounts and include marketing teams in quarterly business reviews (QBRs) and pipeline reviews. With a common Target Account List marketing can help sales with messaging and personalisation where they need the support.
Define MQLs Clearly
The definition of an MQL varies between organizations, but the industry definition is a person or organization that has shown interest in a brand through some level of engagement. Marketing teams often lead the definition of what they deem to be ready for the sales team’s attention. Lead scoring systems that focus on specific actions without considering other indicators can result in MQLs that are unlikely to become SQLs. It is important to have a shared language between marketing and sales teams to avoid miscommunication.
Don’t Just Focus on MQL Volumes
Marketing teams should focus on pipeline targets rather than just MQL volumes. Pressure to hit MQL targets can lead to the use of quick-fix methods, which can result in sales being inundated with unqualified leads. This ultimately has a negative long-term effect on pipeline as time and resources are wasted on low quality leads. With a pipeline target there is more skin in the game for marketing teams as objectives are aligned.
Be Operationally Efficient
When a prospective customer expresses interest, it’s critical that the interest is promptly and accurately directed to the relevant personnel. The vendor who responds first has a better chance of securing the sale. Delayed response times may result in disengagement from the prospective customer. Efficient routing processes and timely responses from sales or business development representatives (BDRs) can have a significant impact on conversion rates. For inbound leads you can automate the process with a tool like chilipiper (link website)
Provide Sales Teams with Contextual Information
Sales personnel need to have a clear understanding of the context and background of a lead before taking any follow-up actions. Providing sales teams with clear information on the prospects’ interests and background can greatly enhance their chances of success. At S2M we make sure to give share a in depth meeting form with each had off to the sales team. The meeting form has information on the lead qualification as well as firmographic and technographic data on the account.
Establish a Feedback Mechanism
It’s crucial to have a mechanism in place for the sales team to provide feedback on the effectiveness of MQLs. This feedback can be invaluable in refining the lead scoring configuration and ensuring that higher-quality leads are passed to sales in the future. The sales team is the first point of contact with the leads, and their feedback can provide valuable insights for future marketing activities.