You’re attracting an influx of leads, but still struggling to drive conversions and reach your B2B business’ objectives – what’s going wrong?
It’s not uncommon for B2B organisations to encounter issues when working towards converting leads, and if you look at the statistics, they paint a pretty good picture of why this is the case.
“73% of all B2B leads are not sales-ready.”
More often than not, a new lead isn’t actually ready to convert. The B2B purchasing process is far from linear and, rather, is becoming increasingly long and complex. Now, 90% of B2B buyers loop back and repeat at least one step or task in the sales funnel, so a prospect’s initial interest in your product or service by no means guarantees that they’ll convert anytime time soon – or at all.
Getting to the Crux of the Problem
First and foremost, it’s important to recognise that, unfortunately, there isn’t a ‘cookie-cutter’ approach for converting leads. What works for one company won’t necessarily work for another, so finding a suitable solution isn’t always going to be straightforward.
When it comes to determining what needs to change, pinpointing where exactly your leads are disengaging is a great place to start. This will give you the means to target specific downfalls, tackling them head-on, rather than making changes that might help and hoping for the best.
While their circumstances aren’t identical, many B2B companies do experience similar issues that negatively impact their conversions. In this article, we’ll be looking into 3 common reasons why your leads might not be converting.
1. Your Leads Aren’t Qualified
First of all, you need to consider whether or not the leads you’re generating are actually qualified. In essence, this means knowing who your B2B business’ ideal audience and clients are and, respectively, making sure they’re the leads you’re attracting.
While it might be easy to generate an abundance of leads, if you’re not getting the right leads, your efforts will be both unproductive and ineffective.
To drive conversions, there needs to be a strong alignment between your marketing, audience and product or service. If your marketing efforts aren’t targeted and; thus, aren’t reaching your ideal audience members in impactful ways that will resonate with them, this lack of direction will be reflected in the number of these leads that convert.
If you’re struggling to generate qualified leads, you want to ensure your marketing efforts are targeted, which means focusing on the right keywords, marketing channels, audiences and the like. This all stems from conducting thorough market research and continuing to monitor and refine your campaigns even after they’re up and running, so that the strategic decisions you’re making are informed and supported by relevant facts and evidence.
2. Your B2B Marketing & Sales Teams Aren’t Aligned
If your marketing and sales teams aren’t working together cooperatively, this will likely result in bumps along your prospect’s buyer journey.
For instance, from your marketing efforts, a potential buyer may have a certain understanding of your B2B business’ offering. However, if they then speak with sales and, in doing this, are met with a message that doesn’t quite line up, this can result in confusion, frustration and disengagement.
In avoiding this, there needs to be strong two-way communication between your sales and marketing teams, helping employees ensure that messages remain consistent, so they can be reinforced at each point of contact.
In addition, by establishing clear pathways for different segments of your ideal audience to follow in the buyer journey, your B2B business can effectively categorise prospects, delivering personalised communications and making their overall experience harmonious and well thought out.
For example, a prospect might display a specific interest in a particular product or service you offer. With this in mind, you can then tailor your sales team’s efforts accordingly, such as by getting the customer in contact with an employee who is experienced or specialised in their area of interest.
3. Your Leads are Slipping Through the Cracks
Even if you’re generating a large number of leads, if you don’t have the team members available to follow your B2B business’ processes for managing them, you’re likely letting potential customers slip away.
This may be the case if the responsibility for managing prospects sits with a few select individuals. In such instances, there’s the potential for valuable leads to essentially get ‘stuck’ in the buyer funnel, especially during peak times when key team members may be preoccupied with other tasks.
While it’s easy to get comfortable and content with your B2B business’ existing processes, your team only have so much time in a day. Insufficient systems and procedures will hinder their ability to nurture leads and, ultimately, to capture and leverage their initial interest and drive conversions. Thus, with this in mind, you may need to consider outsourcing, delegating or automating certain processes, so you can maximise outcomes and convert more leads.
If you’re interested in driving conversions and building strong client relationships, get in touch with our team at the Lead Agency today.