Updated: Jun 7, 2020
73% of the leads are not ready to purchase when they first come across your product! So as a typical business head, you ask your marketing team to pursue them aggressively to convert them into buyers and this misalignment drives them away from you. Where does the problem lie? How do you convince these leads to do business with you? How do you build long lasting relationship with such potential leads? The answer to all the above is - Nurture them. Nurtured leads generate a 47% higher average order value than those of non-nurtured leads
What is lead nurturing?
Lead Nurturing helps your target audience get to know your business, by building a relationship with them with the goal to educate and build awareness about your product. Nurturing a lead is critical to your business's success as it directly impacts the conversion of a customer. However, as with dating, your sales team could propose too soon or too late and lose a customer for life. Here is where Lead Scoring and Lead Grading come into play, to quantify just when the customer is ready to make a decision!
Lead Scoring - based on behaviours:
Lead scoring is typically based on a lead's activity patterns. Points are attributed to the lead's activity and inactivity and higher the score, higher the chance for conversion. The activity could be anything from page clicks, site search, email clicks to downloading the attachment. This helps identify qualifying leads based purely on their interest!
Lead Grading - based on demographics:
Lead grading follows a grading system for those leads who fit into the ideal profile, target account or income profile. No company is disqualified, but is only graded based on the above or any other pertaining criteria.
Lead scoring vs grading - to help identify qualifying leads:
Once you have the scores and grades, it is not a one strategy decision. There are multiple scenarios to be considered before making the plunge to convert the lead. A right conversion at the right time is the complete idea behind nurturing.. There are really four scenarios you will have to consider:
1. High score/High Grade: These are your revenue generating leads. They have a high score, meaning high interest in your product and a good fit for your product. These leads have to be prioritized by your team.
2. High score/Low grade: Leads with high interest, but not the best fit for your product. These leads should not be pursued.
3. Low score/High grade: These are leads who are a good fit, with minimal interest in your product. These leads should be flagged for nurturing and help increase their awareness over time, to convert them into buyers.
4. Low score/Low grade: As obvious as it may seem, these are the least fit for your business and their data can be purged from your database!
We can help you nurture leads
The process of lead nurturing sounds complicated, but it is well worth the effort to get new business. And it is surprising that only 35% B2B marketers have established a lead strategy. Do you have a lead nurturing strategy in place? Do you want to get the marketing advantage? Do start with the above strategies, or if you would rather use some help, we at Digilancerz, are here to help you out!