Why are sales conversion rates important?
Every business focuses on lead and sales conversion rates via their company website or blogs. Many of you are adopting some kind of marketing automation process, in order to convert website visitors or prospects into leads, and nurture them through your sales pipeline using email marketing.
This takes place once they have signed up for downloadable content or a webinar on a landing page. Leads earned this way are classed as marketing qualified leads or MQL’s.
Leading marketing automation platforms enable you to build landing pages, add calls to action to your blog posts, and share your content into the social media channels your customers often operate in.
This standard format of marketing is yielding decreasing conversions as the increase in content released onto search engines accrues. Content marketing as it is commonly referred to, saw masses of blog posts released by companies trying to educate their prospects and customers, about new and current products and services. They used content for SEO gains, by targeting both long and short tail keywords within blog post titles, with a focus on search relevancy.
Amazingly, whilst all this has been happening, conversions have been reducing, sales cycles have been extending and sales personnel are complaining evermore, that the quality of lead is still mixed and not as qualified as we first think.
And to think we also lead score in the midst of all of this.
Where do they affect your profitability
So where does this affect profitability?
We all understand that sales are a product of a simple calculation:
The number of prospects needed, to convert into qualified leads, who convert averagely into paying customers, over X number of days or weeks
Does that seem difficult to comprehend? Are you even tracking your sales cycle in this way?
If not, don’t worry as there is an answer (and you just got it) to start to do this.
However, the inbound lead generation process is often long and laborious in terms of lead nurturing and here’s why.
- Although we talk about THE FUNNEL, ultimately that single funnel is broken down into 3 sub funnels:
- The Attract Funnel - content and a landing page offer to attract and get those looking for educational content about your product or service
- The Convert Funnel - content and landing page offer to convert those more educated in their search ambition or those that have been through your ATTRACT funnel
- The Close Funnel - content directly aimed at converting website prospects or those that have come through your CONVERT funnel into paying customers
This process whilst well thought out, is often focused on a period of weeks to nurture prospects, involving the timed release of nurturing emails and blog post articles, and potentially other ebooks or white papers.
It doesn’t capture intent. It still works on the premise that your prospect is uneducated, doesn’t know what they want and that you can give it to them in a timely relaxed UNOBTRUSIVE fashion.
So here’s the problem.
It doesn’t matter what stage of the funnel the prospect enters, they could be ready to buy. We are relying on what keywords we believe to be top of the funnel, or middle or bottom of the funnel to gauge the readiness of the prospect to buy.
If a prospect is ready to buy and you haven’t geared that page or blog post up to support that, it’s over, you lose them. They will be off, looking for a more intuitive experience that makes their decision easy to commit to.
The power of Leadbots
Now here’s an alternative. Let’s say you’re a business doing great work in generating high levels of traffic but still seeing low conversions, then you need another option in the mix.
A lead bot is a chatbot that is not focused on trying to deliver a fantastic experience through (AI) Artificial Intelligence but is designed solely to capture the intent of your website or landing page prospect in the heat of the moment.
Let’s talk turkey, it’s about closing deals, no matter what fancy strategy, marketing automation platform or paid search strategy you have. The bottom line is the bottom line and your sales staff generate that.
So equip them properly.
A lead bot, unlike a chatbot, is designed to support the sales process. It’s designed to use minimal questioning to lead a prospect down the funnel and qualify them as a chat qualified lead or a CQL.
Once you have a CQL you have a red hot buyer looking to spend some cash.
So what is a CQL and how does that help a salesperson?
Well, that’s another good question, ultimately a chat qualified lead is a prospect that has just told your lead bot that they are ready to buy, and have answered questions that back that up - that you have as a record on your dashboard.
The leadbot has a simple ambition:
- To welcome your prospect
- To qualify your prospect
- To close your prospect
Easy as 1,2,3!
Firstly, you welcome your website visitor and ask them how you can help. But you give them options, for example in the case of my bot PS Bot, he says “Hi and welcome, to Digital BIAS, are you looking for something specific or just browsing?”
If the visitor answers just browsing, he says “Cool, thanks for visiting I hope you enjoy the content” and is registered as a bad lead. This is a scoring mechanism.
If the visitor clicks something specific, the bot says “Great, we can help you with that” and offers 4 options “web design”, “marketing and sales”, “chatbot development” or “something else”
Note that I’m offering options, this isn’t left open to ambiguity or freedom of choice so you are already narrowing down exactly what the prospect needs help with.
Secondly once the choice has been made, the bot asks “ Are you already working with an agency like ours?” and offers options “Yes” and “No”
Again, limited options aimed at qualifying the prospect simply and effectively.
Thirdly after the qualification process has been completed your bot closes the prospect, PS Bot says “Great, we can certainly help you with that?” and offers two further options “would you like to speak to a consultant” or “would you like to book an appointment in their diary”
And there you go, really easily chat qualified lead ready to buy.
That’s not the ultimate service, if you have a good-sized sales team then you have additional benefits in the fact that you can have them watch these website or landing page conversations take place in real-time allowing them to jump into extremely hot leads as they are being qualified and wow, that should make a huge difference.
In fact, it does and I wrote an ebook that covers 10 huge brands using chatbots for ordering and customer service, yet none of these revealed the conversion rates. I then list 10 B2B businesses using lead bots who have listed the impact it has had on their conversions, sales and leads statistics.
You should download it as it helps you plan your leadbot too!
So there you have it, from a sales perspective you now know how do chatbots improve conversion rates on websites.
We are an official Drift partner in the UK, based in Central London, so if you would like to know more find us here