How do giveaways impact your industry conversion?
This data-driven deep dive will answer this question about the impact of freebies on your bottom line and give you tips and tricks to improve your team's performance. Stay tuned for more information on unconventional ways to increase your conversions and leave your VIPs smiling!
Conversion rates represent the percentage of specific leads that reach the desired result, and can be clicks, form submissions, file downloads, or even closed deals, and are often measured against a business' expected results. Unfortunately, it's quite difficult to say what a good conversion rate is, because these need to be examined across different industry verticals and across channels as well. And also, low-cost B2C items are easier to sell and usually carry less risk than a B2B item, for example.
So let's talk about unconventional ways to increase your close rates, to increase conversions: to convert people to buy the product.
So it sounds like you can use this unconventional approach, or a personal and human one, every step of the way to convert your customer. I can see that you have a suggestion for coffee chats to increase meeting invites; So, when you're just getting to know your prospect, if you don't ask them for a call, instead you invite them to a virtual or in-person meeting. coffee chat, you can increase the probability that they will accept the offer!
But, when you go deeper into the funnel, you start using freebies; Do you think that sending a gift to someone on the stage of a coffee chat is too soon?; it probably is. For example, you don't want the gift to look like a bribe. I know in some countries it wouldn't look good, so using a coffee chat, or a coffee coupon, is a nicer way to go. If you think about it, if you were having an in-person meeting and you were a sales rep, you'd probably pay for that other person's coffee; so you're just taking it online now. And it also shows that you are really ready to invest some money in the relationship.
Another thing you could do, and this is further down the funnel, is use giveaways to reignite cold leads by creating a special campaign for these people, with a nice message, and maybe a gift that isn't too expensive. Just to, more or less, get the conversation flowing. And, once you have that, you could possibly convert more of these leads and turn them into actual customers.
First of all, not all of your competitors will use this, and using a gift-first approach is still a pretty new idea, so it's something where you're giving a gift without requiring them to pay it back. So you're trying to open the floor for conversation. And I think a lot of companies might say, why would I put money into something that I'm not 100% sure I'm going to get a return on?
But the real fact is that you'll probably get more conversions by doing this, because you're changing the normal way people expect companies to do business. So people expect companies to say, "Hey, buy from us, we've got something for you!" —and not go into a conversation saying, "Hey, here's something for you, you know, we think you might like this, and also, would you like to talk to us about doing business with us?" So, it's a different conversation.
Another thing is, when you're trying to send gifts internationally, it can be quite difficult because if you weren't using a gifting platform that allows you to do this, you would have to do your research and, say, for example, you want to send to Costa Rica, Poland , Canada, USA, India, you would have to go to websites in all of those countries, maybe use Google translate to understand the stores, so it seems like a lot of time and effort. But through us you can easily send your gifts to any country.
We must not forget that it is also about spreading joy and building good business relationships by putting people first!