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lemlab
8 Strategies to re-engage and convert lost leads
lemlist team
April 30, 2024
|
7 min. read
lemlist team
LAST UPDATED
September 4, 2024
READING TIME
7 min.
Your B2B business will lose leads. Sometimes it's because they aren’t just interested; other times, it might be due to something else. The good news is that these lost leads can be won back. With the right re-engagement strategy, you can make them interested again and convert them into loyal customers.
This post will give insights into why you’re losing leads and ways to re-engage and convert these lost leads.
What is a lost lead?
A lost lead is any qualified sales prospect who has shown initial interest in your product/service but has taken actions that indicate that they no longer have this interest. For example, they may have stopped opening your emails, reading your content, or responding to your messages.
Why do you lose sales leads?
To start the re-engagement process, you need to understand why you lost them in the first place. Since lost leads can occur for several reasons, here are a few common reasons why businesses lose leads;
1. It was never a lead to begin with
Only 56% of B2B companies verify their leads before passing them on to the sales team. In many cases, companies may have identified the right prospect but logged in the wrong data. For example, during a webinar, you could have a very engaging prospect/lead but then after the event, it could’ve been the wrong email they registered with.
Sending emails to that address will be counterproductive. This is why you need an email finder and verifier. So that whenever you send a message, it goes to the right person.
2. You were too pushy
It may have been the right person but you came on too strong. 51% of leads unsubscribe from emails because they get it too frequently. For a B2B business, prospects often need time to consider your offer. When the communication within this period is too frequent, it can be a turn-off.
3. You over-promised and under-delivered
Perhaps in your sales pitch and offerings, you promised a specific feature. Then, they see something else during their interaction with your product, service or review from other clients. This is very common with leads who engage with your free trial.
The number one reason why users on the free trial never upgrade is because the product did not meet their expectations. So review your pitch to be sure that you’re not overpromising or overselling.
4. You’re promising everything and nothing
In some situations, you’re just not communicating clearly. Your offers have everything and so when you’re pitching, you think you’re showing all you can offer.
In reality, the prospect is overwhelmed and then goes on to find a more simple or tailored offering. So don’t try to outline every single thing your product can do. Highlight what the client needs.
5. You did not capture the right data
When getting details about your leads, especially on a form, it cannot be too long or too little. If it's too long, they’ll bounce. However, when it's also too little, you won’t capture enough details that will allow you to provide personalized recommendations.
Strategies to re-engage and convert lost leads
Reengaging lost leads requires a lot of effort and attention. Sometimes even more than acquiring them in the first place. But they are always worth it in the end. Here are a few re-engagement strategies guaranteed to convert your lost leads;
1. Review the cause of loss
Instead of launching a campaign first, try to understand why you’re currently losing leads. A good CRM tool that clearly captures your customer journey like lemlist will provide these insights.
For example, did many leads drop off before or after interacting with your sales team? How many emails did they open? What type did they engage with the most? With these insights, you’ll be able to spot the key drop-off points in your sales funnel and optimize it for success.
You can also launch a survey to ask them directly if you’re unsure. The great thing about this is that you can get direct feedback about what to do differently.
2. Segment those that have a higher chance of returning
The truth is that not all lost leads will come back. So you need to channel your resources to those that have a high chance of converting. We recommend using your sales intelligence tool to identify those with the most potential - particularly those with high activity levels and who are lower in the sales funnel.
So a great example could be someone who has visited your pricing page a lot or a prospect who has saved multiple templates you provide. It could also be someone who has had more than one call with your sales team.
Depending on your business and ideal customer profile, make a new list and build your strategy based on their actions. If they’ve visited your pricing page multiple times, you might want to offer a promotion to get them interested again.
3. Use the information gathered to create a retargeting workflow
Once you have the details of why they are dropping off as well as who they are, launch a retargeting ad. This way, they are reminded about your business as well as the service or product they were interested in.
The goal here is to stay on top of their mind and nudge them into taking another action on your website. This is why you need to use the behavioral insights you get from your sales tool. Start with a small budget and then optimize it based on the performance.
We also recommend setting up specific workflows and triggers. So once they take that desired action on your ads, you can spark up a conversation that’ll lead to a conversion.
4. Deliver relevant messages through personalization
If the reason you’re losing leads is because of your messages or not building the right connections, this is the best time to act. Create highly personalized messages based on the actions they take on your website.
In addition to their company, job title, and name, include details like personalized images and videos that contextually suit their needs. Not only will you stand out in their inbox, but it’ll make them feel heard and seen. Everyone wants to do business with a company that makes them a priority.
It’s also possible to do this level of personalization on a large scale. With an automation tool like Lemlist, you can include several layers of personalization that’ll switch a generic email template to one that converts.
5. Use the right channels
Don’t just stick to emails In fact, 62% of B2B consumers say they are overwhelmed with the amount of emails they receive. So to capture their attention again, you need to be on the platforms they actually use and will respond on.
For example, if your prospect is very active on Linkedin, it just makes sense to connect with them there and build a relationship. Some prospects also prefer to have conversations over the phone.
The key to using these channels is to use a multi-channel approach and not be spammy.
So use multi-channel outreach tools that’ll send automatic connections, comment on their posts, and send tailored messages.
6. Create FOMO by offering time-bound promotions
Don’t lose these leads again. Instead, give them a reason to get locked in by offering time-bound promotions. Make sure that whatever promotion or incentive you’re offering is actually something they are interested in.
For example, if they’ve been worried about the pricing, a Black Friday sale is the perfect opportunity to lock them into an annual plan.
7. Monitor and optimize for more
The most important strategy for re-engaging leads is to keep optimizing for success. So when running any of the other steps above, we recommend splitting your campaigns.
With an A/B test, you can see what variation is working best and double down on that. Review your sales pipeline and don’t be scared to switch things up if they aren’t working.
Also, consider optimizing your speed response time. When a prospect has a question, assign a member of your sales team to deal with these queries or even invest in a chatbot. This way, your leads won’t feel unheard and take their business elsewhere.
When is the best time to re-engage lost leads?
The best time to re-engage lost leads varies depending on your business or strategy. But you can start implementing these strategies above when;
You have a new offering that’ll be valuable to them
There’s a seasonal event that aligns with their needs or interest
A few months after they’ve gone cold - preferably between 3-6 months
When they take up a new activity on your website after a long time- you can monitor this from your CRM
Conclusion
Understanding your sales process and journey is a key step in re-engaging your lost leads. Improve the process with the right lead engagement tool like lemlist to get better results for your business.
lemlist team
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