In our previous article, " Why lead nurturing is vital for your business’ success" we delved into the idea of lead nurturing and explored how it works. Now, we'll examine the practise further and detail why a well-defined lead nurturing plan is essential for your business.
Generation Doesn’t Equal Conversion
The numbers don’t lie and lead generation on its own does not guarantee conversion.
A recent study by FranConnect is revealing, as it outlines how three out of every four franchisors fail to reach out to their leads within the first four hours of their expressed interest. Amazingly close to 70% of leads never receive a call back, and nearly half of all leads fall out of the sales funnel due to lack of response.
This is a stark reminder of why looking beyond lead generation is so important. You will need to be aware of the vital task of nurturing your leads from the moment they arrive in your inbox. Neglecting to do so is set yourself on a steady course toward declining bottom lines.
Is Lead Nurturing Worth the Effort?
The short answer is an emphatic “yes”. If your business attracts a high volume of leads, you could rightly be concerned whether your sales staff can and will cope. However, given the pivotal role lead nurturing plays in closing deals, your concern should be directed to creating a system whereby your leads are nurtured from the off.
The good news is that lead nurturing isn’t as time consuming as you might think.
Automation Can Be Your New Best Friend
Of course, onboarding a new franchisee always requires time and resources. However, in terms of initial leads though, some of the more repetitive, tedious tasks can be automated.
It is important not to bombard new contacts with unrelated information. Prospective franchisees should be proffered with useful information; timelines, FAQs, and other relevant resources. Automating lead nurturing facilitates a well-conceived strategy that effectively connects with leads throughout the customer lifecycle.
As the Salesforce’s eBook, The Complete Guide to Lead Nurturing, puts it: “There are only so many hours in the day, so the answer is to automate — very purposefully. A well-thought-out lead nurturing strategy is one way that you can connect more effectively across all phases of the customer life-cycle. At its core, lead nurturing is the process of automatically “dripping” relevant messages to your leads over time.”
Lead Nurturing Lead Nurturing in Europe
Here are five reasons why lead nurturing is important:
Less leads needed for a sale:
Neglect of lead nurturing, means you will require more leads to achieve a sale, resulting in additional costs. Engaging in lead nurturing will guide leads through the sales process more effectively.
Improved business relationships:
Regular contact with leads allows a better insight to understanding their needs and will provide the necessary information to cement a strong business relationship. The result being, hopefully, an informed franchisee and improved rapport.
Quality PR:
Effective lead nurturing allows you to build a client base that can contribute to positive word-of-mouth marketing, enhancing your business's reputation and credibility.
Upselling:
Through lead nurturing, you can maintain engagement with potential investors, understand their aspirations, and potentially upsell to match their goals. It also helps identify key questions potential partners have about your business.
More informed data:
Quality automated systems collect valuable data on click-through rates, open rates, and more. This data informs your sales and content marketing teams about the most effective initial contact and follow-up strategies.
These are just a smattering of reasons to demonstrate the importance of lead nurturing, and there are many more benefits to consider.
To emphasise its importance, we can finish with data from Marketing Sherpa that shows companies excelling at lead nurturing generate 50% more sales at a third of the cost. Therefore, a well-planned and intelligent lead nurturing strategy should be a fundamental component of your business, both now and in the future.