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Generating traffic and brand interest is one part of the task. However, converting traffic and brand interest into paying B2B customers is the real challenge. Read on for more.
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Conversion leads to customer retention, and retention leads to more sales. In fact, according to a study by HubSpot, better retention gives up to a 95% better chance of achieving more sales.
Marketing Profs released an article that said the average conversion rate success for business to business (B2B) brands is 10%. This gives only a small window through which to try and find success. Surprisingly, the window is even smaller for business to customer (B2C) businesses.
Still, 10% is cutting it fine. And since B2B customer loyalty can generate a substantial profit, let’s explore three tips that will help you improve your B2B customer conversion rates.
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Business to Business Loyalty Programs Work
A B2B rewards program is the crème de la crème of converting leads into paying customers. They offer a channel for rewards, and that entices paying customers in.
Naturally, people are more likely to spend their money if they know they’re going to get something back from it. In fact, customers who actively engage with loyalty programs spend 12-18% more a year according to Fundera.
A B2B customer loyalty program doesn’t have to be complicated. For example, take a look at this one: https://www.incentivesmart.com/customer-loyalty.
Moreover, loyalty programs are beneficial for future business, quite unlike discounts.
In fact, discounts can have harsh consequences on future profits. They can seem like a lucrative deal and a way of generating customers. However, they can lead to a dent in future profits.
On the other hand, with B2B incentive programs, customers are more likely to spend money. They are also more likely to recommend brands and their rewards programs to other people.
Here’s the Gold Standard for Optimizing Conversion Rates
Conversion rate optimization is a technique B2B brands can use. It targets their website and ensures it’s optimized for those all-important conversions. What’s more, there’s a gold standard for how to do this, and that’s using a call to action on all of your marketing pieces.
Calls to actions are a great technique. What’s more, using them properly can greatly improve your conversion rate. They push traffic through a website to a product that leads are likely to buy. This is important because 90% of people who read website headlines also read the call to action if there is one.
Also, for maximum effect, you should make your call-to-action font 20% larger than the rest of the text on the website.
Another technique is an easy one. That’s ensuring you don’t use stock photos on your website. Stock photos look unprofessional and can even make customers question the legitimacy of your business.
Similarly, you should consider putting reviews in clear view as well as images. One study found that 90% of people who make purchases are influenced by the reviews they read.
Lead Scoring Can Help You Better Tailor Your Marketing Efforts with B2B Customers
Lead scoring might not be something you have heard about. This is the practice of scoring leads—in essence, ranking them—and putting them into categories based on which ones are likely to convert into paying customers. By categorizing and identifying the best leads, B2B marketing teams can focus on the leads most likely to convert. In this way, they can tailor their marketing efforts to the leads most likely to generate profits.
For example, Eloqua conducted a study in which they found that brands that focus on lead scoring improved their conversion rates by more than 30%.
To score leads, you might wish to consider several factors. These can include social media activity, communication levels, and the size of the business in question. Marketing automation software can lend a helping hand with collecting this data, a task that can be notoriously difficult for the amateur lead scorer.
Make Converting Your B2B Customers Your Main Goal
Conversion rates don’t have to be tricky. However, for every $92 businesses spend on lead acquisition, they spend only $1 on conversions. This factor alone could make conversion rates seem elusive.
But the tips we offer here focus on putting the spotlight on conversions rather than solely on leads. So use them and enjoy a better B2B conversion rate.