Growing your business is not simple and involves a number of people working to meets the targets. Your marketing and sales team are the prime members who are involved in creating and closing successful sales. However, simple clicks and queries do not necessarily result in generating leads for ecommerce.
A successful lead can only be said when that lead can lead to a complete sales process. The return on investment is the best calculative metrics to check how the leads are converting into sales. Marketing partnered with sales is necessary to get the best quantifiable value for your time and investments. How then would you measure your leads and differentiate between a simple query and a lead. The clear definition of a lead is necessary for understanding and generating leads for ecommerce. Below are a few points that helps you to recognize a lead and thus grow your business.
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Differentiate between lead and inquiry
Before you understand who your lead is, let’s get clear how to classify a lead and an inquiry. Simple registering or going through your blog posts does not make that person your lead. A term in the marketing context has been used to refer to these inquiries known as “raw responders”. These actually refer to those audience who only make queries and do not make any purchase. You get most of their details through subscription forms. You can easily promote your product through email marketing to these audience. However, the response is close to nil.
You may also come up with queries that seek help to solve a problem. You need to evaluate and identify the inquires that have the potential to convert to leads. These leads can then be passed on prospective sales.
Identifying the lead
The opportunity that arises from an inquiry is a lead. Questioning the inquiry is the best and easiest way to identify whether the query can be converted to a prospective lead. IBM uses a system called the BANT system which is the abbreviated form of Budget, Authority, Need, Time frame. When your sales team make the query, make sure that they find out each of the BANT criteria. Once you have this knowledge, you can very well take the next step and pitch in to make your sales and for generating leads for ecommerce.
The conversion rate from inquiries to leads is very poor. A research suggests that an average marketing team is able to convert just 4.4% of the total number of queries. This percentage is slightly higher for companies that indulge best practises.
A dedicated sales team too is able to convert just 4% to 8% of prospective customers and convert them into successful sales.
Content marketing here plays an important role. If you promote your website through great content, it gets higher visibility. When your visibility is high, traffic automatically comes in thus generating leads for ecommerce.
Successfully generating leads for ecommerce will offer you a complete sales process with you receiving the revenue. It is not easy to reach this stage. Most of the leads too may turn out to be just queries. However, the significant few that do turn out to be prospective leads should fulfill the BANT criteria. Once that is fulfilled it usually turns to you supplying the required service and closing of sales thus earning you revenue.