Now that you have a successful lead generation system firmly in place, your incoming leads are increasing prospects.
Now how do you close these potential sales?
Lead nurturing is the next step as a cost-effective method for boosting your sales and revenue.
According to a Marketing Donut study, 63% of possible customers wait three months before they buy, and a MarketingSherpa study found that 79% of leads won’t convert to sales without further contact. Even better, Forrester Research found that lead nurturing campaigns generate 50% more sales at 33% lower costs.
Retain and Convert More Potential Customers
Paid traffic from laser-focused PPC or social media ads or lead generation brings in a fresh stream of traffic. Lead nurturing allows you to retain those prospects and prime them to buy. How? By providing high value, carefully targeted content that builds a relationship with the prospect, increases their trust in you, and improves your authority, which preps them to buy.
Good marketing is a dialogue, not a monologue. Lead nurturing helps to build that relationship. A lot of marketing focuses solely on lead acquisition. However, only a small percentage of prospects are ready to buy on first contact.
In fact, 50% of qualified leads are still not ready to buy, according to Gleanster Research.
Neglecting lead nurturing is leaving money on the table. Combining lead nurturing with all lead generation streams improves the ROI of your overall marketing and keeps those prospects around until they buy. Lead nurturing helps you acquire the right customer at the right stage of the buyer’s journey.
Lead Nurturing Campaigns:
Produce more warm leads
Generate higher conversion rates
Increase the leads entering your sales funnel
An old and proven marketing adage states that prospects need to see an offer between five to seven times before they act. The average solo PPC conversion rate proves this. It’s only 3.75% if not supported by a lead nurturing campaign.
This means even if your paid traffic is operating at peak performance, as much as 96% of your paid traffic is still going to waste.
Lead Nurturing solves this problem by presenting smaller offers, called “lead magnets,” in exchange for a user’s contact information. While these potential customers might not be ready to act today, they are likely to want more information while they’re shopping around.
By offering information the prospect finds useful, like an e-book that answers key questions they probably have, you now have their contact information. In a traditional campaign, you would only be able to reach some of these users again through retargeting. With a lead nurturing campaign you can reach out directly with new offers that give them the information they want and gradually build their trust in you so when they’re ready to buy, you’re their choice. Even better, this information can further optimize retargeting campaigns as well as combined with machine learning to find new customers.
Lead nurturing has the highest ROI and lowest cost per lead of any marketing channel.
Lead magnet offers appeal to prospects still early in their decision-making process because it requires less commitment than a phone call or contact form. Then a carefully constructed process is used to bring these leads through the sales funnel until they’re ready to purchase.
Automation: The Secret Weapon for Lead Generation Success
Now that you have the prospect’s email address or mobile number for texts, a proven, consistent stream of useful information will act as customer touchpoints to educate, inspire, and build a relationship with them. By playing a pivotal role in the customer’s education process and interest phases, your brand appears more trustworthy, authoritative, and engaging than the competition.
The lead nurturing campaign can then answer common questions and address sticking points before a prospect speaks to your sales team. That saves your staff hours of answering the same questions over and over. It also helps to pre-qualify leads and ensures you stay in touch with them until they are ready to buy.
Lead nurturing is a proven method for success. Automated lead nurturing campaigns have a 10% or greater revenue increase in 6-9 months. A DemandGen report concluded that lead nurturing campaigns produce an average of a 20% increase in sales when compared to other lead creation methods.
According to MarketingSherpa, 79% of marketing leads never convert into sales. Lead nurturing campaigns significantly improve your lead generation, conversion, retention, and ROI.
Lead nurturing campaigns educate your prospective customers and position you as an expert in your industry. By providing value from the beginning, you build trust, brand awareness, and a relationship with the customer so they choose you when they’re ready to buy.
Receive Unparalleled Purchasing Insights
One major benefit of lead nurturing campaigns is the actionable data they create. We can track the contact’s response to the information to learn what has the greatest appeal, thereby improving future ROI and conversions. We will report on what lead magnets they downloaded, which emails they opened, what links they clicked, and more.
This response data more clearly signals what leads people to buy far more clearly than traditional sales and marketing methods. Even better, instead of spending time on qualifying questions, your sales teams will be more efficient, be able to more effectively upsell, and close the sales.
Ongoing analysis and optimization improve your results. For example, an analysis may show that a certain link is extremely popular and virtually always clicked. The heightened interest might lead to moving that aspect to the top of the sales funnel because it’s a popular topic of interest or to build a campaign around that particular pain point.
Trust Grows Revenue
Building a relationship with your prospects both increases sales and the size of the sale. The Annuitas Group found that lead nurturing campaigns have 47% larger purchases than leads from other sources.
Additionally, lead nurturing campaigns can boost organic traffic to your website. That’s one of many tactics we at Efferent Media successfully use as part of a comprehensive, holistic marketing campaign.
We can even set up specialized follow-up contact for prospects who have visited certain pages. Not only will that improve targeting but the prospect might feel like you’re reading their mind. In reality, we’re just tracking their interest and providing optimized sales paths.
We can also set up an internal scoring system with multiple objectives. As prospects click links or visit pages, a score is created. As that score increases, it might unlock special offers or specialized follow-ups. Insights like this allow you to upsell or cross-sell prospects. This sales framework improves results and creates a cohesive plan for overall marketing success.
And, of course, we customize all of these tactics according to your business and your company’s products and/or services. We use proven techniques instead of cookie plans.
Ready to improve your lead conversion rate? Find out how Efferent Med marketing can boost your bottom line. Schedule a free strategy call (link – contact form / lead magnet) with us to find out how lead nurturing can be best utilized for your business.
Robotic Hair Restoration of Long Island (RHRLI) was the first on the island to have the ARTAS hair restoration procedure. While we saw great success with traditional services, we also saw room for improvement. Download our case study to learn how implementing more forward-thinking and automated systems resulted in such remarkable successes as a 48% reduction in cost per lead within 6 months.
Download Our Lead Generation Statement of Services
To illustrate how Efferent Media can help your business not only generate leads but to nurture them along the way, we’ve put together a full statement of services for you to download.