Timing is everything
Whether you’re a marketer at a best-in-class global brand, a fledgling startup, or something in between, you know how crucial it is to reach out or respond to prospects at the right time, with appropriate information. Lead nurturing is a complex marketing activity that can significantly increase sales when done well, but risk lost sales or even reputation when poorly executed.
Marketing automation has helped marketers engage with prospects in a more deliberate manner. There are prescribed actions and reactions to help usher the prospect from awareness to purchase, no matter how convoluted a “path” the customer follows to become informed and make a decision. Marketing activities can be planned and automated to best respond to that prospect’s particular need at a particular time.
Every marketing organization has its unique way of scoring leads from a variety of sources – trade shows, event registrations, downloads, etc. – and determining the most appropriate response. A 12-month study of how Biocompare’s leads are followed up by marketers showed the importance of treating “Request a Quote” leads differently – more urgently – than those generated from a white paper or ebook download, a webinar, or trade show. The study showed that marketers who responded within a timely fashion, within 24 hours, to a Biocompare quote-request lead had a 75% increase in conversion to a sale.
The temptation could be to merge your Biocompare leads with those from other channels, maximizing your marketing automation efforts to efficiently respond to prospects. For the most well-oiled, responsive automation programs, that might be sufficient. But, because of Biocompare’s positioning as the buyer’s guide for life scientists, prospects on our website are much more interested in comparing products, finding alternatives, and requesting quotes than, perhaps, leads from other sources. They have a need, they have a budget, they want information, and they want to buy the best possible solution. And timing is everything.
That’s because a survey conducted by Biocompare in 2015 showed that respondents took some action as a result of visiting Biocompare. They reported:
- Visiting a vendor’s website
- Requesting a quote from a vendor
- Speaking to a representative from a vendor or distributor
- Emailing the vendor
- Passing information on to others to take action
- Filing information to take action later
These are end- and near-end-of-funnel activities deserving of a prompt or continued response from vendors. Nothing is more off-putting to a prospect than having their “request a quote” ignored, responded to too late, or merely followed-up with some literature about the product of interest.
Figure 1 –Why prompt follow-up matters
Comparing purchase rates of contacted vs. non-contacted Biocompare Marketplace-generated “Request A Quote” Leads
|
|
Purchase Rate
|
Potential Purchase Rate
|
|
Contacted by Company
|
20%
|
30%
|
|
Not Contacted by Company
|
5%
|
12%
|
Purchase Rate = those who indicated in the survey that they purchased the product associated with the lead
Potential Purchase Rate = the sum of the purchase rate and those who indicated that were planning to purchase the product associated with the lead
As you can see from the data above, not following-up with a Biocompare lead can negatively impact sales conversion. We encourage all of our listing partners to follow-up with a Biocompare lead in a timely fashion, as they are truly sales-ready!
Buyer Intentions
Eight in 10 respondents from the Sept 2015 survey said they were engaged in one or more steps of the buying journey, with 46% describing themselves at the stage of exploring different technologies and 44% ready to evaluate and compare specific vendors and products. A quarter was working on requests for proposals and seeking quotes, and another quarter was nearing the final selection. This is a ready and willing audience.
The majority of survey respondents (86%) said they visit Biocompare to compare products. Sixty-seven percent searched for products using the directories and listings, while 54% read peer reviews of products and systems and 50% read protocols involving those solutions. Nearly half (47%) read articles to learn about technologies.
The Biocompare audience is serious about buying technology, but they want to be informed about a range of alternatives. Compared to five years ago, 86% said it’s more important to make accurate purchasing decisions, yet there are more options than ever – 64% perceive more vendor choices and 71% say there are more choices of products and systems than just five years ago. In response, 71% are committed to casting a wider net when considering products.
If your prospects are casting a wider net, make sure you get caught. Next month, we’ll publish our best ideas for responding to and following up on your Biocompare leads. We’ll review how leads are generated, qualified, and delivered to you, and why they deserve their own nurturing plan.