In this buyer’s market, it’s becoming increasingly important to educate consumers about your product. A lot of effort is put into lead nurturing programs to help guide prospects through the buying cycle and eventually create a sale. Unfortunately, you can’t close every deal and contact is usually cut when the prospect chooses a competing product. But, all is not lost. Have you ever considered nurturing those lost leads? It’s so crazy it just might work.
Adam recently finished an interview with MarketingSherpa about Pardot’s success with nurturing leads lost to competitors. His reasoning behind the idea is that:
“If you think about it, it makes a lot of sense to keep in touch with those lost leads – if your product was on their short list, they saw something the liked in what you are offering. Your sales rep has already invested a good amount of time building a relationship with the decision maker.
Putting them on a nurturing track allows you to keep them informed of new features and updates that you’ve pushed out over the course of their current vendor contract. In a fast-growing, SaaS industry like our own, the scope of a product can change greatly over the course of a year. It’s possible that the feature that cost you a deal might be now be implemented or that you’ve added something new and innovative that puts you leaps and bounds ahead of the vendor that your prospect chose.”
With the use of automation, it only makes sense to give this new strategy a shot. Spend some time learning about your competitors and start winning back those leads.