Lead nurturing is a common concept nowadays, especially in B2B Market where you have the concept of sales cycle.
Marketo defines it as follows:
Lead nurturing is the process of developing relationships with buyers at every stage of the sales funnel, and through every step of the buyer’s journey. It focuses marketing and communication efforts on listening to the needs of prospects, and providing the information and answers they need.
The most preferred way to do this is using your CRM software. Lead nurturing is a broad concept and includes several techniques like Lead scoring, funnel optimisation etc.
One way to do this would be discussed in this post.
Let’s say you are working with the objective of keeping the leads engaged, nurture and increase the conversion rate from prospects.
The first thing to do is to start from your existing database to find the following:
- Attributes of leads who enrolled & what they have in common.
- Attributes of leads who did not enrolled & what they have in common.
Attributes could be anything significant, like the Job Title, the Location, or the Lead Source specific to each lead/group of leads.
Next step is to assign scores to attributes based on their likelihood to convert. This would ensure your “Lead Scoring” would be as sound as possible, and leads with high scores would actually have a high-correlation to converting.
Below is an example of Profile Based Scoring. (Replace (+/-) signs with the corresponding score. For example, if leads from a particular industry converts well for you, then its score would be higher. Negative score denotes an attribute that has shown to convert less.
|Sales Follow Up||Scoring|
|Lead status change||(+/-)|
|Email link clicks/email responded to||(+)|
|Downloaded Case Study||(+)|
|Signed-up for Free Demo||(+)|
|Time on Page/Site >=X Min||(+)|
|Change in Purchase timeframe||(-)
|No progression in buying cycle||(-)
Similarly, identify such additional behaviour/attributes unique to your business to assign score to leads that take those actions.
Needless to mention your CRM need to have the custom lead activity tracking & scoring functionalities.
Lastly, create a scoring matrix as follows:
|Scoring Matrix||Priority Level||Maketing or Sales Actions
|0-40||Prospect||Nurture through funnels|
|40-60||Lead||Move to sales team|
|60+||Sales Ready Lead||Convert|
Not all lead would follow the above pattern though. Some may not be ready to covert yet, send those back to nurturing stage till they are ready. Lead nurturing campaigns needs to be regularly monitored and optimised, just like any other marketing campaigns.
In part 2 of this post, we will be talking about how to choose nurturing content and how to derive ROI from nurturing campaign activities.