If you have been in the market for a new car or a mortgage or even some electronics products, you have likely experienced nurture marketing - an automated set of processes to provide information at each step in your journey as a customer. For instance, when you search on a car website, such as cars.com or truecars.com, you will start receiving emails based on your searches. After you test drive a car, the dealer will follow up with emails or text (based on your communication preference) with special offers and car availability.
According to lead nurture software company Marketo:
- On average, 50% of the leads in any system are not yet ready to buy (Marketo).
- Almost 80% of new leads never become sales (MarketingSherpa).
- Companies that excel at lead nurturing generate 50% more sales ready leads at a 33% lower cost (Marketo).
- Nurtured leads makes 47% larger purchases than non-nurtured leads (The Annuitas Group).
Setting up a nurture campaign is usually centered around a customer relationship management system (CRM) where all data on customers and prospects is stored. The nurture process specifies a series of communication steps and branches based on the behavior of the prospective customer.
For instance, my company InfoStrat might have a nurture campaign for our IT services that looks something like this:
- Customers who download a whitepaper on CRM later receive an email invitation to a webinar on the same topic.
- If that person signs up for a webinar, they receive a series of confirmations and reminders, and followup communications after the event takes place.
- The nurture campaign triggers an activity for a phone call to be placed to the prospect who shows high interest.
- A prospect whose interest drops may be contacted to opt in to the company email newsletter.