A big challenge in any B2B Company is the generation of new leads. This owes to the following facts:
- Products are more technical and directed to select audiences.
- The audience isn’t composed of single individuals, rather businesses and firms, and their top executives.
- Either subscription-based services or long-term arrangements are offered.
For all these reasons, finding brand new leads daily can be quite challenging. This brings us to the very important aspect of the sales funnel- the process of lead nurturing.
What is Lead Nurturing?
Lead Nurturing is a focused strategy aimed at developing and reinforcing meaningful relationships with potential buyers at every stage of the sales funnel. At the core of lead nurturing lies intelligent marketing and communication efforts based on social listening with fast responses in order to build trust, increase brand awareness, and maintain a connection until prospects are finally persuaded to make the purchase.
The traditional methods of selling have proven to be obsolete as in the new world, the buyer is in the driver’s seat. Rather than buying what’s being sold, customers intensively research prior to entering any sales process. This also means that persistent pitching and adamant selling are impediments to business. According to this report by Marketo, almost 80% of new leads never make a purchase ultimately. This indicates improper lead nurturing, which leads to heavy revenue losses counting $1 trillion dollars and upwards annually as reported by SuperOffice.
In 2021, as businesses and economies reel from the heavy losses incurred from the COVID-19 pandemic, it is imperative to have a lead nurturing strategy in place. Annuitas reported that nurtured leads tend to buy more and for longer, bringing 47% more business annually.
Therefore, here we share 3 effective strategies that will improve your B2B’s Lead Nurturing processes.
1. Lead Scoring
Lead Scoring is a ranking system that a B2B can use to perceive the value of all leads generated. The score determines the action the firm takes with respect to a lead and locates the particular lead’s position within the brand’s buying model. Many experts call this the backbone of any strong lead nurturing system because:
- Scoring can identify the frequency and tonality while addressing any client.
- It weeds out irrelevant and unprofitable leads.
- The alignment of sales and marketing teams can also be implemented.
Every business must have its own unique lead scoring system, with a certain numeric or functional assignment to every action of the potential customers. It may employ highly sophisticated software such as machine learning to perform predictive lead scoring or may utilize relatively simple parameters such as firmographics, budget-authority, sales-cycle, and lead-behavior.
2. Automated Follow-ups
A high valued lead needs constant monitoring and timely follow-ups. Ardent account managers with excellent client communication skills can help a B2B maintain amazingly fruitful relationships. However, if your clientele size is extremely large, the feasibility of this strategy reduces.
Another way around would be using automation for performing frequent follow-ups. An automated method to keep track of your lead’s online behavior and directly send a response based on analysis of this data is a revolutionary tool and will save a lot of time and money in the long run.
You should also keep in mind that automated follow-ups can only be added to the existing human channels of client communication for effective lead nurturing. Replacing all existing communication channels with automated AI ones will probably demotivate potential customers.
3. Multichannel Content Marketing
The bulk of lead nurturing processes are content-dependent. Curating content for the disposal of your client is absolutely necessary, as that will keep them engaged until you enter the telling stages of the sales cycle.
Content Marketing needs to be meaningful and should adhere to the client’s brand voice and core tenets. This content will then be used to target and retarget other customers, generate leads, and perform SEO for your client. Therefore, a multichannel content marketing strategy is a must for the successful nurturing of leads.
Here are some of the channels for which engaging content needs to be installed.
- Social Media: 2020 has to be the year of social media marketing. As more and more people stayed home with their devices, the reach of various social media websites soared. If you are not directing your content to the worldwide audience of 10 trillion-plus, you surely are missing out.
- Website and SEO: Your client’s website needs to have enough content, not just to attract more business and generate more revenue and online traffic, but also to improve SEO. ComScore estimates that half of all online searches will be voice searches by 2021, so SEO-optimized voice search is an emerging technology too.
- Podcasts and Videos: To provide your conversations with an organic and humanistic touch, try including podcasts and raw-footage videos into the mix. Using these kinds of unique content, new and niche clients can be targeted too.
Always remember that content is king and content marketing is a big part of your lead nurturing framework. Neglecting this can adversely impact your entire sales funnel.
Start Lead Nurturing today
As we head into a new year, the volume as well as the efficacy of business being done will definitely depend on how advanced and modern business strategies you employ. A big aspect of your entire sales process has to be lead nurturing. Using these strategies, you can implement a cutting edge lead management framework at your workplace. However, if you need expert solutions in a fast-tracked manner, you can always trust Lorac. Lorac is a leading B2B company providing efficient solutions for all your business-related needs.