For companies that are below average, it is important to understand the reasons for this underperformance. Is it due to poor prospect identification, an inadequate conversion strategy, or fierce competition in the market?
However, there are examples of industrial manufacturers that have managed to japan number data significantly improve their conversion rates. Take the case of General Electric (GE) . The American company managed to increase its conversion rate by 164% by using a targeted content marketing strategy . By creating informative and useful content for its target audience, GE was able to establish credibility and legitimacy in the industry.
Similarly, Caterpillar , the heavy equipment manufacturer, has managed to increase its conversion rate by 67% by using a more personalized approach . Using data on its customers’ purchasing behavior, Caterpillar created marketing campaigns that resulted in offers that were more tailored to their needs.
These examples demonstrate that industrial manufacturers can improve their conversion rates after careful analysis of the situation to identify the causes of the problem and appropriate solutions.
2- Benchmarking lead conversion performance
Benchmarking your lead conversion performance can give you a competitive advantage by allowing you to determine the most effective strategies for converting your leads into customers .
Benchmarking means comparing your performance or results with the industry average, but also with the best in the market.
So, by comparing your company’s data with that of your competitors, you can identify industry trends and best practices in lead conversion. In practical terms, you can use online analytics tools such as Google Analytics or HubSpot to track your conversion rate over time and compare it to your competitors. Additionally, you can also survey your current and potential customers to find out their perception of your company and their level of satisfaction. With this data, you can identify areas where your company needs to improve and develop a strategy to optimize your conversion rate.
Benchmarking can help you find new ideas to improve your own conversion strategy , such as special offers or targeted marketing campaigns. This advanced benchmarking will allow you to make informed decisions and remain competitive in your industry .
3- Best practices to improve your conversion strategy
We have identified a number of best practices to optimize the lead conversion strategy and increase this rate for manufacturers.
First, it’s important to offer a smooth and enjoyable user experience on your website through ergonomic design and intuitive navigation. Additionally, creating high-value content that is relevant to your target audience is an effective way to attract qualified prospects. You can include product demo videos, case studies, customer testimonials, or white papers. It’s also wise to follow industry trends and adapt your conversion strategy accordingly. For example, using chatbots or instant messaging systems can help you quickly answer your prospects’ questions and improve customer satisfaction. Finally, data analysis can help you understand your prospects’ behavior and identify obstacles to conversion. By understanding why prospects abandon their shopping carts or don’t fill out a form, you can make changes to your website or sales process to improve conversion.
By applying these best practices and keeping a close eye on your metrics , you can significantly improve your conversion rate and increase your turnover.
The performance of industrial manufacturers in terms of lead conversion varies considerably depending on their industry, but measuring this rate remains a major challenge. Regular measurement and analysis of conversion rates is essential to identify areas for improvement and optimize conversion strategy. Practices such as optimizing landing pages, personalizing content based on prospects’ needs, and using data analysis tools can help increase conversion rates. Some industrial manufacturers have achieved much higher conversion rates by implementing effective marketing strategies. For example, German company Siemens managed to increase its conversion rate by 25% by using personalized marketing content. These results demonstrate that it is possible for industrial manufacturers to outperform the industry average by adopting innovative marketing techniques and tailoring their strategy to their target audience.
