The statistics below strongly demonstrate that best-in-class sales organisations, whether a law firm, consultancy or technology business, all receive higher business returns if they nurture buyer relations:
- On average, 50% of the leads in any system are not yet ready to buy (Marketo).
- Almost 80% of new leads never become sales (MarketingSherpa).
- Companies that excel at lead nurturing generate 50% more sales-ready leads at a 33% lower cost (Marketo).
- Nurtured leads make 47% larger purchases than non-nurtured leads (The Annuitas Group).
Personalisation and authenticity are key. A recent study conducted by PWC’s Digital Services group found 94% of senior-level executives believe delivering personalisation is critical or important to reaching customers. Critically, Edelman and LinkedIn have found that whilst personalisation is vital, a trusted delivery mechanism is also key to this process:
The problem that the majority of organisations have is how to differentiate themselves whilst nurturing key relationships in a way that:
- Consistently adds value
- Stays consultative
- Personal and authentic at all stages
The answer is in this diagram:
This approach looks at using your subject-matter experts to create the content.
Content is delivered to the client by the business development or sales function who typically hold the relationship with the client. They also understand what the needs of the client are and can position content that is important to clients/prospects.
The process also creates a feedback loop that leads to sustainable content creation and authentic nurturing. The business development team can request specific content from the SMEs and deliver to the clients on demand.
This approach can also be measured and reported through an organisations marketing technology to deliver a monetary return on investment.
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.