The current state of conversion performance:
LQ Digital recently conducted a survey to gain an industry-wide pulse on conversion performance. We received over 1,400 responses from marketers directly responsible for driving digital acquisition. The results shine a direct light on the need for all digital marketers to focus not just on optimizing how they spend their media– but their conversion tactics once a lead enters the funnel.
80% of respondents convert less than 8% of leads
>92% of all generated digital leads are never converted into customers, highlighting the extreme need for businesses to focus on lead conversion and prioritize it in their overall marketing strategy. The math is simple: if your organization generates 1,000 leads per month across all digital channels, every 1 point of conversion improvement creates an additional 10 customers and reduces your overall CAC by 11%.
62% of respondents spend less than half of their time on lead conversion
The survey also revealed that 62% of respondents spend less than half of their time on lead conversion. Conversion rate optimization is a very specialized skill set that requires both qualitative and quantitative expertise. Building a strong CRO strategy also requires persistence to create an always-on testing cadence, that is constantly hunting for the next basis point of conversion rate improvement. Learn more about how LQ Digital drives Conversion Rate Optimization for some of the largest technology companies in the industry.
50% of respondents are unhappy with conversion performance
Additionally, the survey found that half of the respondents are unhappy with their conversion performance, with the top two reasons cited as lead quality being too poor and not having the capabilities to follow up fast enough. From our experience, this often implies a disconnect between Sales and Marketing departments. If you want to take more control of your funnel and improve your overall lead quality and the ability to follow up on those leads in seconds, learn more about our Media and Conversion Services.
Only 36% of respondents stated they use email, text, or phone follow-up to drive better conversion performance
Lastly, the survey found that only 36% of respondents stated they use email, text, or phone follow-up to drive better conversion performance. Despite spending an incredible amount of time defining ideal customer profiles and crafting the perfect message, sales and marketing teams fail to reach leads on their preferred channel at their preferred time. This leaves a massive opportunity to improve sales velocity and provide a better nurture experience to future customers. If you want to learn more about building a multi-touch + multi-channel customer journey, learn more about LQ Cadence here.
In summary:
- Funnels are leaky – More than 92% of leads that enter the funnel fall out
- Conversion isn’t a priority – 62% spend less than half of time/budget on Lead Conversion
- Unsatisfactory results are common – 50% are unhappy with conversion performance
- Opportunity exists – Only 36% use email, text, or phone to follow up with leads
It’s already known that lead conversion is a critical aspect of every industry, but it’s time businesses prioritize their conversion performance and implement strategies that make the most of every lead to obtain profitable growth moving forward.
We have your weapon to improve conversion performance: LQ Cadence.
LQ Cadence is an outbound campaign application that orchestrates touchpoints across Phone, SMS, and Email to advance prospects to the next sales stage. Whether your challenge is making your prospects move down the funnel faster or recapturing stalled/lost leads that have exited your funnel, LQ Cadence can help.
If you’re ready to improve your conversion performance, contact one of our experts using the form below:
