4 Ways Businesses Lose Leads and Reduce Revenue (WITHOUT KNOWING)
As a company, coach, consultant, or professional service provider, you need leads. Leads are the lifeblood of every business.
Attracting leads with a quality lead magnet or doing an ad and losing them afterward is so uncool for the revenue of your business.
Many business owners lose leads and this reduces their revenue without their knowledge.
If you operate a big company, your sales and marketing team needs to work together to produce the best results.
As a solopreneur or entrepreneur, automation and outsourcing are vital because you don’t have 30 hours per day to do the job of lead acquisition.
Fixing the following loopholes in your lead acquisition and nurturing process will prevent you from consistently losing qualified leads.
1. Delayed response
Customers hate to wait. Once they send an email, make a call, chat with live chat software, or communicate by other means, they want a quick response.
According to a 2015 Consumer Reports, 75% of 1,016 surveyed adults were “highly annoyed” that they couldn’t get someone on the phone in a reasonable amount of time.
These same persons will send an email, use your live chat feature, or speak to you in other ways. Quick response is vital in making them customers.
A delayed response can affect your revenue in several ways:
It reduces your ability to upsell
It decreases your customer retention capacity
It could earn your business a negative review
It could result in lost sales
Leads are aware of other brands (your competitors). And these brands could be feeding fat from your leads due to delayed response.
2. You don’t track your traffic results
You can track results regardless of the platform. From LinkedIn to Facebook, email analytics, and even your web traffic, measuring how you perform is crucial to meeting your goals.
Doing a Facebook ad without Facebook pixels on your website is a deadly marketing sin. You need it to track people who visit individual pages of interest or took some action.
The same applies to LinkedIn. You’ll need the LinkedIn InsightTag to track page views and conversions. With this, you can retarget prospects based on the stage of their buyer journey and make more revenue.
Google Analytics is also crucial. It helps you know the content that resonates with your audience and you’ll identify gaps for improvement.
3. Unsegmented leads
Let’s assume you are doing a campaign and your lead magnet is a live webinar. There are at least three lead segments you can have.
#1 – People who visited the webinar landing page but didn’t register
#2 – People who registered and attended the webinar
#3 – People who registered but didn’t participate in the webinar
The level of value you provide will be evident in the usefulness of the content you publish. That is how your leads think.
Usually, cold leads are lost when a business owner with a website thinks in this way:
“I need to create lots of content to improve my Search Engine Rankings.”
“I must do this in the cheapest way possible. How it is done isn’t my concern. I want to save cost.”
“I will copy the content of others and change some text to make them look different.”
“I could outsource this job to near slave labor priced content writers who will do the job for a pittance.”
The repercussions of these thoughts are dire.
Google will derank your website for copying other people’s content.
Your cold leads read other blogs and they will know if you copied the content of others.
You’ll lose sales from leads that will never convert.
Acquiring a lead is like climbing a long stairway; it is difficult. On the converse, losing leads is easy. Everything must be done right to get the best from every campaign. There might not be another chance to impress a lead to become a customer. Treat every shot at exciting your leads as the only shot.
Precious Oboidhe is a Copywriter, Content Writer, and Facebook Ad strategist at Content Estate. He’s also an inbound marketing and lead generation expert. Follow Precious on LinkedIn at Precious Oboidhe.