The other night in my marketing class we went over the generation of leads and, the conversion process. We identified several different types of conversion and it made me wonder how businesses can utilize several different types of conversion goals simultaneously and reap rewards. Do many businesses simply go about simple conversion tactics that go in-line with their marketing and business strategy? Or do some tend to not leave their eggs all in one basket and diversify thus hedging the probability of a failure in captivating and acquiring leads.
We know that one conversion that is quite favorable is sales, but that is just the end game, so many other types of conversions lead to a much longer and much more profitable future for companies such as:
- Newsletter/Email sign-ups
Likes, follows, and shares are all integral to social media and having an online presence, by doing this you strengthen the brand and in turn create interest, and will always be able to stay connected with your potential customers. Newsletters and e-mail sign-ups can be extremely valuable, instead of getting a conversion of a sale, you are maintaining a relationship with the consumer to not only give them relevant information, but inform them about sales, products and other things that will increase the CLTV (Customer Lifetime Value). Comments and interactions are great leads as well, they help you gauge the effectiveness of your program/campaign immediately and you aside from just getting criticized or praised, you can interact with consumers and in turn cater an experience that will further the engagement and in turn nurture your relationship. So while sales are king in the financial realm, I believe all other types of conversion are much more beneficial, we live in a digital age where connectivity is key.