Nowadays, building relationship and establishing trust with your prospects takes time. Many B2B salespeople complain about facing a longer buying cycle. Because of this, there is a delay on the company’s ROI. Not to mention it also lessens the chances of completing the sale.
However, despite the longer sales cycle, many B2B companies in Singapore such as YuuZoo, B2B super brands like SAP have managed to grow and continues to grow their brand value at par with global players.
One reason is that Singaporean B2B enterprises know the importance of having an effective lead generation technique and technology. According to Hubspot, 79% of leads don’t convert into a sale. In fact, a purchasing decision isn’t like a beanstalk that grows overnight (and without the application of some sort of special fertilizer!). Many successful B2B companies are aware that modern buyers require progressive nurturing before they make a decision to purchase.
The only problem is many sales reps fall short on lead nurturing and are doing at least 8 to 10 times of follow-ups before closing a deal.
That is why lead nurturing is important because it allows you to know the right time when to follow up. At the same time, it lets you understand which stage your prospects are on their buying journey so you exactly know what approach to use to convert the lead easily.
Here are the reasons why successful B2B companies use lead nurturing.
To build relationship
Selling is not just about letting your prospects know about your products or services. Progressive follow up and constantly communicating with your prospects allows you to build trust, create a connection and grow a positive relationship with your prospects.
Not all leads are ready to buy
As a salesperson, you should know that only 2% of sales happen during the first meeting. While 98% of the leads are not ready and they need nurturing. Through lead nurturing, you will eventually discover certain behaviors and attitudes upon which you can base your next strategies. That way, you’ll be able to prioritize and identify the right time when to keep in touch with your leads.
Pinpoint ready buyers
Having too many B2B leads in your database, you are not sure how many will end up buying something from you. You will need to organize these leads into specific demographics (location, budget size, and job titles), target them for email blasts and cold-calling and gauge their “warmness” by scoring them based on their behavior and on their responses. This way, you’ll be able to identify buyers that fit your ideal client profile, thus, enabling you to focus your campaigns on them.
Last but not the least…
Lead nurturing can get you more long-term deals
Sure B2B leads can take months to convert. However, having an effective lead nurturing strategy you are opening opportunities for more deals by maintaining communication, minimizing wasted leads because you know how to prioritize them and increase your revenue.
With all these reasons considered, it will be right to say that lead nurturing carries positive results not worth overlooking: A Forrester study has noted that the tactic achieves 50% more sales-ready leads and 30% reduction in lead acquisition costs. When you want to make an impact in this island-nation (and perhaps, the global industry), these numbers alone say a lot.