Cold Leads aren’t dead. But they definitely need some defibrillation to start responding again.
Ok, let me explain.
Today marketing and lead acquisition is costlier than ever. Almost 20% more costly. In this situation, having fresh leads means that you need to constantly re-invest in your marketing budget. Meanwhile, the same expenditures are able to procure a lesser number of leads.
In this situation, a CRM platform enables you to nurture and revive your cold leads.
Rather than combing through old list of acquired leads, CRM enables you to take active steps that regenerate positive interest in your old prospects. Afterwards, you can also start taking active steps to convert these leads to prospects.
In this blog, we will be trying to give definite steps to convert the acquired leads into valuable customers. Even in situations, where they haven’t heard from you in a long time.
Why are the Cold Leads So Different?
As mentioned earlier, leads are more valuable and costlier than ever. If your company or boss is looking to leverage maximum traction for acquiring leads, you should focus on acquiring and processing these leads.
The Cold leads are short term for acquired leads that has shown or presently shows only marginal interest in your product. This means that it’s not immediately possible to convert them into actual customers. For the same reason, it will take considerably more planning and effort.
As in the image given above, you can find that the cold leads are not within the immediate vicinity of potential conversion. Instead, they lie closer to the old and lost leads (i.e.relic Leads). Without proper nurture, these leads will be sliding onto the irretrievable final relic state.
Follow these steps to make sure that your leads remain within the initial circle of interests.
Identifying and Assigning specific status to Leads
Let’s say that your leads have varying degree of interest. At the core, your leads will be the hottest with most probability of conversion.
Likewise, you should be required to diverge and consolidate different leads. With this, CRM lets you progressively evaluate each step of client progress. You can also assign values for the progression of each step.
This data allows you to segregate leads according to their chances of conversion.
Collecting the Reasons for Leads turning cold
For reigniting the interest among cold prospects, first you need to find out the primary reason for the mentioned interest loss.For this, you can segregate the collective list of leads into separate categories.
For example, you can segregate cold leads into cost negotiations, value appraisals, feature list, lost to a particular competitor etc…
By illuminating all these particular reasons, you could brainstorm a better strategy to attract those prospects back to your business.
Decide on Remarketing Strategy and Mediums
Even when these leads are cold, they are relatively more valuable than leads obtained through cold calling or email marketing lists.
For the same reason, it’s beneficial to invest in remarketing strategies to attract those particular prospects. CRM remarketing allows you to attract those particular prospects.
With an available list of clients, you can brainstorm an effective way to reach and engage a particular audience list.
Manage a Database of different Lead Varieties
In the initial stages, you need to realize that these leads have primarily lost interest and moved away. For realizing secondary conversion, you need to address the particular reasons for loosing those leads.
As the second stage after collecting leads, you can segregate them into different industries and sectors. For example, as a CRM provider, we could divide the leads into real estate, sales provider, distribution portal, etc.
Repurpose your Sales Pitch
As the final stage of recapturing a lost lead, you should repurpose your sales pitch for a particular lead.
For this, you should make sure not to repeat the previous mistakes. This involves repurposing your sales pitch to suit your current sales circumstances.