Lead nurturing is the process of building a relationship with sales prospects over the longer term with a view to helping them to reach a positive buying decision. The nurturing activity is normally automated through systems such as Pardot from Salesforce.com. The marketing activity includes email, social posting, blog posts, webinars and events. Successful nurturing programmes monitor the interaction between the ‘lead’ and the various communications. Lead scoring (linked to interactions such as email opening, webpages visited) provides the feedback to the marketing team on the success and ‘reach’ of the marketing campaigns.
The purpose of the lead nurturing programmes is not to sell to the prospects. The goal is to assist the leads through their buying process with education and ongoing dialogue. The outcome of a successful lead nurturing programme is a prospect that is informed, educated and ready to have an engagement with a salesperson.
Lead nurturing delivers greater revenue to your organisation.
As we mentioned in the opening paragraph, over 50% of the surveyed companies in North America (we would assume in the UAE this is closer to 90%) do not have a formal process for following up on leads that do not convert to sales in the short term. We believe that all companies in the UAE can achieve significant sales increase in 2016 simply by applying lead nurturing processes to their existing sales pipeline. Note that this doesn’t require additional advertising spend, the sales increase comes from the leads that you have already created (bought and paid for).
Referring again to the report by the Aberdeen Group, they bench-marked the best performing companies (using their ‘Maturity Class Framework’) in their survey and cross referenced company performance v adoption of nurturing programmes. The results show that the best performing companies have an existing lead nurturing programme in place, and their sales performance attributed to the higher lead conversion (and up-sell programmes) created through the nurturing programmes.
In the UAE market, there is significant opportunity for first mover advantage in developing your own programme to nurture leads.
The process starts with reconsidering how your sales and marketing teams are currently working together. Most of our clients have a more traditional framework whereby the marketing team are responsible for creating the new business leads, and the sales team are tasked with closing the deal. The issue with this model is that the time lag in the middle means that the majority of leads end up being ignored.
Contact Tenacre today and one of our consultants will arrange a meeting to discuss how you can get started converting a higher percentage of your existing sales pipeline.