Boost Your Business with a Deliberate Conversion Strategy
As the name implies, a conversion strategy refers to guiding prospects and customers toward a desired action (e.g., signing up for a free trial or purchasing a subscription). Similar to a content and conversational growth strategy, it’s crucial for B2B SaaS businesses.
The Importance of Conversions in Inbound Marketing
Your conversion strategy is built on the path that leads follow, from initial interest to final conversion into customers — also known as the buyer’s journey. This path helps businesses provide their prospects with a personalized experience that best moves them through the buyer’s journey. What distinguishes the buyer’s journey from a conversion strategy is the addition of various tactics that will move the most leads from one specific conversion point (signing up for an email list, clicking a link, downloading a resource, or purchasing) to the next. Conversions act as checkpoints for firms to determine whether their inbound efforts are successful — the ultimate goal of all marketing efforts.
Success Relies on Data and Experimentation
By analyzing data from your target audience, your business can determine the most effective messaging and tactics to use in your conversion path. View existing conversion rates on your channels to extrapolate which are optimal. Does one have a higher conversion rate than another? Does one have more impressions? It’s up to you to decide which would be most effective by balancing the statistics.
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After using data to make an inference, planning an experiment allows you to test this conclusion. By testing one independent variable (e.g., which platform, which version of copy, which times, etc.) and keeping all else constant, your business can view what factors will increase your desired dependent variable (e.g., downloads of an infographic, comments, impressions, etc.).
Five Steps to an Effective Conversion Path
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Create awareness: All marketing efforts in the Attract stage of inbound marketing apply to this. Your business must first build awareness of your product or service through targeted marketing efforts to drive conversions.
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Determine the desired endpoints: What is the goal of your strategy? The endpoints can vary from signing up for a demo to purchasing a product.
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Chart the steps: Understand the steps that will guide customers closer to these endpoints. A visual representation usually helps to model them. An example: searching for a blog → subscribing to the blog → getting personalized emails → answering questions → obtaining pricing → purchasing.
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Implement the conversion strategy: Based on the path, work to optimize conversions in whatever way is appropriate; this may include increasing the number of advertisements, modifying email text, or trying different channels. Tailor your strategy toward your steps — what would make the most sense to move more people from one point in the path to another?
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Analyze the results: View the relevant analytics. Did increased emails cause increased conversions or decreased conversions? Then increase or decrease emails and experiment to obtain more data. Every audience is distinct and may require different tactics, so be open to further exploration to find what resonates best with your target market.
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Ready to give your B2B SaaS business the boost it deserves? With our short and sweet guide, you’ll have the steps for a conversion strategy that will drive results for your business. Don't miss out on this valuable resource — download it now!
