By Shahnaz Mahmud.
As famed Swiss psychiatrist Carl Jung once said, “You are what you do, not what you say you'll do.” This quote finds meaning in a research study carried out by Conversica. Its very foundation was the catalyst for the company’s 2015 Sales and Effectiveness Report.
Conversica will moderate a panel, “Buying Leads: Best Practices for Generating, Managing, and Leveraging Your Hard-Earned Leads,” at the upcoming LeadsCon conference in New York this August 22-24. The study will be at the heart of the discussion.
It comes to this, according to the cloud-based AI platform-based company: If you want to convert leads effectively, you’ve got to put into practice the essential 4Ps of Promptness, Persistence, Personalization and Performance.
Carl Landers, CMO at Conversica, outlines the 4Ps on the company’s blog in greater detail, but an overview follows. Promptness – the quicker you can respond to a bona fide prospect, the better your chances are for conversion. We’re talking within minutes. And yes, the adage of “persistence pays off” rings true, according to the study. Being Persistent time and again will eventually garner a response. Personalization, as you’ve heard – and hopefully put into practice – is absolutely critical. Conversica finds that more personalization will reap as much as 137 percent n likelihood-to-respond rewards. As for Performance, you’ve got to ensure that your email messaging is plain and on point and answers a need. Don’t overdo it with tons of funky bells and whistles or you may end up in the land of junk folders.
Assess Your Strategy
It may be difficult to admit, but have you assessed where you are with these 4Ps? Take it to heart if you find that these practices are not among your areas of strength but also know that Conversica was shocked by its report findings. Surveying 327 companies across nine industries, Landers writes: “Our most shocking finding was that just over one-third of the companies we contacted did not respond at all. Zero. No response. A direct inquiry, a hot prospect asking to be contacted directly, was ignored by 34 percent of the companies contacted!” Added to that, only 3 percent of that sampling were actually utilizing the 4Ps. It found:
- 38% took more than a full day to respond
- 53% made no more than two attempts at contact
- 30% had no element of personalization in their emails
- 58% were likely to miss the inbox at least 10 percent of the time
Aleks Peterson, editor at TechnologyAdvice, largely agrees with Conversica, writing some of the same best practices. Peterson adds some further insights. One recommendation is to collaborate with your sales team. “Though sales reps shouldn’t have to do the actual legwork of lead nurturing, it’s important for marketers to get their input, and furthermore, to use that input for creating content, nurture tracks, and scoring rubrics that yield qualified candidates,” he says.
Peterson also provides a roundup of what not to do. An example – don’t blast people. “Don’t just barge into your prospects’ lives,” he says. “This type of spraying and praying will only get you so far. If you need to send batch emails, keep them separate from your main nurture tracks. You could even create a separate track for top-of-funnel prospects that haven’t expressed interest in a particular category (maybe they just signed up for blog updates or the company newsletter). One study found that ‘relevant’ email can generate 16 times more revenue than broadcast email.”
So, now may be a good time to review your business practices and incorporate some of these lessons.
Click here to register for LeadsCon New York 2016.