Sizing Up Conversion Rates And Segmenting The Sales Process
Imagine arriving home after running a few miles. You’re thirsty and want something to drink. Water would be nice. What are your options?
You could turn on the faucet, stick your head underneath and drink. But that’s unnecessarily messy. You could cup your hands and sip tiny mouthful after mouthful. But that’s inefficient. If you’re like most people, you fill up a glass or open a bottle. It’s the ideal solution.
Managing the data from your sales conversion rates is a similar a situation. If you just dive in head first, you won’t get what you’re after. If you approach it too acutely, you’re unlikely to get the most accurate picture.
Breaking data into easy-to-swallow chunks is the most effective way to assess it. Sales executives looking to wrap their heads around conversion rates should segment their data as prospects move through the sales pipeline.
Your sales process likely has three to five milestones from beginning to end. Start tracking data on conversion rates from milestone to milestone from the beginning, as soon as your sales team gets the lead.
A conversion is when the buyer moves from one phase of your sales process to the next. For instance, when a prospective customer responds to a free demo offer on your website, they’ve passed a milestone.
Every organization uses its own way of distinguishing various stages of the buyer journey. Use whatever criteria necessary to indicate you have a lead and start tracking the conversion rate from there.
Gauging a buyer’s digital body language is the key to tracking conversion rate data. Assess what information a prospective customer has looked at and what information they’ve provided you with. This is the most accurate representation of buyer intent.
Fortunately, this isn’t as time-consuming as it sounds. Research and try some of the available software that automates much of this data collection process. This saves your sales reps from wasting time compiling data. Automating the process also ensures more accurate data, as human error is minimized.
The overall goal for tracking your conversion rates should be making the process less of an art and more of a science. Optimized, accurate data goes a long way toward this objective.
The Tellwise Nutshell (TTN): To generate the sales you want, conversion rate tracking is essential. If you haven’t embraced conversion tracking, you’ll be surprised by how effective and productive your content becomes once you start measuring conversion rates and using the data proactively.
Are you optimizing your conversion tracking? Our e-book, “An Ultimate Guide To Conversion Rates: A Must-Have Resource For Today’s Sales Executives” teaches you how to get the most out of your conversion data.