Lead Nurturing Basics

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.

(Source: Marketo)

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