How Can the B2B Sales Conversion Rate Be Increased?
As a businessperson, one of the things you are most concerned about in content marketing is increasing the B2B sales conversion rate. This means improving the conversion rate of generated leads (Potential customers) from every campaign. Increasing B2B sales conversion is not just about generating new leads; it is about getting quality leads and making the most of them.
In this post, we will highlight proven strategies and tools that can help you optimize your existing process and convert more prospects into buying customers.
Understanding Your B2B Buyer’s Journey and Profile
To Increase B2B Sales Conversion, businesses must know the B2B buyer’s journey and profile. With this knowledge, companies can implement actionable strategies that align with the client's needs, leading to an increase in conversion rate.
The B2B buyer’s journey usually takes this path:
This is when your customer becomes conscious of an opportunity or problem. At this stage, they are not actively looking for a Product or Service. What they are looking for is more information about their problem or opportunity.
For instance, Maya, a manager at a mid-sized manufacturing company, notices that her team is losing track of leads, follow-up is getting inconsistent, and this is affecting deals. At this stage, she doesn’t know the cause of the problem yet, but she’s aware there is a problem already.
Maya will begin to research how to improve sales team productivity and stumble on blogs explaining why the problem is happening and introducing potential CRM software as a solution. At this stage, your job is to inform and build trust.
Maya has moved from the stage of awareness to where she is actively searching for a solution, and she is aware of CRM software. At this stage, she begins to compare options, trying to find the best one for their problem. She explores platforms like Zoho CRM, Salesforce, HubSpot, and others, trying to learn about their features, and how they can improve her team’s B2B Conversion rate.
At this stage, Maya has made her decision based on the features of the solution, how well it can solve her team’s problem and its cost. She also considered how easy it would be for team members to learn how to use the software and how easy it would be to integrate this new software into her team’s existing tools.
How to Calculate Your B2B Conversion Rate?
Understanding how your B2B conversion rate works can help you track whether your sales and marketing are truly aligned. A conversion rate in B2B online sales is not just about who buys from you. It is about how many people are moving from one stage of the buyer journey to the next.
In the awareness stage, clients are only beginning to learn about their problem. If your goal is to get them to download an ebook, sign up, or click a button to learn more, then your conversion rate is based on how many of them fill out the form. Use this formula:
Form submission rate = Divide the number of form fills by the Number of visitors times 100
For example, if 600 people visit the page and 60 download your ebook, your rate is 10 percent.
In the consideration stage, you are looking at how many of those leads are a good fit for your business. These are called marketing qualified leads. With the use of tools like QDegrees, you can find quality, qualified leads to improve the conversion rate. The formula here is:
MQL rate = Number of MQLs divided by Engaged leads times 100
At the decision stage, you track how many MQLs become sales-qualified leads, how many book demos, and how many turn into actual clients.
Knowing your numbers at every stage helps you make smart decisions and improve your B2B online sales strategy.
At the decision stage, your focus is on converting marketing-qualified leads (MQLs) into sales-qualified leads (SQLs), and then turning those SQLs into clients.
To calculate this, you track the number of SQLs that book a demo and eventually convert to clients.
● For instance, the SQL conversion rate is SQLs divided by MQLs multiplied by 100
● Demo conversion rate is demos booked divided by SQLs multiplied by 100.
● Then the client conversion rate is clientsri demos multiplied by 100.
These rates show how effectively you move prospects to a final decision.
Top Strategies to Boost Your B2B Sales Conversion Rate
B2B sales conversion is about walking side by side with your customer through the buyer's journey. You must implement strategies that align with your client’s needs at every stage of the B2B buyer’s journey. Here are some important strategies to help you start:
● Optimize Landing Pages: Ensure your landing page is clear and focused. It must be with an easy to use design, with a strong call-to-action (CTA) to improve conversions. Make sure your offer is easy to understand and highlights the benefits to your target audience.
● Improve Lead Qualification: Don't just attract leads, focus on attracting quality leads for your business. This means, focus on leads that are most likely going to patronize your business, as it makes conversion easy to do. Use lead scoring to identify prospects who are more likely to convert. With this, you can prioritize follow-ups.
● Nurture Leads with Personalization: Use personalized email campaigns and follow-ups to nurture leads. By addressing prospects by name and offering tailored solutions, you can build stronger relationships and increase the chances of conversion.
● Streamline the Sales Process: A long or complicated sales process can turn prospects away. Simplify the journey with clear steps and minimal friction, ensuring an easy transition from interest to purchase.
● Offer Social Proof: Share customer testimonials, case studies, or client reviews. This is a good strategy to boost the level of trust prospects have for your business.
Improve Demo Effectiveness With Demo Feedback
Collecting feedback after each demo helps you understand what resonates with prospects and where improvements are needed. Here is how to make the best of it:
● Ask the right questions: Inquire about what was clear, what was confusing, and what could be better.
● Use short surveys: A quick follow-up survey can reveal valuable insights without overwhelming the prospect.
● Identify patterns: Look for recurring feedback to pinpoint areas that consistently need improvement.
● Adjust your approach: Use the feedback to refine your demo content and delivery, making it more aligned with the prospect's needs.
By actively seeking and applying demo feedback, you can enhance your presentations and increase your B2B sales conversion rate.
Here is How QDegrees Helps Your Business Optimize B2B Conversion
● Customer Journey Mapping: QDegrees analyzes your customer's path from awareness to decision, identifying drop-off points and opportunities for engagement.
● Lead Scoring and Qualification: They implement lead scoring systems to prioritize high-quality leads, ensuring your sales team focuses on prospects most likely to convert.
● Sales Funnel Optimization: By examining each stage of your sales funnel, QDegrees identifies inefficiencies and implements strategies to streamline the conversion process.
● Performance Analytics: They provide detailed analytics to track key performance indicators, helping you understand what's working and where improvements are needed.
With QDegrees' expertise, your business can enhance its B2B online sales strategy, leading to improved conversion rates and increased revenue — paving the way for Successful Careers within your organization.
