If there was a solution that could help you increase your close rates, would you want to take advantage of it? Budget permitting, of course you would!
While closing deals used to be the responsibility of sales, the marketing team is beginning to play a larger role in increasing close rates. With tools like marketing automation at their disposal, marketers can improve targeting, increase the relevancy of marketing messages, and personalize the buyer experience based on stage of the sales cycle. Let’s take a look at a few ways that marketers can increase close rates using these techniques:
Lead Scoring and Grading
One of the best ways to increase close rates is to focus on the leads who are more likely to close, and the best way to do that is through lead qualification. Blended lead scoring and grading ensure that only the most qualified leads get passed from marketing to sales, meaning that sales reps can focus their full attention on hotter leads instead of wasting time chasing down dead ends. With marketing automation, lead assignment can be automated so that leads get assigned to a sales rep after reaching a threshold score and grade (remember: a lead score indicates interest while a lead grade reflects fit) — just one more way to ensure that leads are as qualified as possible.
As a buyer, if you’re receiving more targeted and relevant communications from a company, are you more likely to consider their product or service? Probably! This is the same idea behind segmentation, which allows marketers to target their messages based on criteria like industry or product interest. Now, you can make sure that prospects are getting the exact information they need, helping to move them through the buying cycle toward that pivotal moment: the close of a deal.
Let’s step into our buyers’ shoes again. According to a recent study by Pardot, 77% of buyers want different content at each stage of their research. Sound about right? Lead nurturing can help marketers cater to these preferences by allowing them to “drip” content to prospects over time, based on prospect actions or preset time intervals. With a nurturing process in place, your prospects will receive the information they need, when they need it. This helps move them from one stage of the buying cycle to the next, helping to increase close rates by not letting cold leads slip through the cracks.
We recently published an infographic summarizing the power of using personalized content throughout the buyer journey. Not only does this mean personalized lead nurturing content, but also dynamic content, or content that displays on your website or in your emails based on your prospect?s interests and previous behaviors. This is a technique leveraged by many B2C companies like Amazon (think recommended products), but it’s becoming more common to see it in the B2B space, too. Providing this personalized experience to your buyers increases the relevancy of your messages, thereby increasing engagement levels and close rates.
By utilizing the four techniques described above, companies can improve the number of leads converted from each stage of the funnel to the next. And according to SiriusDecisions, the percentage of won deals can increase by nearly 10%, while the transition from leads to prospects can see a boost of up to 18%.