Welcome to the latest installment of the Day One Strategy series. This is a weekly blog series that will address how to start from scratch. Each week we’ll discuss a new topic and offers tips for the business that is taking their very first step. Last week’s topic was Remarketing.
Today’s Topic = Lead Nurturing
Lead nurturing is the process by which companies turn leads into paying customers. While the precise definition of a lead will vary from company to company and industry to industry, it can be argued that every company has them. And so lead nurturing has universal appeal in business.
Deciding Who is a Lead
Some companies explicitly make lead generation a part of their marketing efforts. They create sign up forms and get interested consumers to fill them out in exchange for information, access, education, or offers. When someone submits the form, they are a lead.
Other companies build lead lists through purchasing lists or doing their own research and compiling lists of people to reach out to. And still other companies might treat everyone in their target market as a lead, making efforts to collect their contact information as a part of their advertising.
For our purposes, to count someone as a lead you must have the ability to contact them in some way and they must have expressed interest in your products or services.
Follow Up Channels
How you follow up with your leads depends first on the level of contact information you have. Do you know their email address? Phone number? Postal address? IP?
For higher value products or services, you may need a dedicated sales staff. They may sell over the phone or in person. This is a crucial part of your lead nurturing strategy.
The Path to Conversion
Understand where your leads came from, what they’re looking for, and where they are in the buying process. Your lead nurturing program should lead them along, from step to step, to the sale. At the beginning your messaging can be more information in nature, educating the lead on the product you offer and the industry overall. As you go along, you will want to pursue the sale more aggressively, with higher level sales tactics and special offers.
Measurement and Tracking
Lead nurturing is fertile ground for tracking and testing. The ultimate goal is a sale, and you’ll want to understand what percentage of your leads turn into sales. That’s your overall conversion rate.
But in more detail, you also want to understand which elements or efforts lead to those sales. In other words, was it a certain email or phone call that performed better than other things you did?
By measuring each step in the process, and testing new versions over time, you can incrementally increase the overall conversion rate and develop a lead nurturing program that produces more sales at a lower cost.
Stay tuned next week for another installment. If you have a topic you would like to see covered in the Day One Strategy blog series, use the comments below or contact us today.