Feeling frustrating with your conversion rate? Well, you're probably not alone.
According to statistics, 80% of leads never convert. However, there are some proven ways to change this. Statistics also show that companies who employ standout lead nurturing strategies can double their sales-ready leads—and spend 30% less doing so.
Wait, what?
You heard us correctly. With the right strategies, you can up your sales dramatically and reduce marketing costs.
The key is knowing how to nurture your leads, so they have the best chance of converting. And we are about to share with you 6 of the top most powerful ways of doing this.
Ready to turn your conversion rate and sales numbers on their heads? If yes, keep reading.
What Is Lead Nurturing?
Before we dive into lead nurturing strategies, let's quickly go over what is lead nurturing.
Leader nurturing is the process of cultivating a relationship with your leads. After procuring leads, there's no guarantee that any of them will be ready to make a purchase decision.
They are likely in the discovery phase, researching their coverage options. During lead nurturing, you can organically assist them with their decision. This can position yourself as an authority in their eyes.
If lead nurturing is done well, it will gently direct leads through your sales funnel until they reach the point of conversion where you can effectively market individual coverage solutions directly to them.
1.) Marketing According to Buyer Journey Stage
- The awareness or problem stage: the buyer realizes they have a problem/need
- Consideration or research stage: here, the buyer begins researching their options
- Purchase decision stage: the buyer is ready to make a final decision
One of the most important lead nurturing strategies to implement is targeting by the buyer journey stage. The three main stages in the buyer journey are:
As you can see, buyers in these different stages won't be receptive to the same marketing materials.
For instance, if you hard-sell a coverage option to a lead in the awareness stage, they most likely won't respond. They might even develop a negative perception of you. This stage of the buyer journey requires informative marketing materials, such as helpful blog posts.
During the consideration stage, you should continue to target your leads with informational-based content, but which is more in-depth.
Once leads reach the decision stage, you should direct pre-sale marketing tactics and materials at them, such as coupons, sales pages, testimonials, FAQs, discounts, etc.
What you don't want to do is market the same materials to all leads, regardless of where they are in the buyer journey.
2.) Creating (Targeted) Content
To really cater to the buyer's journey, you need to create targeted content that guides them through your sales funnel. This can take the form of blog posts, social media posts, e-books, videos, etc.
When creating this content, ensure that it's tailored to each phase of the buyer's journey and truly serves their needs and answers their questions at each stage.
3.) Lead Scoring
Another key lead nurturing strategy is lead scoring. Lead scoring is a qualitative method of ranking leads according to factors such as:
- Buyer journey stage
- Lead demographics and how closely they match those of your target customer
- Budget
- Interest level and how leads have interacted with your content
By assigning scores, you can quickly and efficiently qualify leads. To carry out lead scoring, determine a scoring system based on your needs.
For example, leads at the beginning of the sales funnel may be assigned lower scores than those towards the end. Leads with demographics that closely match those of your typical customer can be given higher scores than those which don't. The same can be done for budgets.
When it comes to interest, you can add points for engagement (such as sharing your social media post), or detract for non-engagement, such as not opening an email.
4.) Implementing Multi-Channel Distribution
Another component of lead nurturing is comprehensively targeting leads across all channels. Traditional lead nurturing was primarily email-based.
However, nowadays, to really excel at lead nurturing, agents need to target their leads through multiple methods, including social media, onsite SEO, direct outreach, and ad retargeting.
5.) Leveraging Retargeted Ads
Speaking of ad retargeting, this is another golden lead nurturing strategy for boosting insurance sales. With all the options out there, you want to keep your offerings in the forefront of leads' minds.
The way to do this is by retargeting ads to your leads based on previous engagement, such as visiting your site. Depending on what pages they visited or what actions they took, you can tailor your ad campaign to point to different coverage products.
Stats show that retargeted ads have a 1,000% higher click-through rate than display ads—so don't overlook this strategy.
6.) Automating Your Sales Funnel
While all of these lead nurturing tactics and relationship-building strategies are highly effective—they're also a lot of work. Can you imagine scoring every lead by hand?
What's more, manual lead nurturing can leave a lot of room for error and gaps in your reach. If you want to eliminate this and save yourself a lot of valuable time, you need to automate your sales funnel and lead nurturing tactics.
By using automating tools such as a CRM and pipeline system you can effortlessly keep track of leads, target correctly, and fully automate your lead nurturing.
Insurance sales can be a lucrative area, but only if you can keep up with the competition (and avoid burnout). Automating your business is one of the most effective ways to do this.
Do You Want Access to Press-Play lead nurturing?
In today's buying era, lead nurturing is a crucial part of sales. So important, in fact, that the quality of your lead nurturing tactics could make or break your bottom line.
However, the reality is that top-notch insurance lead generation and nurturing is time-consuming if you have to do it manually. What's more, manual methods can also be hit-and-miss.
If you want to ramp-up your lead nurturing plan and win back your time as an agent, automation is vital.
Here at Final Expense Sales and Leads, our business is making yours thrive. We offer full-function marketing and sales software that allows you to fully automate your marketing strategy. Made by agents for agents, our solution offers all the everyday tools you need to keep and convert leads.
Besides this, we also provide agents with guaranteed high-quality leads so that you can win back your time supercharge your sales in one go.