Lead Nurturing for MSPs

Lead Nurturing –an Introduction 

Do you reach out to a lot of leads but very few of them convert to sales? Do you feel your efforts go in vain? Many businesses feel that generating leads and convincing them is all there is, followed by the closure of the sale. Many often miss the main attribute in the sales cycle which is Lead Nurturing. This blog post is entitled to provide you with the knowledge you need in order to nurture your prospects/leads.  In simpler terms, Lead Nurturing is staying in touch with your prospective clients or your leads throughout the buyers’ purchase stages. 

Lead Nurturing your prospects encompasses making them aware of the services you provide, the problems that are prevalent in the industry and the solutions you can provide. From getting in contact with them for the first time to the purchase stage and even the post-purchase stageLead Nurturing is being in constant contact with your leads. 

 

You can nurture leads through Marketing messages– sent to those who have already shown an interest in your company. It can be in the form of Cold calling, e-mails, blogs, chat messagessocial media platforms etc. Equip them with the necessary knowledge and guide them through your marketing messages. 

The goal of lead nurturing is to increase your company’s’ brand awareness, thereby increasing your sales opportunities. A properly strategized and laid out lead nurturing plan helps you convert those prospects into paying customers and helps strengthen the sales funnel. 

Marketo report states that 50% of leads will never be ready to make a purchase. To convince that 50% to buy your product, you need to nurture them.

Let’s dive into some strategies to help you nurture your leads. 

 

The 3-step process: 

Lead Nurturing is a minor yet highly significant part of the entire sales journey. 

It can be further sub-divided into 3 stages: Awareness, Engage & Enlighten, Value Addition 

Awareness- Generate awareness regarding your company and the products and services you provide. After a brief introduction during the first call and the first follow-up, the lead might be interested in knowing more about you and your company in detail. This initial introduction phase is the “Awareness” stage. Send them collaterals of e-books, service brochures, blog links, website links etc. 

Engage & Enlighten– Engage them in a conversation, keep the conversation lighthearted, be concise and clear and keep them hooked. Enlighten them about the problems they might face, the services you provide and how you can help them solve their problems. Knowing the pain points of your leads will help you understand their problems better. Content like case studies, videos etc. will seem more convincing and appealing to the leads. 

Value Addition– Add value to your leads by providing them with data and statistics or knowledge that they were otherwise unaware of. This can be done via e-books, whitepapers, blog articles etc. 

 

Here are some Lead Nurturing statistics  

Lead nurturing statistics

The stats are hard to ignore. If you are a company that has many clients and you do not have a big enough team to e-mail or follow up with every prospective lead, the one tool that will help you stay in touch is e-mail automation. 

How to nurture your leads? 5 effective Lead Nurturing Strategies 

Here’s a list of 5 Lead Nurturing strategieswhich will help you curate your Lead Nurturing campaign, effectively. 

1. Regular e-mails: 

A thread of e-mails that you send to you customers should take your leads through your company journey. Talk about your beginning, your vision and mission, your customers, links to case studies and blogs etc. Tip: To retain your existing customers, you can send links of the latest blog or a case study. Sharing these with your existing customers would not only benefit them but your company as well. 

E-mail Automation is always a good choice but in case you haven’t automated your e-mails and you still send out e-mails manually, make sure you: 

2. Personalize:

Address the person you are e-mailing to by referring to them by their first name. When you reach out to a prospect via call, address them by their namewhich adds a personal touch. It also creates a positive impact. Although geography plays a major role here too. It all depends on where your clients are from and their personal preference. Ideally, it is recommended to address people by prefixes like Mr/Mrs/Miss and if they do permit you to address them by their name, then do so. 

3. Add Value:

One of the steps we discussed earlier, was Enlighten, you need to enlighten and educate your customers by sending them e-mails that have information that could be helpful and valuable to them. 

Each interaction you have with your lead should have a purpose and a Call-to-Action (CTA) in the end. 

4. Call them up:

It’s easy to get carried away with nurturing your leads through e-mails. But there’s nothing better than calling your leads and engaging them in a casual yet productive call. Talking to your lead on call helps establish a layer of trust. The confidence in your voice, the casual conversation that help builds rapport are all little things that can make a significant difference. Who knows, after the call, your lead might reconsider his decision and start a partnership. 

5. Social Media:

Yes, you read that right. Most IT companies negate Social Media from their campaigns but that is an underestimation. An active presence on Social Media and sharing personal stories on these accounts can lead to building trust. Not only that, it helps generate awarenesshelps enlighten and educatand add value to their feeds. Social media is where you can take the liberty to not only add value to your clients but also add a personal touch. 

 

How often should you contact your leads?  

There’s a difference between keeping in touch with your leads and pestering them with marketing messagesNo one likes repetitive sales calls, messages or e-mails that irritate, especially when there are numerous other salespeople vying for attention. Figuring out the right amount of contact for a new lead can vary for different leads. 

But if you don’t put out marketing messages at the right time, chances are that your leads will forget that a company like yours exists. And that is why it is crucial for you to leave a mark on your prospects’ mind, in the very first few conversations. 

The biggest drawback of outbound lead generation is that you contact your customers not when they “need” it but when you “need” it. So, customers would listen to you if they are in the need of it. Striking the right chord at the right time is the deciding factor here. 

 

But how often is too often?  

Well, there is no pre-defined “number” that exists but you can judge the persons’ interest by their interest in what you have to say. 

  • Do they divert the topic or stick to the topic? 
  • Are they eager to hear you out on what your company does and what you have to offer or are they just beating around the bush? 
  • Do they put off the call for a later time and avoid discussion by postponing, repeatedly? 
  • Do they read your e-mail/messages and not respond, always? 

The interest and eagerness indicated from their side will give the answer to “How often should you contact your leads?
 

 

When to stop following-up? 

The interest level of the clients has the answer 

Not all leads are worth nurturing. Client interest levels are determined by their behaviour and response towards the interaction. The experience will help you pre-qualify the extent to which a prospect should be chased. It will help determine the effort that should go into converting the sale. 

Clearly not Interested- When the person tells you the very first time that he is not interested, he/she is not a lead, so better not contact them. Well, most of them would never buy but some of these just need to be nurtured more. Even if they don’t buy, they will recommend your company to someone else based on the positive experience they have had with you. 

Partially interested– For example, let’s say that a prospect has said that he/she might have something in store for you after 3 months. Do contact them at that time to talk business. Make sure you keep in touch with them through calls or e-mails or messages even prior to that. This acts as a reinforcement and when you contact them later, there are high chances of conversion. 

Interested– The people who eagerly listen to you and have told you that this is something that they are looking forward to, then that is a green signal. If you get in touch with people like these, then make sure you follow up diligently. If they are interested, it just makes things easy for you, convincing them becomes easy. 

Interested but call me later– You’ll come across people who are actually interested but are not free to talk, they need you to contact them at a later time. Ask them for their availability and reach out to them soon. 

 

Lead Nurturing Best Practices 

  • Do not contact your leads every day 
  • Personalize e-mails by addressing your clients by their first name- adds a personalized touch 
  • E-mail segmentation– every e-mail is not suitable for every prospect 
  • Ask for feedback  
  • E-mail is not the only way to contact your leads, call them 

The end goal of lead nurturing is to trigger a positive reaction or take your company into consideration when they need it. Employ these strategies and best practices and there are high chances for you to convert your lead into a customer. 

And if you’re experiencing customer churn; here are some strategies that will help you retain your existing customers.  

 

Upcoming

We keep uploading new blogs quite frequently on our website- keep an eye out for those.

Lastly, if you need help with more such IT Solutions, feel free to reach out to us. We’ll be happy to resolve your queries. 

customer retention

Customer Retention Strategies for MSPs

Customer Retention Strategies for MSPs

 

It is believed that “Acquiring a customer takes 5x the amount of effort than retaining an existing customer, which takes 1x the effort.” And this holds true for any business. Even in the case of MSPs, Customer Retention should be of high priority. Maintaining great cordial relationships with the customers goes a long way. The success rate of upselling to them is also greater. In short, new customers are important but the existing ones will be the ones that add the most value to your business.  

According to Altfield, the odds of selling to an existing customer range between 60-70%. Whereas, for new customers, that figure drops to 5-20%. 

Another such statistic by Bain & Company states, a 5% increase in Customer Retention leads to a 25% increase in profits. 

There are numerous other statistics that support this, which makes one realize how crucial Customer Retention is for the business. If you want to know to boost it,  here is a list of 7 strategies to help your MSP attain maximum customer retention:  

  

Skilled Expertise and Customer Service  

For you to make a mark in the MSP business and in the hearts and minds of the customer, you need to provide skilled assistance. There’s nothing better than an experienced team that provides instant support and assistance based on the need of the hour. 

Skilled Expertise is probably provided by a lot of companies but the real difference is made by the service provided by you and your team at every stage.   

  

Guided Implementation  

Starting right from when you sign the SLA, you need to guide your client and ensure they a smooth, seamless transition throughout the entire process. Keep in constant contact and send reports periodically to gain their trust. Show them that you take full responsibility and you are proactive about the project. Being an MSP, assure them that you are there for all their technical needs, 24×7.  

This not only helps build trust but it increases your reputation and Brand Image. Make your customers feel that you care about them and are willing to help them.  

  

Service Consistency

If your service levels keep fluctuating, no one would want to be associated with your firm. Whether the client is New or Old, the service levels should be constant. Initially, you give highly superior service and your service support is prompt. Later on, if your service levels go down and you get laid-back, your customers are bound to switch.  

Ensure that your team understands your goals, your mission and the service delivery agreed upon. Coordinate your customers and your engineers and provide them with a seamless, hassle-free experience.  

  

Casual Communication  

Who said you can’t have a casual conversation with your business partners? Remaining in touch with you existing customers should hold a high priority in this list. There’s nothing better than a chill, pleasant conversation to build camaraderie.   

Customer Retention would be much easier if instead of talking about work and deadlines all the time, you try to break the ice by engaging on a casual conversation. Casual conversations and empathy go a long way in strengthening relationships with your customers.  

  

Business Communication  

Alternatively, business communication should not be overlooked. A proper balance of both types of communication will be fruitful. The main agenda should never be compromised. And a healthy business conversation is not only being all-ears for your customers and their needs but also making your points and recommendations feel valued. In the end, both the sides should be on the same page.  

  

Profitable Outcomes  

Companies will continue their association with you if they feel that they are getting profitable returns on the investment they have done- that is YOU. If their revenue increases due to you, they are bound to stay. Additionally, keep your customers updated with your future plan of action to help keep track of the progress. Furthermore, you can even try creating a roadmap, to create and share your plan of action. 

  

Upgrading Yourself  

Change is the only constant. If you see an upcoming product being launched or a major change in the industry, be open-minded and give it a try. Being a progressive company in this progressive IT Industry means you have to stay up-to-date and upgrade constantly. For instance, if there’s a better tool in the market that can help enhance your service delivery, adopt that, get certified and suggest these to your customers. Look out for every opportunity to serve your customers well and take your service, up a notch.  

  

Well, the bonus tip here is, if you retain your customers well, they will turn loyal and there is a high chance of them recommending you to their business friends. Word-of-mouth can do wonders for your business! To sum it all up, loyal and happy customers are bound to spend more money than the newly acquired customers. 

 

Upcoming

If you want to read more technical blogs and find solutions to your problems, have a look at our blog section.