Lead nurturing is extremely valuable. Lead nurturing ensures that long-term leads and qualified prospects are not lost between marketing and sales. Effective measurement of your nurturing program is critical, and knowing when to measure is equally important. Outlined below are five keys to measuring and evaluating your lead nurturing initiative.
Clearly Define the Criteria Required for Leads to be Considered Sales-ReadyThis process should be a collaborative effort. Many marketers make the mistake of defining the criteria without consulting the sales department. This is a fatal mistake. Several factors should be considered when determining the criteria. These factors include:
- Length of the sales cycle
- Steps within the sales process
- A planned & defined project
- Willingness to consider your solution
Measure and Monitor Prospect MovementThe primary goal of any nurturing strategy is to move the majority of prospects from "passive" to "active" and finally to, "sales-ready". A successful campaign will involve at least 20-30% of all prospects having a positive movement rate.
Develop and Apply a Scoring System Assigned to Each Category of EngagementEvery method of engagement is not created equally. A numeric value should be assigned to each method of engagement. (email, mail fulfillment, conversation, strategic voicemail, ect.) In creating a scoring system, two factors should be considered:
- The expenses involved in the method of engagement. One-on-one conversation is typically the most expensive method of engagement. Consequently, it should receive the highest score. A text email would be a less expensive method of contact, and would receive a much lower score.
- Impact should also be considered. Although one-on-one contact is the most expensive method of engagement, it has the highest rate of return for the level of impact it generates with leads. On the other hand, text emails are rarely read, causing that method of engagement to have less impact than other types of engagement.