Have you ever wondered if your marketing efforts are actually paying off? You are definitely not alone; marketing isn’t cheap, nor is it easy, but it is a necessary part of achieving success for any business. However, sometimes it can feel like marketing efforts are not necessarily what’s driving customers to your business. We are here to tell you that there’s a very simple way to find out whether that’s true or not: conversion rates.
Telecom conversion rates are particularly helpful in finding out what’s working and what’s not. Furthermore, they can give you a pretty good idea of who can become a customer and a client and how you should be selling to them. In today’s blog, we will tell you all about telecom conversion rates and how you can take advantage of this data.
What Are Conversion Rates?
Okay, before we get into the thick of it, let’s define exactly what a telecom conversion rate is. Conversion rates are a key performance metric used in marketing to measure the success of turning potential customers or leads into actual paying customers. It is expressed as a percentage and represents the ratio of successful conversions to the total number of visitors, users, or leads who engaged with a specific marketing campaign, website, landing page, or advertisement.
To keep it simple, telecom conversion rates tell you how effective your marketing efforts are in persuading people to take the desired action you want them to take, whether it’s making a purchase, signing up for a newsletter, filling out a form, or any other predefined goal.
For example, if a website receives 1,000 visitors in a month, and 50 of them end up making a purchase, the conversion rate for that website’s sales would be 5% (50 divided by 1,000, then multiplied by 100).
Conversion Rates in the Telecom Industry
So how does this apply to the telecom industry? Conversion rates are not a one-size-fits-all type thing; they vary from industry to industry and depend on different factors. For example: Did the campaign you were running cost a lot of effort, time, and money, or was it really easy? Are you selling a product that is hard to sell, or is your product something everyone buys all the time? Think selling pens vs. selling a house.
The telecom industry is all about leads and sales. When selling telecom products, you are a business selling to another business. This means that the types of conversions you get will be very different from B2B businesses. You need this information to make sure you are pivoting any marketing efforts in the right direction.
Breaking Down the Numbers
We can have a pretty good idea of what type of marketing works for the telecom industry by looking at average conversion rates for B2B businesses. The following information was gathered by looking at a database of over 100 million data points given by marketers across different industries.
Before you look at the data, let’s define a few terms you’ll see:
- Call Conversion Rate: This is the percentage of phone calls that result in the desired action or outcome, such as a purchase, booking, sign-up, or inquiry. For example, if a company receives 100 phone calls in a month, and 5 of those calls result in a purchase, the call conversion rate would be 5%.
- Form Conversion Rate: This refers to the percentage of online forms submitted by visitors that lead to the desired action or goal. These forms can include contact forms, lead generation forms, sign-up forms, or any other type of form on a website. For instance, if a website receives 500 form submissions and 10 of those submissions result in sign-ups, the form conversion rate would be 2%.
- Traffic type: refers to the source or origin of visitors or users who access a website or digital platform
B2B Services Conversion Rate Benchmarks by Traffic Type
You can use the following numbers as a general benchmark for the different traffic types.
Ready to Turn Your Marketing Efforts into Buyers?
At GreenStar Marketing we specialize in turning your leads into life-long customers. We know all about telecom conversion rates and marketing. Our team of professionals specializes in the art of selling services for the telecom industry. What are you waiting for? Give us a call today and we can set you up with a consultation so we can get started on getting your business to the next level.
