Marketers today are evaluated on numerous objectives and goals. While most organizations are clamoring for “more leads” they are also critical of the quality of these leads, which can be deciphered at a glance thanks to a certain percentage known as the conversion rate.
What are conversion rates?
Recently in Forbes, contributor Dave Lavinsky defined conversion rates as, “the percentage of prospective customers who take a specific action you want.” Organizations track numerous conversion rates such as the percentage of website visitors who fill out a form or download a resource, the percentage of prospective clients who receive a proposal and, of course, the percentage of proposals that close.
Conversion rates can not only indicate the quality of the leads generated by the marketing team but can also provide a starting point for organizations looking to grow their number of new customers. Consider the following example, if 20% of 1,000 marketing-generated leads convert to new customers (200), then you [theoretically] need 5,000 marketing-generated leads to obtain 1,000 new customers.
TweetChat: Keys to conversion
Join Right On Interactive this Wednesday, May 28 at 2:00pm ET as we discuss keys to conversion for businesses of all types and sizes. We’ll dive into topics such as how to increase online conversions, the value of social proof and how an easy way to connect with the prospective client can make all the difference in the world. In addition, learn how lifecycle marketing can improve conversion rates versus the outdated funnel approach.
Date: Wednesday, May 28
Time: 2:00pm EST
I look forward to tweeting with you soon!