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The Insight 💡
An effective lead nurturing strategy requires clarity in your objectives. Refine your plan by leveraging best practices, or simply put, "Don't reinvent the wheel." Quality is the real hack. Lastly, don't take customers for granted. Reward loyalty and keep customers up to date.
Lead Nurturing Strategy
Build and maintain relationships with customers
Creating innovative and high-quality products and services is just one step in securing significant revenue as a business. If you continue to serve the same customers, you will soon run out of new purchases.
That’s why it remains crucial for any brand to keep generating new leads that might express interest in what you have to offer.
For this endeavour, lead generation is critical. But just catching the interest of potential customers is often not enough. To build trust and foster more engagement, you must nurture your relationship with your possible audience.
This is where lead nurturing comes in — in this guide; we will share seven steps for implementing an effective lead nurturing strategy.
Let's take a look...
What's a Lead Nurturing Strategy?
Lead generation is a crucial business strategy for both B2C and B2B brands. The term relates to tactics and actions to attract new customers to your business.
Lead generation includes various forms of advertising, such as posts on social media like Instagram or Facebook.
It could also involve prompting users to give you their email addresses so that they can be included in your email marketing funnel.
Once you have a lead, it is vital to stay in touch with them and guide them further down your sales funnel to lead to an eventual conversion. This process is called lead nurturing. Picture it like this:
Lead generation is like planting a seed in the soil. Whereas lead nurturing is watering and shielding that seed until it can grow into a plant. Then, eventually, you'll be able to harvest the fruits of that labour in the form of purchases and orders.
Without further ado, let’s discuss some steps to win leads and make sure they turn into buying customers!
1. Define Your Objectives
To ensure your lead nurturing strategy works for you, you first have to know what you are trying to achieve. Chances are, your goal is to increase your number of leads and later conversions.
Do you seek growth of ten per cent or more? Do you want to grow your leads in a specific demographic, such as young buyers?
Specifying the exact quantity of new leads and growth you want to achieve will allow you to measure the performance of your lead generation strategy concerning your objectives.
2. Decide a Lead Nurturing Budget
Another factor that will undoubtedly affect what tactics you can utilize in your lead nurturing strategy is budget.
First, decide how much you're willing to spend on this part of your business. You want to spend neither too little nor too much.
You might find that spending more money on high-quality leads will pay out more in the long run. Whereas getting a lot of cheap leads might result in many potential customers dropping off early.
Measure your ROI for a few months to ensure that what you spend is reasonable and sustained as you continue.
3. Research the Best Strategies
Research which tactics you will use to generate leads. There are many ways to do this, and some might work better than others for your business:
Referrals: Generate leads through referrals. You can do this by offering incentives to existing customers when they refer another buyer.
Many service providers do this and provide a free month of their service, extra credit, etc. Referrals are part of word-of-mouth marketing. Read up on why this is so important for your business here.
Online marketing: You could use social media, ads, or email marketing to generate more leads. To scale your content strategy, a marketing automation platform can help you manage the process by identifying and targeting your unique buyer personas.
Buying Leads: For some businesses, it's beneficial to purchase a database of leads. However, you need to choose a reputable vendor for this purpose and ensure that the leads you buy are receptive to the products and services you offer.
4. Maintain a Lead Database
A lead database is a way to keep notes on leads and track how they perform over time. It’s a CRM that keeps track of their past interactions with you, purchase history and interests.
The best lead nurturing strategies realize which leads can become recurring customers and which just won’t be interested.
By using statistics, such as from email marketing solutions and store analytics, you can quantify which leads have never opened your emails, to begin with, for example.
Instead of nurturing leads that just won’t grow, it is more cost-effective to let them go. Focus your attention on engaged leads instead. Remember, recurring customers are worth more than the occasional stray purchase!
5. Reward Loyalty
One of the best ways to nurture leads is to provide incentives for staying engaged with your business and content.
Unlike referral programs that reward users when a new customer signs up, loyalty programs award continued interactions.
You might offer discounts on your products, offer free downloads, provide event or webinar invitations or let customers collect points for free goodies.
Loyalty reward programs are a way to say “Thank you” to leads and provide them with a tangible reason to keep opening your emails and checking out your site.
6. Keep Offering Value with Great Content
Blogging can be great for improving lead generation. But it can also help you nurture those you already have.
For example, new visitors might sign up to your mailing list to benefit from the helpful and informative content you post. This means your leads will be interested in you keeping that coming!
Content-based lead generation solidifies your authority in your niche. It builds more trust with every piece of helpful information you share.
7. Start a Business Newsletter
You’re probably already familiar with the importance of creating an email funnel to nurture your leads. Over 64% of small businesses already use email marketing to reach customers!
Don’t underestimate the power of a simple business newsletter! Once leads have signed up to your mailing list, they have officially expressed interest in your brand.
This means they’ll appreciate learning more about you and how your business is doing. Newsletters are also a great way to boost your philanthropic marketing strategy.
Your newsletters might consist of new product offers, sales, and promotions, your stance on current events, new initiatives you're joining, or snippets of knowledge.
Ready to Implement your Lead Nurturing Strategy?
Your lead nurturing strategy takes lead generation one step further and ensures you can actually convert new leads into eventual customers.
The essential tools you’ll need for this job are a CRM to keep your information on leads organized, as well as an email marketing solution through which you can send newsletters.
You might also benefit from lead generation tools like blogs, popup builders, landing pages, and more.
Most importantly, your strategy should rely on thorough research and a clear understanding of your objectives and target audience.
We hope this guide will help you get started. Check this out to learn more about lead nurturing and customer retention strategies.
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