Strategies to Convert Different Types of Leads

Lead generation is an important aspect of any business, which is why many companies invest heavily in resources, time, and money to set up mechanisms that generate and convert leads. First off, what are good leads? Good leads are prospects, or visitors, that have an actual interest in your product or service and are there to make a purchase. This is exactly why having good leads is crucial – because they are looking to make a purchase – opposed to only making a visit to your website or physical location. Secondly, how do you determine which leads are high quality and ready to buy? And even more so, how can you convert any type of lead into a customer? This blog will give you strategies on how to do just that!

Let’s start with the first type of a lead – the Marketing Qualified Lead (MQL). These leads are contacts that have engaged with your marketing effort. They have interacted with the content and ads you have been putting out there. These leads are interested in your brand and do like what you are offering, however, they are not still ready to take a closer look into your actual products/services. That is why it is really important to undertake a lead nurturing strategy with them. This means: keep your brand in front of them. Make sure you are putting out content that they can engage with and occasionally remind them of special or new offers that you might have. This is really important because if you do nothing,  these leads will very likely forget about you and never make a purchase. Also, another great way to keep them interested and informed about your brand is by asking them to sign up to your newsletter or email marketing list. That way you can send updates regularly and directly to their email box, not having to worry if they have seen your new social media post. 

The next type of lead in your sales funnel are the Sales Qualified Leads (SQL). These are the leads that are ready to connect with a sales representative and begin their sales journey. The most important strategy for these leads is: Keep in Touch and Respond QUICKLY. These people are ready to make a purchase and you need to be there to respond to their questions as quickly as possible and make sure they have all the necessary information before making a purchase. The best way to ensure this, if you don’t have sales reps, is to set up chatbots. They will be available 24/7 and you will be certain your potential customers will get their answers as quickly as possible. Some examples of Chatbot services include Intercom or Chatbot, among others. But, remember that if you do not ask for the sale, the sale will not come. So, do not feel embarrassed or uncomfortable to ASK FOR THE SALE.

Product Qualified Leads (PQL) are customers that have already used your product and would like to take further actions to become a paying customer. These leads are usually the ones that sign up for a free trial (for online products/services) or maybe they did a test drive of a car you are selling. Since these leads have “exhausted” the free, or limited, trial the next natural step for them is to upgrade to a paying option. But, when people lack commitment (in this case financial commitment) it is really easy for them to switch between products. Therefore, to ensure this customer makes a sale, you need to ensure they are successful in their trial. This means that you need to reach out to them within the duration of their free trial and ensure they are liking their experience and enjoying the product. The quicker you communicate with them, you will be able to facilitate a higher trial conversion rate. For this it is best to use pre-written and scheduled email sequences. A pro-tip for “personalizing” the emails is to have outlined what will the increased value be for them if they upgrade. 

Similar to PQL are the Service Qualified Leads, which are customers that have indicated to a customer service member that they are ready to consider new products or services. The service qualified leads provide additional value to other customers because they showcase success of using your products/services by using your new offerings. For these leads it is important to maintain a close relationship with them and provide the best customer service EVER. It is because they can lower your cost of customer acquisition and increase your customer lifetime value because the customers will stay with you for a longer time and buy more products. 

Takeaway

If you want to become successful at converting leads into paying customers, you need to be able to segment your leads and understand what strategy will work for them. You can do this by tracking your analytics to see where the customers are in their customer journey and where they came from (to your website). Make sure to nurture them, respond quickly to their questions, remind them of the increased benefits of upgrading and provide excellent customer service to repeating customers. 

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