Lead generation is the process of attracting and converting prospects into leads – basically, warming up potential customers and moving them into the marketing hourglass.

Lead conversion, then, is turning leads into customers.

Lead conversion strategy looks like this:

When your lead conversion strategy is absent, fewer than 10% of your generated leads are converting, and you don’t follow up with them. You also lack metrics to measure conversion rate.

If you have a reactive strategy, 10% - 20% of your leads are converting (although you’re still not following up), and although you’ve started doing some tracking, you still have an unclear pattern of good leads.

Your sporadic strategy finds your conversion rate at 20% - 30% with consistent tracking and an identified pattern of good leads; you’ve started following up, but inconsistently.

And, as usual, the Holy Grail of lead conversion strategy: a consistent strategy, which is when more than 30% of your leads are converting, you have a tracking system in place, and you understand the difference between a sales qualified lead and a marketing qualified lead.

There’s only one more installment in our marketing maturity and sophistication series; check back next week to learn if your budget strategy is absent, reactive, sporadic, or consistent.