Most companies do not realize how important a lead nurturing process can be. Let me draw an analogy. Let’s compare it with dating. You wouldn’t simply think that a person is “The One” until you have spent some significant time with them, will you
Absolutely not! You would probably go on a few dates and talk a little more before getting into a relationship. And this very same process applies to the business world, only in this case it is dubbed the lead nurturing process, not dating.
Embarking on a rigorous marketing campaign always pays off – if you do it right though. So, you now multiple leads showing interest in your product or services. What next?
Of course, luring them to your website or business is only the first step. You need an effective follow-up or nurturing process to convert these leads to actual customers.
Research shows that about 73% of leads are not ready to buy as at the moment they visit your website. As a matter of fact, almost 80% of new leads do not convert to sales.
So, how do you optimize your marketing strategy for success? Let me help you out here. Using Lead Nurturing, of course!
What Actually is Lead Nurturing
By definition, lead nurturing is simply the process of building a closer relationship with potential customers as they journey through different stages of the sales funnel.
Through lead nurturing you will be able to decipher the leads that are worth pursuing and those who are misfits. Study shows that businesses with the right lead nurturing technique generate 50% more sales-ready leads and at a 35% lower cost. This will greatly skyrocket your business as you will spend more time on leads that actually convert.
With you here, I assume you want to join the 35% of B2B businesses who are currently reaping from the seed sown in lead nurturing.
You’ve made the best choice for your business. Now, let’s get you through this quick ride. Enjoy!
Does Your Business Really Need a Lead Nurturing Strategy?
Short answer, yes!
Every business needs an effective strategy to nurture its leads. Not only will this save you the time and resources you would have wasted on leads that don’t convert, but it also helps to expedite the sales funnel by 23%, leading to quicker sales and ultimately, more revenue.
Statistics also show that nurtured leads bring about 47% larger purchase compared to non-nurtured leads.
So, the question should be – do you want to increase your revenue? If yes, then your business absolutely needs an effective lead nurturing technique.
An Excellent Lead Nurturing Technique
1. First, Get Your Sales and Marketing Team on Board
The sales and marketing team are all part of the sales funnel. While the marketing team occupies the top part of the funnel, the sales team is in total control of the final part which eventually leads to sales. This means that a lead can be both a sales lead and marketing lead. And here is where confusion sets in. The sales team are in a hurry to close. They bug you with tons of cold emails and calls just to get you to make a sale.
While this approach may work for a matured lead (even without much effort), it may be a red flag for non-nurtured leads. Therefore, the first step in a lead nurturing technique is to rightly divide the lead nurturing process between sales and marketing. Sales should know when to take over and marketing must know when to push the lead further down the funnel to the sales team.
With each team playing their cards right, you will be surprised as to how much easier it is to convert leads to loyal happy customers. According to a study, 89% of businesses which effectively aligned sales and marketing lead generation teams achieve a substantial amount of increase due to relentless nurturing.
2. Start From the Scoring Board
Now, sales and marketing are on the same page. They will have to come up with a unique lead scoring board. There are tons of lead scoring systems out there. Typically, each business has its unique lead scoring board. Someone who qualifies as a lead to a software company is not necessarily a lead to a business in the entertainment industry. So, get the right definition of a lead and let your marketing team take over from there.
As a member of the marketing team who just got notified of a new lead, your first task is to check the lead scoring board to see if the lead fits into your business’s definition of a lead. This will help you identify the leads which are worth more of your time and resources, thus helping you to maximize the process. Always start from the scoring board.
3. Personalization for the win
Every smart marketer knows that lead nurturing is personal. You will have to take the time to study a particular lead. Know his or her interest, demographics, behavior, etc. You can go as far as checking them out on social media, following their posts, and more. Just about anything that gives you an insight into the lead. And when you gather these critical data, it is important you nurture the lead in line with his/her unique data.
Don’t go sending cold or warm emails that look like bot-generated. You are trying to build a relationship and possibly win the lead over. Therefore, take the time to construct your emails and messages and personalize your website experience to fit the lead’s lifestyle. This will send a strong message that you not only know your onion in the field but you also know just what he or she wants. Who wouldn’t fall for that?
4. Lead Nurturing Involves Multiple Channels
Backtrack to some decades ago, you can win a substantial amount of lead through email lead nurturing. In fact, it was the best lead nurturing strategy at the time. Well, times have changed and you have to change with it to stay afloat in the business world. As a marketer or entrepreneur looking to up his sale’s game, you should learn to use multi-channel lead nurturing process.
Yes, email nurturing still yields a little response, however, you can’t rely on that. Extend your technique to include other nurturing channels such as marketing automation system, paid retargeting, direct sales outreach, and social media marketing. a combination of these nurturing techniques is a surefire way to greatly expedite your lead’s journey through the sales funnel, which ultimately leads to sales.
5. The Right Content at the Right Stage
Sustaining your lead through the sales funnel is more important than driving in thousands of leads. This is where it gets tricky. Now, you know your lead and you are ready to use as many channels as possible. The question is what are you sending them? Sending the right content at the wrong time equals sending the wrong content. Yes, they need this information but the question is – do they need it now?
Any smart marketer knows there is unique content for every stage of the sales funnel. This is why it is called lead nurturing. You don’t start feeding a baby with pasta. Of course, the baby will eventually eat pasta but you start with breast milk for the early stage. This same principle must be observed in the lead nurturing process. To make it fun and easier, I will advise you to create a nurturing content program that will help you pinpoint what the buyer needs at different stages of the cycle.
Let’s Cut to the Chase – Marketing Automation Software
Okay that sounds like a lot of work, right? However, it is totally worth it. That said, how do you practice this onerous task on hundreds of leads? Sure, it may be easy to handle a couple of leads effectively on your own. What happens when the number of leads soars off the chart? This is why smart marketers are turning to marketing automation systems.
Research shows that businesses which employ a marketing automation system in their lead nurturing process experience up to 451% increase in qualified leads. Yes, that much! It is no wonder 79% of top-performing companies have been using marketing automation for over two years.
Equip your business with the LeadSquared’s marketing automation system that can greatly expedite the buyer’s journey by handling everything from spotting leads to nurturing them and even measuring your performance so far.
Grow your business faster and better with a marketing automation system. Book a demo!