Are You Paying Enough Attention To Your Conversion Rates?
How often do prospects navigate to a landing page on your website and then leave without converting? What other sort of customer interactions fall short? If people aren’t converting, you should have insight into why.
Sales executives need to pay close attention to conversion rates because they ultimately affect revenue. When your conversion rate is low, it means your organization’s cost of sales is higher as you’re spending more time communicating with people who aren’t generating revenue for your business.
Therefore, the more efficiently you convert customer “touches” into revenue, the better your overall cost of sales is going to be. Anyone wanting to increase revenue and decrease the cost of sales should track conversion rates and take action where appropriate.
What kind of information should you track? Any engagement your leads provide you with is worth monitoring. Track open rates and click-through rates for your emails; track the bounce rates off your website’s landing pages. When a lead engages you, what sort of information do they provide? What do they expect in return from you in exchange for that information? What language provokes the best buyer response? This is just a sampling of what’s worth tracking.
Do some self-editing and think about why you’re tracking what you track, and be sure to avoid asking prospects too many questions up front.
Perhaps one of your landing pages asks prospects to enter their annual household income into a field along with their name, age, job title and marital status in order to download a free e-book. Many people, especially prospective customers at the beginning stage of the sales funnel, might not want to provide such personal information and may leave your landing page.
Encouraging a prospect to visit a landing page requires work on your part; don’t lose that potential customer by asking the wrong (or unnecessary) questions.
The Tellwise Nutshell (TTN): Tracking conversion rates is essential. Here’s the caveat: You must have a clear reason for putting your time and energy into tracking any particular metrics or key performance indicators (KPIs). For every data point you have, ask yourself why you’re tracking it. If you don’t have the answer, you should stop measuring it.
Want to learn more about conversion rates? Our FREE e-book, “An Ultimate Guide To Conversion Rates: A Must-Have Resource For Today’s Sales Executives”, is a great resource!