Can you guess what is common among all popular, growing, and leading brands? They all focus on nurturing their leads so that they can build trust-based and long-lasting relationships with their customers. That’s right; to run a successful business, it is crucial to focus on customer relationship building rather than selling. And for this you need to invest in a solid lead nurturing strategy.
Lead nurturing allows your business to attract, connect with and convert first-time customers into long-lasting customers by winning their loyalty. With an ever increasing base of existing customers, you can significantly lower your business costs and increase your profit margins. This is clearly evident from the fact that customer acquisition costs a business 5 times more than customer retention. Also, studies also suggest that a 5 percent increase in customer retention rate can boost business profits by nearly 25 to 95 percent. And there is more; the success rate of a product/service selling to an existing customer is 60 to 70 percent, while it is only 5 to 20 percent in the case of a new customer. So, that really gives us a clear picture of how lead nurturing can work towards contributing to the long-term success of a business.
Tele-Based Marketing—the Best Approach for Lead Nurturing and Building Long-Term Customer Relationships
When it comes to lead nurturing, successful business owners in different industries opt for tele-based marketing along with digital methods. Studies show that 68 percent of B2B sales involve human interaction, such as tele-based marketing. And nearly 60 percent of the marketing managers of Fortune 500 companies consider tele-based marketing as an effective strategy for lead generation and nurturing. Also, 70 percent of the sales are generated from human interaction, 56 percent of which begin with tele-based marketing.
Among the top reasons that makes telemarketing extremely effective is the fact that it is involves voice-to-voice human interaction, which is considered rare and unique in today’s business world. New business owners often disregard this strategy and only focus on digital methods of marketing as they assume telemarketing to be traditional and obsolete. But the reality is that this strategy can do wonders for your business if and when used the right way. By that we mean not just for improving your sales but for building strong ties with your customers by providing them with effective solutions.
Tele-based marketing enables businesses to strike a conversation with prospects and existing customers alike. This few minutes of interaction between a customer and your business can help you gain a strong understanding of them and identify the pain points by paying attention to what they want, expect and desire. Based on that, you can introduce them to your products or services as solutions or answers to their problems. You can show empathy and compassion to your customers; and win their trust by not being pushy or automated, but by connecting with them on an emotional level. And that is exactly what customers desire today.