When it comes to expanding your customer base, lead generation is only half the battle. Your business needs to be equally effective at following up leads and creating customers.
Dropped leads and lost opportunities waste your time and resources. Following up leads more effectively will improve the efficiency of your marketing efforts.
That means responding faster, and contacting more often, and tracking conversion results to optimize your follow up strategy.
What Tools Can Help You Follow Up On Leads?
Bulk email and SMS
Most leads need multiple contacts before they are ready to buy. The average business contacts each lead less than twice. Increasing the number of contacts per lead to six can raise the chances of a response by 70%. This is time-consuming, particularly for businesses with a small sales team or limited budget.
Bulk messaging platforms for email and text are among the cheapest methods of contacting large numbers of leads quickly. Solutions like MailChimp and TextMagic allow you to create and schedule personalized messages and templates. Messages can then be sent to existing mailing lists or those created and managed within the messaging app.
With these systems, your sales team can focus their time on turning qualified leads into sales while still nurturing new leads for minimal time and effort. It is critical to find a solution that easily integrates with your CRM and other business systems.
BarVision’s liquor management app attracted many potential clients after being featured on an episode of Bar Rescue TV. Unfortunately they had faced challenges reliably contacting leads. In the Bar and Restaurant industry managers are usually busy with day to day operations, and can be hard to contact. BarVision solved this problem by using the TextMagic platform to text leads for faster responses. This resulted in a positive response rate of almost 10%.
Scheduling apps allow you to easily manage and schedule your lead nurturing workflow. These automatically schedule alerts and messages in addition to follow up calls, for direct contact with leads. This can drastically reduce your response times and dropped leads.
A lead nurturing workflow based on the lead’s actions can significantly increase your conversion rates.
Scheduling apps such as CommuniGator’s Workflow app also feature built-in action tracking. This reports actions such as clicks and opened emails, giving you more options to send immediate responses. Financial consultant and insurance broker Jelf struggled to find the time to contact and follow up with clients due for renewal. Their goal was to improve their retention rate using CommuniGator’s scheduling app. To do this, they created an automatic process to schedule and send communications, and segment clients based on their response.
A flexible CRM that allows you to easily integrate bulk messaging and scheduling lets you spend less time managing lead information and more time making use of it.
Combined with a bulk messaging system, you can send automatic contacts to leads based on not just the actions they take but all the information you have about them. This helps you send the most relevant and effective messages to each lead.
Having all lead information in one place along with the ability to schedule and message improves time efficiency. A CRM lets you keep all your notes on leads in one place. They also offer automatic categorization based on the information you learn about each lead. This helps your sales team focus their time and efforts as well as enabling personalized automated messaging.
Document management business TAB had no trouble generating large numbers of leads, however the company was unable to qualify and stay in contact with the large influx of leads. This was leading to lost sales opportunities. To solve the problem, TAB used the lead information in their CRM to assess leads and create audience profiles based on lead behavior. They also used a points system to score prospects based on their readiness to purchase. This enabled TAB’s sales team to identify and focus on the most qualified leads, while potential leads would receive more relevant automated marketing.
How Do You Measure Your Results?
Click-through and conversion rates
A low click-through rate in Google Analytics, or high rate of unsubscribing to your newsletter, could mean you are putting leads in inappropriate contact lists. Optimize your deals and offers by identifying your highest and lowest converting landing pages.
It is important to track not just the number of visitors to your page who convert to completing the desired action, but the source of those visitors. This information is critical in determining if the page itself is the cause of low performance, or if you are just sending the wrong leads to this page. If the latter is the case, you may need to improve the accuracy of your lead segmentation.
Time to Convert
Look at the leads that take the most time to convert, and try to find the common factors causing their slow conversion.
Find answers to these questions:
- Are your landing pages relevant to the leads you send there? Could you create a landing page more specific to each audience segment
- Do you call and send messages at times your lead will be available? Think about the schedule and work environment of your leads.
- Are you using the right method of communication? Are your leads usually able to answer the phone, or check their emails regularly?
- Do your deals and offers specifically target their recipients? Make offers that reflect the needs and values of your audience.
Track which means of communication gets the most responses within each demographic, send follow-up messages and offers that appeal to individual demographics, and use specific landing pages for each audience you target.
Cost per Conversion
This metric is much more important than calculating cost per lead. Knowing the average cost of converting leads from each source into customers is critical to improving the efficiency of your lead follow up.
Compare the amount you spend on each video, message or ad against the number of conversions from these sources. Budget tracking tools can simplify and speed up the process of tracking and managing your budget and cost per conversion.
Automation is critical in all areas of your lead follow up strategy both for handling the sheer volume of leads you generate, and for quickly and accurately segmenting and profiling your audience.
There is a huge variety of communication and organization tools available to help you follow up leads more effectively. It is up to you to research and find the most suitable tools for your business’ goals.
Tracking your performance across all aspects of your lead generation and follow up is vital to ensuring you invest your efforts in the right places.