At Ometria, lead conversion is one of our key drivers that can help you to unlock revenue for your business.
See also: How do leads engage with emails?
What is a lead?
Leads are contacts who have been acquired but haven't placed any orders.
Once a lead places an order, they become active.
See also: Lifecycle stages in Ometria
They may subscribe to marketing communications or exist in your database without being opted in.
At Ometria we focus on converting leads who are both subscribed and engaged.
What is lead conversion?
This is the process of turning leads into paying customers and involves any marketing practices that stimulate a desire to buy one of your products or services.
Measuring lead conversion
There are two main metrics we use to measure lead conversion at Ometria:
Subscriber conversion rate (six months)
This metric looks at the total percentage of leads who have subscribed and made a purchase in the past six months.
- Date subscribed to email - between - [date six months ago] and [today's date]
- First ordered - between - [date six months ago] and [today's date]
To get the percentage of leads who have placed an order, divide the number given by the customer filter (leads who have placed an order in the past six months) by the total number of leads in the past six months, then multiply by 100.
Leads with orders (500) ÷ Total leads (4000) = 0.125
0.125 x 100 = 12.5%
Percentage of first time customers per month
This metric helps identify the proportion of your customers that are new vs. those returning.
Use the dropdown to Group by: Month placed and set the date range for the months you want to look at.
Compare your total Valid orders per month to First time orders per month:
To get the percentage, divide your first time orders by your valid orders and multiply the result by 100.
First time orders (2000) ÷ Valid orders (3000) = 0.66666
0.66666 x 100 = 66.666%
Lead conversion strategies
Recommended campaigns to drive lead conversion:
- Welcome campaigns (Automation)
- Lead activation (Automation)
- Abandonment (Automation)
- Refining BAU strategy to focus on leads vs customers (Broadcast)
We also recommend the following:
- Personalised and relevant content
- Collect contact information and marketing consent
- Take a cross-channel approach to driving conversion
Personalised and relevant content
Promote your brand story and USPs
Brand-led marketing is key to building awareness and early loyalty.
Recent research has shown that customers look to buy from brands they identify and connect with, so promoting your brand values is essential once a new contact is acquired.
We recommend sending newsletter style broadcast emails to leads giving them more information about your brand.
Consider adding footers to your email communications that remind customers of your brand purpose.
Finally, make sure your welcome campaign has elements of brand education woven in.
Case study - Newsletter to promote brand story:
Recommend the right products
Use our product recommendation engines to highlight the most relevant products to your leads.
Promote these in broadcast and automation communications, and think about how you are highlighting these products on your store site.
Offer time-limited incentives
Using an incentive to persuade contacts to place their first order is one of the most successful tactics in lead conversion.
Time pressure helps to drive FOMO (fear of missing out) and quicker conversion.
Use coupon codes to send a unique code as part of your welcome campaign, and resurface this code in follow-ups and other campaigns.
Case study - Using product recommendations and time-limited incentives:
Collect lead contact information and marketing consent
A website overlay is an onsite pop-up that displays in front of a webpage.
Overlays can be used to promote offers, discounts, or email subscription boxes to website visitors.
Case study - An example Ometria overlay:
Referral schemes can be a great way of driving lead collection and getting sign-ups to your email communications.
Consider building an in-house referral scheme or working with a referral specialist partner like MentionMe.
Case study - A referral campaign sent in collaboration with MentionMe:
Take a cross-channel approach to driving conversion
Use paid social media ads to retarget leads as part of your lead activation campaigns.
This can be particularly useful for targeting leads who are unengaged or unsubscribed.
Case study - A lead activation campaign with Facebook Leads retargeting:
Consider using SMS to follow up with potential leads as part of your welcome and lead activation campaigns.
Using our integrations with SMS partners Twilio or Attentive can provide another opportunity to connect with leads.
If you have a mobile app, consider setting up Ometria’s mobile push solution in order to convert more leads.
Case study - Using SMS in your welcome flow: