Want to calculate the lead conversion rate for your business? Just enter the figures for a given month below:
What does lead conversion rate mean?
Similar to the conversion rate, this metric specifies the desired action – when a lead finally converts to an opportunity. This conversion could be when a visitor becomes a customer, a free trial that becomes a paying member, and so on.
Why is your LCR important?
Your lead conversion rate will help you understand how well you’re performing in your lead generation efforts. It is critical for evaluating the effectiveness of your sales funnel.
Many businesses use this metric as a key performance indicator (KPI) for their marketing teams.
How you can improve your LCR
For you to improve your lead conversion rates, you’ll need to look at your processes you have in place behind the scenes.
For example, if you want a higher conversion of leads into customers, you’ll need to ensure you’ve optimized every step of your sales funnel for maximum conversions. Any areas which are weak may deter people from taking the next step, therefore you’ll need to tweak and improve these areas.
Learning about copywriting is an essential skill, as it will help you optimize your copy, whether it be on a landing page, or a sales page. It could be something as simple as changing your button from ‘order’ to ‘buy now.’
Effectively optimizing your copy, sales funnel, advertisements and website for your target audience, will boost the success of your leads converting.
How to calculate your LCR
Leads converted to (insert desired action) / total leads = LCR
40 leads converted / 120 total leads x 100 = 33%