How to Warm Up Frosty Leads
Do you struggle to generate qualified leads? Most companies do. While we all would love to have 100% of our leads red hot and ready to turn into sales immediately, most need a little thawing out. Thus, we often find that spending more time lead nurturing is the key to lead qualification.
In fact, if your company is like most, 50% of your leads will need additional nurture. That doesn’t mean that they are bad leads—just a little cold. Research has shown that on average, 70% of these not-ready-yet leads will eventually buy from you…or your competitor.
That brings me to the “Leads Left on the Table Equation”:
50% of leads need nurturing x 70% will eventually buy from you or a competitor = 35% of leads left on the table for the competitor if you don’t nurture them.
Who would you prefer them to buy from…your company or your competition? The truth is that most companies cannot afford to risk losing this much sales potential.
Generating 50% More Sales Ready Leads
According to research by Forrester, companies that excel at lead nurturing, or thawing out the cold leads, generate 50% more sales-ready leads. And not only are nurtured prospects more likely to buy from you, they will spend up to 40% more, and remain customers for longer.
A Real Life Story of Leads Rescued
One of our clients contacted us to revive a big batch of disqualified leads. Their sales team had pressured them to close out leads in their CRM system that had not warmed up within 3-6 months. The leads we received came with reason codes to let us know why they had been closed – ‘Cold Lead,’ ‘No Current Project’ and ‘No Budget Available.’
- Leads Were On Their Last Breath Their sales people had no interest in working on leads that showed little life like these. Because of this, the leads had been left out in the cold for several months. They had leaked out of the sales pipeline. But the marketing department didn’t agree with sales and wasn’t ready to give up on them.
- Bringing Them Back to Life We started working on the leads that had narrowly avoided death, prioritizing our calling activities based on the prospect’s timeframe to buy, the product they were interested in, and more. We worked with the client to define the content needed to move their prospects slowly and surely through the buying cycle. Then we created an integrated campaign of tele-nurturing with email nurturing.
We designed content targeted to our prospects’ needs, providing value not volume. You want to be helpful so you can be assured your prospects don’t feel as if they’re being spammed; you don’t want to tempt them to click the ‘opt out’ button. Our goal was to engage the prospect, not to make them feel as if they are being pushed into buying something.
We designed nurturing emails and that were short and sweet, and readable on a mobile device. And, of course, they had the option to dive deeper—links to videos, case studies, webinars, and white papers.
Warmed Up into Leads Even a Sales Person Can Love
As the leads became sales-ready, we sent them back to the client. We defined ‘sales-ready’ as the leads that had the budget, authority, need, had a defined timeframe for purchase and had requested follow up from a sales person within a week.
Eventually almost we returned almost all these leads to the client as they were ready to talk with their sales people. That’s practically a 100% return. And that’s how lead nurturing can result in lead qualification.
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