Building relationships to qualify more leads

Have you been to a trade show lately? If so, you may have noticed that booth traffic is slower than in the past, and leads are down. With so many companies watching their bottom line, it is not surprising that they are sending fewer people to trade shows.

So, as a marketer, what are you doing differently with those valuable leads? If the answer is nothing, let me introduce you to the concept of lead nurturing.

Lead nurturing is the process of building relationships with qualified prospects, regardless of their timing to buy, with the goal of earning their business when they are ready to buy.

After a trade show, many marketers will send information to those people who swiped their badge and/or requested additional information. On average, about 20% of these people will convert to qualified sales leads without much additional outreach. These are sometimes referred to as “fast leads.” But what about the “slow leads”—those that come in over the next 60-90 days? Research shows that without any further lead nurturing, about 6.67% of those will become qualified sales leads. However, with lead nurturing, 20% will turn into qualified sales leads. This is a 300%+ increase over the more traditional way (without lead nurturing).

Lead nurturing reduces the cost per lead, drives sales productivity and increases revenue more quickly.

How are you nurturing leads in your organization? Please share your experiences in the comments below. You can also contact me directly at kristine@millerbrooks.com.

[Source: Marketo, as shared at ExactTarget’s Connections 2011 user conference.]

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