In the last article we learnt how we need to generate lead from different mediums. You need to increase the number of lead generated so that even if your lead conversion is same, you would have more converted customers. For 100 customers with 10% successful lead conversion, you have 10 customers. But for 200 customers with 10 % successful lead conversion, you will have 20 customers. The lead generation itself will bring in more customers even if your conversion ratio is low. Think about it for a minute. If you have indiamart account and there are enquiries from indiamart, are you able to cater to them.
Once your lead generation program is done, you need to shift to Lead conversion program. You need to look at the number of leads coming in and then at the conversion ratio. If you are converting just 10% leads into customers, you need to improve that figure. Just imagine that you are able to convert 15 % of those leads generated. If you have enquiries of 100 numbers and you have increased the conversion ratio, your customers will increase to 15 from 10 nos. And if you are working on both the factors - Lead Generation and Lead Conversion together, just guess the effect. You have a lead of 200 nos and conversion ratio of 15 %. Your customer base will increase to 30 nos. from the current 10 nos. Now, can you imagine how this happened. You can triple your turnover by doing this. Now, tripling your turnover in a short period is not simple considering the physical movement of things and the credit limits. But, you can certainly see the impact that both of these things have on your future generation of business.
Multiplying factor and compounding are the wonders of mathematics. Though you have made minor changes to your lead generation and lead conversion, the multiplying effect that it gives changes the results significantly. You need to focus more on these things to go a distance in the next year.
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