18 lead conversion terms you need to know

 While a prospect's visit to your website or contact is wonderful,  Unless you use lead conversion best practices to convert those visits and contacts into new customers, those visits and contacts don't mean much.

So, exactly what is lead conversion? It is all that a company needs to do to convert prospects into leads and leads into customers. Check out this glossary of 18 key lead conversion terms that every local business should be aware of.

    Lead Source

     This is the source that directed a lead to contact your company and can be an offline or online marketing effort such as print advertising, radio / TV advertising, SEO, search advertising, social media, and local directories include. It is important to track the sources of all of your leads so that you can see the real ROI of each of your marketing activities.


    Click

    When it comes to lead conversion, a click refers to when a consumer clicks on a link on your website from an online source, e.g. An organic search result, online advertising like a text or display ad, a social media profile, or post, local listing, etc. A click doesn't necessarily represent a contact or lead, but it is the first step in tracking your marketing effectiveness. Knowing how many clicks each marketing source is getting is just one indicator of their performance. It's also important to measure how many contacts, leads, and customers you've received from online sources.


    Visit

     After the click and a person landed on your website, you received a visit. Much like clicks, visits are an important starting point for tracking, but they don't tell you the full picture of your marketing's success. Why? Because a visit is not yet a customer. So make sure your website is optimized to receive contacts like calls, emails, web forms, and even live chats to ensure that more visitors become contacts.


    Contact

     This is someone who has contacted your company either by phone call, email, or web form but has not yet been qualified as a lead.


    Lead Tracking

     This means keeping track of detailed information about all of your leads like lead source, name, contact information, call details like date, time and call recording, and other important data, either manually or with technology like lead management software. Lead tracking provides critical information that can help you effectively track your leads and provides ROI metrics so you finally know what's working.


    Call Tracking

     Call Tracking uses a unique phone number assigned to each online and offline marketing and advertising source to keep track of phone calls and the sources that drive them. For online sources, this phone number is dynamically placed on your website so you can see which source has made calls from prospects visiting your website. Call tracking can capture details such as the time of the call, duration, and peak times, and days.


    Call Recording

     This feature record calls that come into your company and is a call tracking feature. It gives you the ability to listen to recorded calls, which allows you to gauge how well your reps are interacting with contacts when they call your company qualifies as a sales manager for you to follow up.


    long-term leadership and interests

     Lead lists help you stay organized so you can keep track of your leads and share important information with your entire team.


    Lead engagement

     When it comes to the lead conversion process, this term encompasses the various actions you take with a prospect or lead: calling back after initial contact with you, classifying them like a lead if necessary, and lead nurturing send emails to them. It also indicates whether your reps are following up and engaging with a prospect or lead. Interacting with leads is a critical part of the lead conversion process, and poor lead engagement can result in a lead being lost to a competitor who is more engaged and timely.


    Lead

     You identify a prospect as a lead after they've contacted your company and determined that they've shown interest in buying a relevant product or service from a company like yours. Identifying leads is an important step in the lead conversion process as it helps you ensure that you are focusing your time, effort, and resources on those who are most likely to become customers.


    Lead Classification

     This is the process of identifying whether or not a contact is a good lead for your business based on factors such as their needs, budget, schedule, and location. You can also classify whether the person is an active lead or a long-term lead based on the buying cycle for your business type. That way, you can better prioritize which leads need immediate, in-person follow-up.


    Active Lead

     A lead that has shown intent to buy and is at an advanced stage in the sales cycle is an active lead. You want your sales efforts to focus on these leads right away. Active leads typically have multiple companies with inquiries, such as B. to request a quote and to check times and availability. So make sure that you and your reps are giving your active leads the attention they need to stay interested in your business by contacting them personally by phone or email. This attention can help bring your leads closer to customers.


    Long-Term Lead

     This is the consumer who is not ready to buy right away. You may be at the beginning of the sales cycle and just starting to research your options. It can take weeks or even months before they make a purchase decision. Your industry will often dictate whether or not you are a long-term leader. For example, consumers looking to remodel a kitchen, rent a new apartment, buy a new car, may want to compare prices, visit different showrooms and rentals, test drive different model cars, etc. The best way to determine a consumer's purchase schedule is with them just asking. It's important to keep in touch with your long-term leads through touchpoint phone calls and lead nurturing emails so that you can keep an eye on them.


    Lead Management

     Lead Management is the process, systems, and guidelines that are put in place to ensure that your company properly treats new leads and converts them into customers. It includes processes to keep track of all of your leads and keep track of them throughout the buying cycle. Lead management encompasses everything from recording lead information from the moment they first contact you, classifying your contacts as leads, keeping a list of the top leads and their contact information, your leads by phone and lead - Keep track of maintenance emails and keep track of whether they have been converted into a customer.


    People also read:  7 deadly sins of lead management



    Follow-Up

     This is the process of getting back in touch with a contact or lead after the initial contact. When converting leads, it is important to use both follow-up calls and emails for lead maintenance. Quickly tracking new contacts and active leads, and nurturing long-term leads, can help you convert them into customers.


    Lead Nurturing

     This process, which is often automated, involves sending a series of emails to new leads containing different types of content to keep them interested in your business. For example, you can send emails with specials and offers like "Buy One, Get a Free" coupon or educational content such as a "buy one, get a free" coupon. The goal of lead nurturing is to be remembered so that your leads ultimately choose your business rather than someone else.


    Conversion

     This is when a lead becomes a paying customer. This is the goal of the lead conversion process. Real conversion happens when you've successfully generated revenue from your marketing, not just when you've got someone to call your business, send you an email, or fill out a web form.


    ROI

     The acronym for "Return on Investment". There are many ways to calculate ROI depending on what you are measuring. In terms of lead conversion, ROI is a measure of how much value you are bringing back to your business from each of your marketing sources compared to the amount you invested in each of those lead sources.


    These lead conversion terms are important to grow any business as they help define the processes, systems, metrics, and principles required to get more customers from your lead base and get more value from your marketing.