Too many companies stop at the first step of lead generation and have trouble transitioning into the next step of actually starting to generate some sales. This is often due to employees not knowing when a lead is ready to convert. How do you know when your lead nurturing is enough?
- Your list will be full of qualified leads.
Most business owners will tell you that an 85% qualified lead to total lead ratio is acceptable for moving on to the next step of the sales process. The number one concern is defined what a qualified lead is.
Although there is no across-the-board definition of this type believed, many successful business owners consider a qualified lead to be a person that is aware of a product and has a legitimate need for the service that is being offered. These are the leads that are actually in the market for your product or service, and with the right sales program, can be converted into dollars for your revenue stream.
- You have the ability to “touch” your audience a minimum of seven times.
What you have shortened your lists to include mostly qualified leads, you need to have a marketing program in place that gives you the ability to get in touch with the people at least seven different times. The number is likely closer to 13 with all of the marketing saturation that is flooding the modern business landscape. However, seven is a more doable number for small businesses and startups.
No matter how good your product or service may be, you will need to have the funds in place necessary to stay in the line of sight of your customer base consistently. If you are to go by the advice of most successful business owners today, you will need to place your advertisements in front of your potential customers anywhere from 7 to 13 times before they can be expected to take you seriously. When you have the money necessary for this kind of a marketing campaign, then you can switch to the next step of the sales process.
- Your email campaigns will begin to showcase a certain rate of success.
Your email campaign can be a very good indication of the success of your overall B2B lead generation and marketing efforts. Because email is relatively inexpensive when compared to other marketing campaigns, it is a good metric to test before moving on from the lead nurturing aspects of your sales funnel.
Once you have at least 2% of outgoing emails returned to you with a legitimate query or a sales opportunity, you can set your email marketing campaign in stone as one that will return qualified leads to you. Keep in mind that no matter how good your product and marketing campaign may be, you most likely will not get above a 5% positive return rate on any email campaign.
When done properly, email has the potential to be the number one ROI for all marketing activities. This is one of the best ways for small companies and startups to test how well their lead nurturing process is going.
- Your average sale is enough to sustain the marketing efforts for your company.
Understanding the numbers behind your average sale absolutely implies that you need to run the numbers before you move on from the lead nurturing aspects of your marketing campaign. This means that you must set your price point and have your legitimate customer base at a level that warrants moving away from generating new leads.
About the Author
Dennis Hung is a small business writer and product analyst specializing in mobile technology and IoT. He’s spent his career consulting for businesses in North America.