You are producing high volumes of leads, your open, click and response rates are good and it all feels very positive, doesn’t it? However, if none of this translates into good quality leads or opportunities that convert to revenue, your effort and investment are wasted.
This is the worst case scenario, as your marketing costs escalate and your sales team spends their valuable time chasing poor quality leads that produce very few conversions. Far from a positive experience, it is very frustrating for the sales team and does little to create a harmonious relationship between your sales and marketing departments. If you’re experiencing that growing sense of frustration, you’re not alone – only 22% of businesses are satisfied with their conversion rates.
In a survey of 100 mid- to senior-level B2B marketers we carried out earlier this year, a quarter (26%) of respondents said the greatest pressure from senior management was to produce a greater quantity of leads, while a further 59% stated it was a ‘significant’ pressure. With marketing automation now facilitating the process, it is all too easy for marketers to yield to this pressure and push even more leads into the top of the funnel in the hope of increasing conversions. This tactic, however, rarely works, as it doesn’t address the real problems.
The devil is in the detail
The best approach you can take is to step back and look at where the real issues lie. The quality of your leads, as well as the resources and processes you have in place to deal with them, could all be impacting your conversion rates. Below are the top most common issues that businesses face – address these, and you may well see your conversion rate heading in the right direction!