Unpacking Key Terms: Lead Conversion - What It Is And What You Need To Know

Nelet Kok
September 16, 2022

Marketing is the art of nurturing leads that you get from various sources. These leads are the people who show interest in your products or services that they might need. The leads you get can be categorized into two: hot and warm. Generally, leads that you get from various sources such as seminars, trade shows, cold calling etc. are hot leads. The leads you get from people who visit your website, read your blogs, watch your videos etc. are warm leads. 

Over the next couple of weeks, #TeamTweak, a webdesign and marketing agency in Wisconsin, will unpack a couple of key terms - in order to make the world of marketing easier to understand. This blog will deal with lead conversion in detail: what it is and what you need to know. 

What is lead conversion?

Lead conversion refers to the warm leads you’d like to make customers and make part of your business community. Think of it in terms of a funnel:

Right at the top, you have your target audience, when people engage with your website or social media page or pop into the shop, they become leads. 

Leads are in the funnel because they know about the product or service you provide. Now, the goal is to lead those individuals to a play (further down the funnel) where they buy the product or service from you. 

Sales funnel

This process, from being the target audience to being a customer, is called a lead conversion. In other words, engaging with these individuals to guide them to a place where they purchase from you. 

Lead conversion is done in two ways: 

  1. Meet your target audience where they’re at a local market, social media, websites, newsletters, Youtube ads… The possibilities are endless! Knowing where to reach them also means you should know your audience really well. Habits and people’s engagement changes due to age, season, budget etc. There are a variety of factors that play into how and when individuals engage. 
  2. Solving a problem for them. This means understanding why they come to you: do they need a customized wedding cake or are looking for a birthday wine tasting experience? Ultimately, what do you have that they want? 
#TweakTip: data makes all the difference! Knowing who to build your marketing for, makes the world of difference. Tweak Agency can help you figure that out. 

What factors affects lead conversion?

Because businesses are now found online as well in brick-and-mortar spaces, the three most important factors that influence lead conversion are personalization, responsiveness and customer service. 

  1. Personalization refers to both the brand of the business and how well the lead connects to it, as well as creating a tailored experience for each individual whether they pop into the stall at the market or visit your website. 
  2. Responsiveness refers to the ease with which leads are helped. Again, both online and in-person. A simple yet effective step towards responsiveness is to ensure your website is mobile-friendly and items are tagged and categorized in order to be found easily. 
  3. Customer service: a personal touch, a quick response, a little chat, a smile or a personal update - a little goes a long way. 
#TweakTip: Be sure your brand persona is rock solid. This will guide you on how to personalize customer service as well as the experience for leads. 

The conversion of leads is critical for the growth of your business! The conversion of leads, or funnel conversion rate, is the number of leads that are converted into customers. 

To find out effective ways to reach, target and engage with your audience contact #TeamTweak! A webdesign and marketing agency in Wisconsin. If you have a question, visit our Facebook Live Stream every Tuesday at 11am (central time).