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Why B2B Marketers Need to Use ROI Metrics to
Ensure Optimal Lead Quality - Webinar
Lead Nurturing for B2B Success
Welcome to the Lead Nurturing for B2B Success webinar, sponsored by InsideUp.
My name is Omar Barraza and I will be your host and presenter today. If you have any questions during the webinar, please enter then using the Questions feature and I will answer them at the end of the presentation. Let's begin.
About InsideUp- A Different Approach to B2B Lead Generation
InsideUp, our webinar sponsor, is an organization located in San Diego, California, that specializes in delivering business-to-business leads to small and medium businesses and enterprise organizations.
They offer a different approach to B2B lead generation and provide their clients with a marketing platform for performance-based lead generation. Their focus is to connect prospects actively looking to purchase business services with qualified providers using proprietary InsideUp B2B lead generation technology and a comprehensive marketing network. You can learn more about this by visiting http://www.InsideUp.com at the conclusion of the video.
About Omar Barraza- Marketing Advisor and Consultant
I am a marketing advisor and consultant focused on collaborating with founders, owners, and executives plan, start, and grow their organization's marketing capabilities. At this time, I am also a strategic advisor to InsideUp and recently completed a project to define and implement a new marketing automation strategy.
My 20+ years of professional history includes marketing roles at B2B and enterprise organizations, implementing and improving marketing processes that have supported more than $1 billion in profitable revenue. This work has included programs and projects related to branding, thought leadership, content marketing, demand generation, B2B lead generation, lead nurturing, sales enablement, customer retention, launches, and events. You can learn more by visiting http://www.OmarBarraza.com or connecting with me on LinkedIn.
Goal of This Webinar
The goal of this webinar is to understand lead nurturing and how it can benefit B2B marketing. Lead nurturing, in a business to business context, involves educating qualified marketing and sales leads who are not yet ready to purchase the products or services your organizations offers. The secret to success is delivering information that is valuable enough to keep your leads engaged. Well executed lead nurturing will help to build a preference for your brands and solutions before leads are actively engaged in a buying process and maintain a relationship with leads to reduce the chance they may choose an alternative from a competitor.
Why You Need Lead Nurturing
Before we dive into lead nurturing, I want to share why it is an important complement to B2B lead generation.
According to Marketing Sherpa, a research firm specializing in tracking what works and what doesn't in all aspects of marketing, leads often disappoint organization leadership, marketing management, and sales teams. For example, Marketing Sherpa found that while marketers send 61% of all leads to sales, only 27% of the leads sales receives are found acceptable. As a result, 5 in 6 leads qualified to marketing AND sales standards are wasted causing unpleasant surprises for the leadership team.
Let's explore the ramifications of these findings at a deeper level.
- Marketing managers might wonder why the sales conversion rates of their leads are so low - sales rejects three-quarters of marketing qualified leads.
- Sales managers might wonder why so many of the leads they received from marketing are unqualified
- just one-quarter of leads are sales qualified.
- The leadership team might wonder why marketing expenses are high, sales lead to opportunity conversion rates are low, and forecasts are unreliable.
Lead nurturing helps to ensure more marketing qualified leads meet the expectations of sales so fewer leads are wasted.
Warmer Leads are Ready to Engage
Lead nurturing increases lead quality and ensures more desirable outcomes. For example, when quality is measured using a simple cold, warm, hot scale lead nurturing can be considered to increase lead "temperatures" and convert more cold leads to warm and more warm leads to hot. Establishing stronger and more relevant relationships using lead nurturing delivers other benefits as well.
Potential New Customers Are Waiting
Here is another reason why lead nurturing should not be ignored. A case study by Marketing Sherpa showcasing Infusionsoft found dramatic benefits from beginning a lead nurturing program. At Infusionsoft, the typical sales cycle is less than 1 month with the first two weeks being the most vital. This focused marketing and sales activities on the short-term and effectively considered opportunities as lost after 30 days. Infusionsoft launched a lead nurturing program and now experience 37% of new customers come from leads older than 3 months and 20% are from leads older than 1 year. In other words, lead nurturing doubled the number of new customers for Infusionsoft. Imagine the potential impact on your organization's revenue and profitability from lead nurturing.
Generally, the goals of lead nurturing strategy assesses progression through the buying cycle and includes activities for obtaining and maintaining permission to communicate, building profiles for each lead, and educating audiences to make favorable decisions.
Inventory Assets and Resources
Lead nurturing requires integration with complementary activities and systems such as CRM, email marketing, and websites. In addition, there's no reason why lead nurturing should be limited to online channels only -including phone calls, in-person visits, event, direct mail, and other offline activities can improve outcomes.
Keeping Things Working...
Here are survival tips to keep lead nurturing working once you begin. Perhaps the most important and underappreciated one is the need for more content - marketing collateral and sales tools - than initially planned or expected. Like social media, a top challenge for lead nurturing program is a lack of sufficient content to support specialized campaigns and long-term activities.
There are 3 killer mistakes that can ruin a lead nurturing program before it has time to demonstrate results.
The first involves choosing a new lead nurturing software solution. This virtually guarantees staff focuses on becoming expert system users rather than proficient lead nurturers.
The next obstacle is a failure to publish content that can be broadly leveraged. For example, a single well designed white paper can produce the content necessary to support blog articles, social media posts, newsletter articles, email messages, post card mailers, webinars, and more.
Finally, relying on traditional event-drive metrics will skew the analysis of data and produce misleading outcomes. With led nurturing, metrics must measure campaigns and cohorts over extended periods of time.
Lead Nurturing Investments Payoff
Before we move to final questions and answers, please know that lead nurturing is feasible for most businesses if you consider the following:
- Some or all of the costs of deploying an initial lead nurturing program can be recovered by capturing lost revenue from contact database or cold leads assets. For example, a prior $20,000 investment in B2B lead generation that generated 200 qualified leads results in a cost per lead of $100.
- While most companies focus on finding the best software they can justify, this lead to disappointment when they realize they don't have the content needed for lead nurturing. Don't listen to software vendors and be lured into this rookie mistake. Make sure you have relevant content before you have software.
- Once you begin, you are never done with lead nurturing. If you lock-down your program it's effectiveness will decline. Instead, expect to keep it fresh with new content, campaign experiments, and more. The wants and needs of your leads will change so your program needs to evolve to match.
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