Here at WhatRunsWhere, we provide a competitive intelligence platform for users to discover what’s out there in the world of display and mobile advertising. But competitive intelligence is definitely not just limited to advertising. A company can incorporate it into their business plan on many fronts, including R&D, marketing, finances, and much more.
Here, we cover some of the easiest and most cost-efficient ways to collect competitive intelligence from your rivals.
Keep track of your competitor’s product updates by setting up a Google Alert for their name. You’ll receive automatic emails that aggregate the most recent news that highlights that keyword. You can also build a “recipe” on IFTTT – an automation service – to send you an email when a company posts something about a certain topic (like this one).
Other great sources of competitive intelligence for product development are keynote speeches by company leaders or annual reports; these often outline the company’s upcoming plans and goals.
Lead nurturing is that critical stage after lead generation when you build up a relationship with prospects and prepare them for the possibility of a future sale. By delivering consistent content to your leads, you can encourage them to start thinking about your product niche when considering their own business plans.
Fact is, lead generation can be expensive, so you definitely don’t want to waste any promising opportunities. A recent report showed that organizations that nurture their leads see a 45% increase in lead generation ROI over organizations that do not.
Here are 4 tactics to nurture your hard-won leads to conversion.
1) Act quickly
Lead nurturing should begin immediately after you’ve collected someone’s contact info. Surprisingly enough, a lot of companies let leads go cold simply because they neglect to follow-up in a timely manner.
Set up an auto-responder so that, at the very least, you have taken some steps to engage with the prospect. Use this time to thank them for signing up, and provide links to some of your most popular materials and social platforms. After this step, remember to consistently engage your customers so they won’t forget about you.
Sometimes, it’s appropriate to call a lead right away: perhaps they’ve submitted their info through a contact page, or maybe they’ve indicated that they wish to speak with a salesperson as soon as possible. If this is the case, be sure to get in touch with the lead as soon as possible.
A study by InsideSales.com showed that the odds of reaching a lead are 100 times higher if called within 5 minutes vs. 30 minutes of submitting their contact info. Similarly, a lead is 21 times more likely to enter the sales cycle if called within the earlier time interval.
Lead generation sounds like a dream if you can do it right: put yourself out there, let the internet work its magic, and leads will trickle right into your inbox. Well, it’s a little trickier than that – how can you collect high-quality leads that can be nurtured and converted?
There are countless ways to go about lead generation; in order to narrow down your strategy, you’ll first have to do some personal reflection and goal setting. Ask yourself these questions:
- Given the existing customer base, what are reasonable expectations for your lead generation campaign?
- Would you rather cast a wide net to achieve many general leads, or would you rather zone in on fewer, but higher-quality leads?
There’s no blanket answer for all businesses, but consider your current figures for customer retention, churn, and renewals. For example, if there isn’t a high ROI on your product, perhaps it’s not the best idea to spend marketing dollars on leads that aren’t guaranteed to convert.
A recent eMarketer survey listed the most effective lead generation tactics used by B2B and B2C marketing professionals. While the rankings different slightly for the two groups, these techniques made the list as the most successful lead generation ideas.
As a Marketing + Advertising Girl who’s attended over a dozen international conferences, I must say The Art of Marketing is one of the best shows in the industry. Lucky for us, it’s happening next month and takes place right in our own backyard!
This year’s session is jam packed with great networking, leadership seminars and a superstar lineup of speakers including:
Biz Stone – Things a Little Bird Told Me: Simple Lessons About Business, Life, Service & Creativity (Co-founder of Twitter)
Seth Godin – Innovation & Change (New York Times Bestselling Author, Purple Cow, Tribes, Poke the Box & Linchpin)
Charles Duhigg – Consumer Habits & Predictive Analytics (New York Times Investigative Reporter & Bestselling Author, The Power of Habit)
Jonah Berger – Word of Mouth & Viral Marketing (James G. Campbell Assistant Professor of Marketing at Wharton & Author of Contagious: Why Things Catch On)
David Usher – Core Creativity: How to Bring Creative Change, Innovation & Inspiration to the Work that You Do (Juno Award Winning Musician & Creativity Expert)
Date: Wednesday, June 5, 2013
Venue: Metro Toronto Convention Centre, South Building – Hall G (222 Bremner Blvd)
We’re offering our readers $50 off each ticket! If 3 or more tickets are purchased you get an additional $50 off each ticket! Just register here and use the promo code TWITTERFAN.