Last month’s blog covered lead generation basics. This month’s blog covers lead nurturing basics because it’s the next step in the process of turning prospects into paying customers.
What Is Lead Nurturing?
In the simplest terms, this vital activity is the process of developing and nurturing relationships with prospective customers over time.
When you nurture leads, you are developing and managing the specific process for how your company engages with prospective customers over time, with a series of communications & outreach designed to move the relationship forward.
Top Benefits of Programs That Nurture Leads
There are multiple benefits of developing and deploying programs that develop relationships with prospective customers. The most obvious benefit of a strategic lead nurturing program is more sales, which leads to a better bottom line.
Other benefits include:
- Generate higher-quality leads
- Increase the size of your customer base
- Potentially achieve larger purchases per customer
- Lower your cost of a sale
- Build thought leadership in your vertical market
DID YOU KNOW:
Companies with strong lead nurturing programs generate 50% more sales-ready leads at a 33% lower cost of sale.
Compelling Stats That Show The Importance of Nurturing Leads in Your Sales Pipeline
Here are some more interesting statistics on the importance of developing & deploying programs that build relationships with prospective customers over time:
- 80% of new leads never make a purchase. (Source: Invespcro.com)
- Nurtured leads make 47% more purchases. (Source: Databox.com)
- Only 35% of B2B marketers have a lead nurturing program in place. (Source: Invespcro.com)
Top Strategies for Nurturing Leads
- Email marketing (Welcome campaigns, promotional campaigns, educational campaigns, renewal campaigns, product focused campaigns)
- Email drip campaigns
- Content marketing
- Retargeting campaigns through social media platforms & Google display ads that “follow” prospects & remind them of your offerings
- One-on-one interactions: Demos, briefings, follow up phone calls
Ideal Recipients for Nurturing Leads
- People who visited your website
- Participants in an event you hosted or attended
- Webinar attendees
- People who downloaded a content marketing asset (i.e., a free e-book, case study, checklist)
- Contacted you by phone
- Contacted you by email
How To Create A Strategic Program That Nurtures Leads
- First, define your lead management process & make sure the process is being followed by whomever is responsible for managing it
- Second, define each stage of the sales process & determine what content asset or message will be directed to the lead at each step of the sales process
- Brainstorm & develop a specific lead nurturing process – contact the prospect across multiple channels: email, social media, internet ads, follow-up by a sales rep
- Consistently deploy lead nurturing
Lead Nurturing Basics Summary
Research statistics show that following lead nurturing basics builds business and increases sales. Who wouldn’t want that? By developing & consistently deploying a lead nurturing program, you’ll win friends & company advocates, generate new customers, and grow your business.