Converting prospects is a constant challenge for industrial manufacturers, but it helps guarantee a company's growth. It can be difficult to know whether your company is above or below average in terms of lead conversion rates in your industry.
In this article, we'll look at how industrial manufacturers perform in terms of lead conversion, compare these results to the industry average, and discuss best practices for optimizing your conversion strategy.
Table of Contents
- 1- Lead conversion performance for industrial manufacturers
- 2- Benchmarking lead conversion performance
- 3- Best practices for improving your conversion strategy
1- Lead conversion performance for industrial manufacturers
According to a recent study, the average lead conversion rate in the manufacturing industry is around 2.6%. This means that for every 100 prospects, only 2.6 become customers. However, performance varies considerably from company to company. Some companies achieve a conversion rate of over 5%, while others struggle to reach the industry average.
For companies that fall below the average, it's important to understand the reasons for this underperformance. Is it due to poor prospect identification, an inadequate conversion strategy, or fierce market competition?
There are examples of industrial manufacturers who have succeeded in significantly improving their conversion rates. Take General Electric (GE), for example. The American company succeeded in increasing its conversion rate by 164% using a targeted content marketing strategy. By creating informative and useful content for their target audience, GE was able to establish its credibility and legitimacy in the industry.
Similarly, Caterpillar, the heavy equipment manufacturer, managed to increase its conversion rate by 67% by using a more personalized approach. Using data on its customers' purchasing behavior, Caterpillar was able to create marketing campaigns that led to offers that were better adapted to their customers’ needs.
These examples show that industrial manufacturers can improve their conversion rates after careful analysis of the situation to identify the causes of the problem and the appropriate solutions.
2- Benchmarking lead conversion performance
Benchmarking lead conversion performance can give you a competitive edge by enabling 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 players on the market.
By examining your company's data against that of your competitors, you can identify lead conversion industry trends and best practices. 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 with that of your competitors. You can also survey current and potential customers to understand their perception of your company and their level of satisfaction. Using this data, you can identify areas where your business needs to improve and develop a strategy to optimize your conversion rate.
Benchmarking can help you come up with new ideas to improve your own conversion strategy, such as special offers or targeted marketing campaigns. This advanced benchmarking will help you make informed decisions and remain competitive in your field.
3- Best practices for improving your conversion strategy
We've identified a number of best practices for manufacturers for optimizing your lead conversion strategy and increasing your conversion rate.
First and foremost, it's important to provide a smooth and pleasant user experience on your website, using ergonomic design and intuitive navigation. What's more, creating high-value content that's relevant to your target audience is an effective way of attracting qualified leads. This can include product demonstration videos, case studies, customer testimonials and white papers. It's also a good idea to keep up-to-date with industry trends and adapt your conversion strategy accordingly. For example, using chatbots or instant messaging systems can help you respond to your prospects' questions quickly and improve customer satisfaction. Finally, data analysis can help you understand your prospects' behavior while identifying obstacles to conversion. By understanding the reasons why prospects abandon their shopping carts or don't complete a form, you can make changes to your website or sales process to improve conversion.
By applying these best practices, while keeping a close eye on your metrics, you can significantly improve your conversion rate and increase your sales.
Industrial manufacturers’ lead conversion performance varies considerably depending on the sector of activity, but measuring this rate is very important strategically. Regular measurement and analysis of conversion rates is essential in order to identify areas for improvement and optimize conversion strategy. Practices such as optimizing landing pages, personalizing content according to prospects' needs and using data analysis tools can help boost conversion rates. Some industrial manufacturers have achieved much higher conversion rates by implementing effective marketing strategies. German company Siemens, for example, increased its conversion rate by 25% through the use of personalized marketing content. These results show 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.
Don't stand in the shadow of your competitors!
