You've read the guides, followed the best practices, and yet, your B2B lead nurturing efforts seem to hit a wall. Sound familiar? It's not your fault; the conventional wisdom around lead nurturing is often misleading and incomplete.
We're going to get our hands dirty and dive in to show you what really works. We'll start by examining why lead nurturing is a cornerstone in the B2B sales funnel that you can't afford to overlook. Then, we'll delve into crafting a nurturing strategy that balances both quantitative and qualitative approaches.
We'll introduce you to the 80/20 rule for prioritizing your prospects and guide you through the buyer's journey with personalized content that actually resonates. We'll also reveal the 10X effect of nurturing for customer retention and loyalty. Finally, we'll arm you with the tools to track and optimize your efforts, so you can turn your lead nurturing from a stumbling block into a stepping stone.
Ways Primer can help
In the world of B2B sales and marketing, few things are as critical to business growth as an effective lead-nurturing strategy. According to a study by Data Box, nurtured leads make 47% higher average order value (AOV) than their counterparts.
B2B lead nurturing is the process of building relationships with potential customers throughout their buyer's journey, establishing trust, and guiding them toward a purchase. For B2B companies, nurtured leads produce far greater results across key sales funnel metrics compared to non-nurtured leads.
A study by Annuitas found that businesses using B2B lead nurturing see improvements in sales opportunities by more than 20% and lead-to-customer conversion rates by as much as 25%. Clearly, implementing a structured nurturing process pays major dividends in boosting sales.
So why does nurturing work so well for moving B2B prospects through the sales funnel to become customers? There are a few key reasons:
First, good B2B lead nurturing helps build familiarity and trust with prospects over time through valuable, consistent communication. B2B purchases often involve large, complex decisions. Nurturing gives prospects the information they need to make informed choices and the confidence to buy from your company.
Second, nurturing allows you to deliver personalized messaging tailored to where each prospect is in their buyer's journey. You can provide the right content to guide them through key stages from awareness to consideration and, ultimately, decision.
Finally, nurturing improves sales funnel velocity. With regular, automated nurturing, you stay top of mind with prospects and can promptly respond when they are ready to talk to sales. This reduces delays from sales having to re-engage and re-qualify leads.
Given the proven benefits, every B2B company should make lead nurturing a centerpiece of their marketing and sales strategy. Taking the time to build relationships, add value, and guide prospects lowers acquisition costs, shortens sales cycles, and drives sustainable business growth. Lead nurturing is truly one of the highest ROI activities for succeeding with B2B sales in today's market.
#1. Crafting Your Nurturing Strategy: Quantitative vs Qualitative Approaches
When designing a B2B lead nurturing strategy, there are two fundamental approaches: quantitative and qualitative. Understanding the difference between these methods is crucial for determining the right tactics to move prospects through your sales funnel.
A quantitative nurturing approach focuses on high volume, broad outreach to your target audience. Tactics include email marketing campaigns, promotional ads, and website or social media content offers. The goal is to drive awareness and interest from a wide pool of potential leads through consistent and repetitive touches. Email, in particular, is a quantitative B2B lead nurturing workhorse, as studies show that nurtured leads make 47% larger purchases than non-nurtured leads when email is a primary channel.
In contrast, a qualitative approach centers on more personalized, targeted interactions with individual prospects. Examples include direct mail campaigns, one-on-one phone calls, personalized emails or videos, and custom gifts or experiences. This strategy requires deeper research into each lead’s specific needs and challenges. The payoff is building closer connections with prospects for higher conversion rates. Research shows that nurtured leads have a 25% higher chance of becoming customers compared to non-nurtured leads.
While quantitative nurturing scales better for large lead volumes, qualitative tactics make each interaction more meaningful. For optimal results, leading B2B firms combine both approaches. They use quantitative methods to drive awareness and then deploy qualitative tactics to build relationships with A-list prospects. Utilizing both strategies leads to higher sales at each stage of the funnel.
#2. Prioritizing Your Prospects: The 80/20 Rule
The 80/20 rule, also known as the Pareto Principle, is an important concept for prioritizing nurturing efforts. It states that 80% of results often come from just 20% of causes or actions. When applied to B2B lead nurturing, this principle demonstrates that 80% of your sales typically originate from only 20% of your prospects. Therefore, identifying and focusing your top nurturing efforts on these A-list prospects with the highest potential is crucial.
The first step is lead scoring. This involves assigning points to prospects based on characteristics that predict sales readiness. Criteria can include demographics, behaviors like email opens/clicks, and situational factors like recent job change. Weight the factors by importance, with the highest scores identifying your A-listers. You can also create an ideal customer profile combining common traits of your best customers. Prospects matching this profile receive higher lead scores.
Next, examine the accounts generating the most revenue. Chances are 80% of sales come from 20% of companies. Make contacts at high-value accounts, your B2B lead nurturing priorities. Account-based marketing focuses campaigns and messaging on key target accounts versus general prospects.
With your A-list identified through scoring, ideal profiling, and account targeting, devote the bulk of nurturing activities to these high-potential prospects. Send more frequent and personalized emails. Target them with direct mail campaigns. Develop customized content and offers matched to their needs. Phone and in-person nurturing may also be warranted for A-listers.
The 80/20 rule teaches that not all prospects deserve equal attention. Identifying and focusing nurturing on your A-list will maximize sales productivity and return on marketing investment. Refine the approach over time by analyzing which lead factors and accounts truly drive the most revenue.
#3. B2B Lead Nurturing Through the Buyer's Journey with Personalized Content
Prospects pass through various stages as they move from initial awareness of a product to becoming a customer. Effective nurturing requires understanding where each lead is within the buyer's journey and serving up tailored content that speaks to their needs at each phase. Mapping your content strategy to the unique requirements of the awareness, consideration, and decision stages is crucial for guiding prospects along the path to purchase.
The awareness stage is when prospects first learn about the issues or needs your product addresses. Content should focus on educating them on key challenges in their industry and how your offering provides solutions. Useful assets include whitepapers, ebooks, blog posts, and guides. For example, an accounting software company could create content on trends like automation in financial processes.
At the consideration phase, prospects are evaluating specific solutions and vendors. Content should provide detailed information on product features, comparisons to alternatives, and thought leadership on industry trends. Webinars, product demos, ROI calculators, and trial offers help prospects assess fit. Our accounting software company could provide a features matrix contrasting its platform with competitors.
The decision stage is when buyers determine the final purchase. Content here should aim to provide assurance around benefits, value, and making the right choice. Testimonials, case studies, analyst reports, and product tours give credibility. Pricing and implementation guides also help tip prospects from consideration into actual orders. Our software provider could share client success stories highlighting efficiency gains and cost savings.
Personalizing content to individual prospect needs and areas of interest is also important for nurturing success. Marketing automation and CRM tools can provide data on what assets each lead has viewed and engaged with. Use this insight to serve up additional relevant content that moves each prospect closer to the final sales conversion.
#4. B2B Lead Nurturing for Customer Retention and Loyalty: The 10X Effect
It’s a well-known business adage that it costs 10 times more to attract a new customer than it does to retain an existing one. This concept is known as the 10X effect. Given this exponential difference, nurturing should not end once a prospect becomes a customer. Ongoing nurturing of existing customers is crucial for reducing churn, improving lifetime value and generating repeat sales and referrals.
Best practices for customer nurturing:
Customer Win-Back Campaigns
Win-back campaigns target customers who have churned or become inactive. Tactics include special discount offers sent via email or direct mail to re-engage them. Surveys can uncover why customers left and what would bring them back. Customized nurturing content can then address those pain points. Win-back campaigns have proven very effective, with some brands seeing 25-40% of inactive customers return.
Cross-Selling and Upselling
Existing customers are ideal targets for additional sales. Use purchase history and CRM data to identify complementary products to cross-sell. Or nurture interest in premium versions of products they already buy for upselling. Tailored email campaigns and special bundled offers help drive incremental sales from your current customer base.
Customer Advocacy and Referrals
Loyal, satisfied customers can become powerful brand advocates. Nurture them to leave online reviews, testimonials and referrals. Identify your most passionate customers and enroll them in a formal referral or advocacy program. Provide templates and tools to make sharing their love for your brand easy. Referrals from existing customers are up to 3 times more effective than other leads.
Ongoing Nurturing = Ongoing Loyalty
The key to 10X value from existing customers is ongoing nurturing across their lifecycle. Use automation and triggers to deliver personalized content that builds the relationship. Surprise and delight loyal customers with relevant offers and added value. Consistent, thoughtful nurturing inspires reciprocal loyalty in return.
#5. Tracking and Optimizing Your B2B Lead Nurturing Efforts
A successful lead nurturing strategy requires diligent tracking of key performance indicators (KPIs) and metrics to measure progress. What gets measured gets managed – you can’t improve what you don’t measure.
Start by identifying your overarching nurturing goals. Typical objectives include increasing sales pipeline revenue, improving lead-to-customer conversion rates, shortening sales cycles, and boosting customer lifetime value.
Next, define quantifiable KPIs that indicate progress toward your goals. Key metrics to track include:
- Number of new leads generated
- Lead scoring rates showing sales readiness
- Open, click, and conversion rates for nurturing emails
- Traffic to landing pages and assets from nurturing campaigns
- Cost per lead or cost per acquisition
Tools like marketing automation and CRM systems offer important data to help track the progress of your B2B lead nurturing. These tools can measure the impact of various nurturing strategies and content offers. You can see which messages and offers resonate best with different customer profiles.
Regularly review your nurturing analytics to identify optimization opportunities. Look for trends in the highest and lowest-performing campaigns and assets. Find out which segments are engaging most with your nurturing. Examine metrics over the buyer's journey to see where prospects lose momentum.
Optimization tips include:
- Refine lead scoring rules to improve targeting
- Remove underperforming assets showing low engagement
- Improve subject lines and calls-to-action in emails
- Develop new content offers tailored to different personas
- Automate workflows for timely, relevant follow-up
Continual testing and improvement is crucial. Try A/B testing emails with different subject lines, content, and designs. Switch up your nurturing offers and cadence. Leverage behavioral data to segment and personalize outreach. Small tweaks can have a big impact.
With diligent tracking and optimization guided by data, you can refine your nurturing strategy to convert more prospects to delighted, lifelong customers. The key is translating analytics into insights and actions. Master this process, and you’ll see results across the whole pipeline.