There is a formula for becoming a demand generation superstar – and, luckily, there is an easy way to tip the equation in your favor. This weeks chart explores how to do that.
(Prospects x Conversion Rate) x Marketing Qualified Lead Acceptance Rate=Sales Accepted Leads
The more high quality sales accepted leads (SALs) marketing produces from a given set of prospects, the more revenue is generated (and, also, the more revenue is attributed to marketing activities Looking at the formula above, in order to generate more leads, you can do 1 of 3 things:
- Generate more Prospects
- Increase Conversion Rate
- Improve Marketing Qualified Lead acceptance rates.
In this chart, we are going to examine a simple and effective way to increase the second point, your conversions. And that way is Social Sign On.
Social Sign-On is the ubiquitous “Sign In with LinkedIn” or “Register with Facebook” buttons. Eloqua enables social sign on to be implemented with a few clicks. Generally, these buttons do several things for marketers. They increase data quality, by pushing a standard set of data (such as standard “Industries” from LinkedIn). They link social profiles to contacts, allowing marketers to understand the buyers social persona. AND, they decrease friction, making it easier for prospects to submit forms.
We wanted to test the increase in conversion that social sign on creates. To do that, we looked at a series of campaigns that had either just a regular old form, and compared those against similar campaigns that had both a regular old form AND a Social Sign-On option (in these tests, it was LinkedIn). Click here to see samples of the landing pages.
When both were present, 86% of submissions occurred through the regular old form, and 14% occurred through the social option. The Social Sign-On is cannibalizing the regular form submissions to some extent (people switching from the regular old form to the social). Where it gets interesting is when you compare the overall conversion rates to the standard form only. A form with both options converts 8.5% MORE website visitors to form submitters!
Add Social Sign on to your forms! It only takes a few minutes, and the increase in conversions will be another step in making you a demand gen superstar!