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The internet has rewritten the rules of business. Digital sales are at the center of this revolution, and the stats are staggering.
According to a 2018 MAGNA study, digital ad spending in 2017 surpassed TV ad spending, reaching $209 billion worldwide. And those companies spent another $77 billion trying to convert these leads into sales, according to eMarketer. But, as Marketing Sherpa states in their 2016 study, only 3%-4% of online leads are converting into deals. To improve sales conversion rates, you could simply increase marketing and conversion expenses— but this would drive more spend into an utterly suboptimal process.
The real-time and interactive nature of digital holds the promise for better conversions. The sales conversion process, therefore, has become the focus of C-suites across the globe—and that puts enormous pressure on vice presidents of inside and digital sales. The average tenure of these sales leaders has dwindled from 26 months in 2006 to 18 months in 2016, and it continues to decrease by about 7% per year. The key is to get your conversion rates up—or risk losing your job.
Doing the Conversion Rate Math
Harry is the VP of Digital Sales at a small European bank. At a conversion rate of 10% and a cost of $47 for an online lead, his company spends $470 on leads to land a single deal. If the total budget he dedicates to lead generation is $1 million, his performance won’t exceed 2,200 deals.
However, if Harry increases his conversion rate to 48%, which is the 90th percentile score for the financial service industry, he’ll add 10,212 deals (over $7 million) to his business—without increasing his marketing spend at all.
Using Genesys Prospect Conversion, companies have improved their conversion rates between 20% and 400% by:
- Engaging prospects in real time, resulting in 10X improvement in contact-to-lead qualification.
- Shaping the journey, for a 400% lead-to-customer conversion improvement.
- Using artificial intelligence (AI) to personalize actions, offers, and agents for a 10% revenue gain.
Competitive Differentiation
Only Genesys offers real-time engagement, journey shaping and AI-powered personalization in a single solution. Genesys Prospect Conversion is easy to try, buy, and use; it drives your prospect conversion rates to industry-leading levels.
Whether you’re the head of inside sales at a business-to-business company searching for answers to hyper-growth or the head of digital sales at a business-to-consumer company looking to outpace your competition, combining real-time engagement, journey shaping, and predictive personalization will drive the growth you want.
To see how your performance compares to industry benchmarks, contact your Genesys Account Executive and ask for the “Prospect Conversion” offer. Read this ebook to learn how to use blended AI to improve customer satisfaction, sales engagement and conversion rates.
