The lead to conversion rate is a valuable metric that tells you how many potential customers you need to connect with on average before you close an additional sale. This metric helps you decide which customer groups and marketing and acquisition channels to prioritise so that every cent spent on marketing and sales brings the highest return. A lead to conversion rate that is below your industry benchmark gives you an indication that either your marketing and sales strategy is not working or your product as well as your service is not sufficiently attractive on the market.
Simply put: You add up all newly acquired customers and divide this value by the sum of all leads. This is the simplest conversion rate, also known as the overall conversion rate.
While it is relatively easy to determine and add up your new customers, it becomes more difficult to determine the actual number of leads. For example, should you consider every visitor to your company’s website as a lead or only when you or one of your employees is in contact with a potential customer?
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