The Importance of Lead Nurturing
Magicians and marketers have quite a bit in common. To both professions, the hype before the ‘performance’ is quite crucial. The preceding drama sets the mood for what is to follow – the crux of the whole exercise.
In a magician’s case, it is the trick that creates the illusion. In marketer’s case it is the offering and promotion of a product or service.
Either way, the process of preparing the audience prior to the ‘performance’ decides the receptivity to the actual concept. Lead nurturing is one such thing.
In case you are a marketing novice, lead nurturing is a process of developing relationships with your prospects until they warm up for a sale.
Consistently following up leads with relevant communication with the aim of encouraging them further along their respective purchase decision journeys.
Lead nurturing is definitely not sporadic blasts of excessive email marketing that don’t take into account what the leads are seeking. An ideal lead nurturing campaign is scheduled over a period of time and consists of meaningful information that is communicated to the leads.
In order to reinforce your faith in pursuing a lead nurturing campaign, here are some quick facts:
- Businesses that invest heavily in lead nurturing generate 50% more sales-ready leads at 33% lower cost. (Source: Marketo).
- Nurtured leads make 47% larger purchases than the non-nurtured ones. (Source: The Annuitas Group).
- Almost 80% of the new leads never convert into sales. (Source: Marketing Sherpa)
That said, let’s look at what a good lead nurturing campaign does for marketers.
Timing is extremely important when it comes to leads. Research shows that leads are more likely to purchase from vendors who establish communication immediately on display of interest. The sooner you touch base with your lead with communication that is relevant to their needs, the better your brand looks to them.
For a lead nurturing campaign to be effective, it is important for marketers to establish consistent communication at regular intervals of time. Regular communication tells leads that they matter to your business. This in turn improves brand perception.
Lead nurturing campaigns are a great way to establish thought leadership. By providing information that is meaningful to leads, you demonstrate to them that you’re an expert in your industry. Information that is not promotional in nature also makes your brand seem more dependable in comparison.
Consistent communication is a challenge for any marketer. Luckily, this is where automation helps. Businesses can set out messages that have to be sent out to leads at specific times when they are likely to be most receptive to the message. This ensures flawless delivery and a higher chance of engagement.
Communicating with leads over a period of time and measuring their responses to the same provides businesses with insights such as the type of information preferred, the specific stage at which each communication is appreciated, efficiency rates of messages and so on. These insights can facilitate more accuracy in targeting in subsequent campaigns.
So what do you think? Is lead nurturing worth the time and effort? Share your thoughts in the comments.
Image by CarbonNYC [in SF!]: