Every business wants more new leads. They are paying a hefty fee in online advertising like Google Adwords and other paid advertising to drive more leads into the system. But their heavy focus on leads makes them lose grip on even more important metric – Sales.
The most fundamental flaw in the system is businesses think every sales starts with a Lead but they in fact start as an anonymous visitor. Just because businesses don’t have technology to measure the visitor interaction and keep track of them, they start their processing from the lead stage.
Anonymous Visitor to Lead
We have done extensive research on over 700 businesses and their customer life cycle journey and found that the customers are interestingly spending more time in the buying cycle as an anonymous visitor rather than a lead. We have summarized our research in a simple graph view on an interesting study that we conducted in a B2B sales environment. Please refer the graph below.
Surprisingly the customer has spent around 10 months anonymously visiting the website and gathering various information about the company and products before convinced to give out his information through the web form on the website. We then ran the pattern analysis on all the customer that the business has acquired in the last month. Interestingly most of the customers have spent about an average of 5 – 10 months as anonymous visitor before giving out their information and becoming a lead.
Automatically initiate website chat with VIP customers.
Traditional lead scoring starts with the lead’s activity on your website and email. The scoring is not retroactive from the time the visitor visits your website. Our research shows that effective scoring of lead from the time they first hit your website goes a long way in identifying hot prospects. MaaxMarket’s lead scoring can predict a VIP customer much earlier in the buying cycle. Even while being a visitor the system can say whether this visitor shows the pattern to become a VIP customer. Once this event is logged, the system will automatically try to initiate website chat with the anonymous visitor to see if it can capture the contact information. This way your business can generate more leads by targeting visitors at the right time.
MaaxMarket comes with a proprietary technology to effectively track a visitor using their IP address and Device ID. We use the combination of these two data and create a unique ID for every visitor on the website. Even if they login from a different IP using the same device, we can still say it’s the same person who is logging to your website. We track all the anonymous activity on your website and social media and the moment they fill in their information in the lead form, we assign a name to the unique ID. Thus we retroactively track all the information from visitor to customer.
Web Form Optimization
Most of the businesses wants to gather as much information as possible from a lead and this results in lengthy web forms. Gathering more information about a lead definitely helps in better sales. However, a lengthy web form also causes to lose more leads.
Length of the web form α 1 / Number of Leads
Research suggest that with addition of every new field in the web form causes 8% drop in the number of leads. A better model is a ‘Rolling Stone’ approach. Basically this means you start off with basic information about the customer to get the interaction going like an email address. Once this is obtained, you can start nurturing campaigns to gradually collect more information about the customer like their demographics, phone number etc.… This way you can increase the lead inflow as well as nurture the leads before handing it off over to sales.
Lead to Opportunity
Converting a Lead to Opportunity involves a Lead nurturing process methodically implemented. Every lead needs to be informed about your product or service. Research shows that it typically takes an average of 8 to 10 emails required before a Lead can be converted to an opportunity. That is if you consider Email as the only communication method with your customer.
Mixing social media follow-up in the Lead Nurturing process has shown tremendous results. A multi-channel follow-up using Email and Social Media increases the Lead to Opportunity conversion ratio by over 40%
Traditional Lead Nurturing Followup
MaaxMarket way of Lead Nurturing
Opportunity to Sales
The final big step in closing the loop. By this stage you should have got enough information about the opportunity as they are going through your buying cycle. Understanding your customer’s online behavior helps to create a personalized communication which in turn helps to close the sales. MaaxMarket analyses all previous sales data and suggests on the best communication time and the type of content required to close the sales. Since MaaxMarket has all the data right from the visitor stage, it has built a profile of the customer using machine learning and predicts their next step with over 80% probability.
Analysing and profiling customers right from the anonymous visitor stage to the stage where they come your customer is very important. Every business is different and understanding these buying patterns could create a sales signature which can in turn be used to convert more sales. MaaxMarket offers a comprehensive all-in-one marketing platform that helps your business to generate more leads & sales and starts with just $10 / month. It’s worth spending some time and giving it a try. Get your 30 day free trial using the URL below