Many organizations are widely familiar with lead generation, identifying new business opportunities and kick-starting their buyer journey. But to achieve the ultimate results, your sales and marketing teams need to understand and embrace a continued process of lead nurture. This intricate operation has become hugely important for B2B success, helping your brand and product stand out as clear market leaders to ensure prospects move swiftly through their purchasing journey and become loyal clients. Discover what lead nurture means to business, and why you should prioritize this paramount procedure.
What is lead nurturing?
Lead nurturing outlines the process of continually developing a relationship of trust, authority, and expertise with every buyer at each stage of their purchasing journey. This process can be used by both marketing and sales teams, continually encouraging prospects and leads to see your organization as the industry frontrunners, and your product as the ultimate solution to their business pain points. Lead nurturing usually focusses on maximizing information held about the lead, such as their industry, business goals and current purchasing requirements to consistently deliver relevant content, advice and information that helps them progress onto the next stage of their buyer journey.
The ultimate goal of lead nurture is to increase the likelihood of closing a sale and shorten the time taken to secure new clients. Once a lead has been successfully nurtured, they have no reason not to purchase your product- they trust your brand, understand your product’s value and position you above competitors. A failure to conduct careful and consistent lead nurture could cause your business to lose opportunities to competitors, as prospects deem your brand or product unsuitable for their precise needs and requirements.
Why is lead nurturing important?
Implementing a successful lead nurturing strategy is no easy feat. Your team will need to carefully think about how they execute an attentive nurturing process individually crafted to benefit every lead and maximize each opportunity. But why should they place so much effort into lead nurturing? Why is this process so important to overall business success?
Generate higher-quality leads
Recent studies show 79% of leads generated fail to become clients due to a lack of brand trust and product understanding. Additionally, only 27% of the leads you generate are legitimately qualified to use your product most effectively, meaning a clear majority of opportunities stem from the wrong business sectors or sizes, and have an insufficient use case for your offering. Lead nurturing provides the perfect solution to revolutionizing your current lead quality, helping prospects understand how relevant your product is to their business, whilst ensuring they meet all required criteria to effectively implement and use your services.
Lead nurturing fuels your pipeline with the highest quality leads, helping your marketing and sales teams quickly qualify opportunities and build a strong relationship of trust with potential buyers. Without using lead nurture, your pipeline could continue to harvest opportunities that carry a generation cost but offer no long-term result. Lead nurture has the power to improve product interest through better establishing the importance of your offering, whilst ensuring the opportunities gained are valuable, with every chance of converting into clients.
Increase average order value
Nurtured leads spend an average of 47% more on your product. This is a hugely exciting fact, proving just how important lead nurture can be to overall business success. When taking the time to meet the needs of each lead with an attentive nurture strategy, your team seamlessly improve the value of your product. Thanks to nurturing content, communications, and discussions, leads can easily identify how your product will provide a return on their investment, and how their team can embrace your offering to streamline daily processes. Every lead is willing to spend a little bit more on your product if they deem it valuable enough to their precise business requirements, pain points and goals. But no matter how compelling your sales pitch is, if your team doesn’t embrace lead nurture, they’ll struggle to secure larger investments and drive an increased average order value for your product.
Reduce CAC for improved ROI
The boosts in lead quality and AOV promoted by lead nurture reduce your customer acquisition cost, benefitting your wider business. Thanks to the care taken in promoting improved new business processes, lead nurturing helps your organization effectively expand your client base without incurring heavy additional costs. This process has been proven to improve CAC by 33%, meaning for every 3 clients you currently acquire, lead nurture could help you gain another one for free! Though this strategy may take some investment to create effective content, and optimize processes with automation systems, many businesses continue to see a positive return. If reducing your CAC is a priority for the year ahead, or a result you’ve been keen to address in the past, lead nurturing could hold the ultimate cost-effective solution.
Create loyal customers
Driving sales success is important but retaining the business of current and past clients is equally as vital to the progression of your organization. Your company will struggle to continually meet targets if new clients quickly abandon your brand for a competitor. Lead nurture helps your team close sales comfortable in the knowledge that these new clients offer a high customer lifetime value. Nurtured leads become clients who are keen to quickly maximize their new purchase, working with your team to ensure they gain the best results and return, making these loyal clients highly valuable. They increase revenue gained through continued retention and the regular referral of new business opportunities. As 91% of happy clients will recommend your product to others, and over 80% of purchases are influenced by peer suggestions, lead nurturing has the power to improve your business success across a multitude of departments.
Establish industry leading authority
Many businesses struggle to stand out above the crowd, positioning their brand and product as the market leaders. Whilst lead nurturing can’t change this alone, ensuring each lead is carefully guided towards a sale by boosting a trusting and informative relationship drastically improves the way buyers perceive your brand’s authority. Lead nurturing helps boosts your reputation, encouraging those who have entered your pipeline at any stage to realize your business expertise and view your products or services as the elite.
Many businesses wish for their brand name to be amongst the first recalled when people think of their specific services; if you were keen to invest in a new computer, a string of possible brands and models come to mind, and you’ll undoubtedly research these brands first. Effective lead nurture ensures every business your team encounter is offered an advanced experience, increasing word of mouth to encourage earned media and help your brand stand out as the obvious choice for your target audience. The more you nurture your leads now, the more they’ll nurture your market in the future.
If you’re yet to properly embrace lead nurturing as a vital element of your sales and marketing strategies, now is the time to revolutionize your business processes. Why not discover how Lead Forensics can help your team offer completely bespoke nurturing journeys to each valuable lead with advanced website visitor identification. Our innovative software identifies the businesses visiting your website, providing contact details for key decision makers and a full analytical breakdown of the time they’ve spent on your website. Instantly follow-up valuable new business opportunities, and tailor nurturing communications to align with their online behavior for outstanding marketing and sales success. Find out more- book your free demo today!
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