Understanding the Conversion Rate in the Prospecting Tool

At GHL, we are committed to revolutionising the prospecting process for agencies. With this goal in mind, we are excited to introduce the "Prospect Conversion Rate," a powerful feature designed to transform the way agencies prioritise and target prospects. The Conversion Likelihood Rate is now a key component of our platform, accessible within the Prospect Dashboard and the Prospect Marketing Audit Report.

TABLE OF CONTENTS

• How is the Conversion Rate Calculated?
• How to Use the Conversion Rate?
• Key Features of the Conversion Rate
  
  

How is the Conversion Rate Calculated?

The Conversion Rate is calculated on the basis of several key factors:

1. Google Business Profile Claim Status: If the GBP is already claimed by the prospect, their chance for becoming a client is considerably lower and had an impact on our conversion Rate.
2. Online Reviews: Prospects who have a considerably lesser reviews left by customers along with their recent reviews having negative reviews implies that they could really use help from Marketing Agencies to improve their reputation game. On the other hand,Prospects who have more reviews left by customer and if the recent reviews are all positive, it is highly unlikely for them to look for an Agency to manage their business/sales.
3.Business Website: If the Prospect already has a website for their business, it implies that they already are aware of online strategies to win clients or increase sales and this could negatively impact the conversion Rate. Likewise, No business website, indicates that the prospect is yet to explore the digital realm.
4. Chat Widget in Website: Prospects who have a chat widget on their website are more likely to actively connect with their clients and resolve queries thereby increasing their sales/services. If the Prospect has no chatWidget, the agency can then offer their services to set up a website and/or other marketing initiatives to empower these prospects in the online space. Hence theseProspects will have a higher conversion rate

In a Nutshell, Conversion Rate takes into account various factors to help you identify which business benefits the most from you that has a higher chance of becoming your customer in future.

How to Use the Conversion Rate?

The Conversion Rate is designed to simplify the prospecting process and ensure you focus your efforts where they matter most. Here's how you can make the most of it:

1. Prospect Searches: When you perform prospect searches, pay attention to the Conversion Rate. This Rate is a reliable indicator of a prospect's likelihood to convert, helping you make efficient and data-driven decisions.

2. Prospect Dashboard: Within the Prospect Dashboard, use the Conversion Rate to identify high-potential prospects. By understanding their conversion likelihood, you can tailor your approach to engage them effectively.

3. Marketing Audit Report: The Conversion Rate is also accessible in the Prospect Marketing Audit Report. This report provides an in-depth analysis of each prospect's conversion potential, offering valuable insights for your prospecting strategy.

Key Features of the Conversion Rate

1. Sophisticated Scoring Model: Our state-of-the-art scoring model takes into account a wide range of prospect data points. This includes factors such as GBP Claim status, average reviews, demographics, and historical conversion data. By analysing these factors, we provide you with a robust and precise prospect rate.

2. Thresholds for Quick Insights: We've established specific thresholds for prospect rate, categorising them as "high," "moderate," or "low" conversion likelihood. This categorisation allows agencies to quickly identify the most promising prospects, ensuring you focus your efforts where they are most likely to yield results.

3. Enhanced Searching: When you search for prospects on our platform, the Conversion Likelihood rate provides you with instant insights into each prospect's potential to convert. This feature empowers agencies to make more informed decisions in your prospecting strategy. It's like having a personalised conversion assistant at your fingertips.

4. Prospect Dashboard Integration: The Conversion Likelihood rate seamlessly integrates into the Prospect Dashboard, consolidating crucial information in one central location. This means you can quickly identify high-potential prospects and prioritise your engagement efforts accordingly.

The "Prospect Conversion rate" is a game-changer for agencies, offering a data-driven approach to prospecting that saves you time and resources. We're excited to see how this feature transforms the way you engage with prospects and drive conversions.