Personalization and Performance Webinar: How much revenue are you losing due to slow, infrequent and impersonal follow-up?
In our recent webinar, CEO of Metadata, Gil Allouche, and Head of Product Marketing at Conversica, Gary Gerber, discussed personalization and performance in lead follow-up. Why is it so important? Are companies losing revenue when they don’t personalize their outreach efforts? The short answer is yes.
One of the primary functions of marketing is to build pipeline for sales. In order to meet this objective, marketers need to make sure that every lead is getting worked properly. After all, a lot of time and resources are being spent to generate those leads – it makes sense to want to maximize the ROI of those leads. Problem is, it’s easier said than done.
In our 2017 Sales Effectiveness study, Conversica secret shopped close to 1,000 companies on their lead follow-up practices. What we found was staggering – 4 out of 10 companies never responded to their leads. What’s the point of working so hard to generate those leads if nothing is going to be done afterwards? There’s no debate on the importance of lead follow-up; however, lack of bandwidth and staffing limitations prevent a lot of companies from effectively doing so.
The end result is that some companies resort to auto-responder emails or worse yet, sending all inbound leads to their sales team, resulting in a big percentage of those leads being ignored. According to an Accenture study, 75% of consumers are more likely to buy from a retailer that recognizes them by name. 81% want brands to get to know them. Customers want companies to understand their unique needs and respond accordingly.
Personalizing Lead Responses
Companies can make small changes to personalize and enhance the lead follow-up experience, such as:
- Include a personalized greeting
- Use an individual email account instead of generic “sales” or “info” address
- Mention the specific product or service the lead is interested in
- Add the representative’s contact information to continue the conversation
Below is an example of a good follow-up email that includes key elements of personalization:
By personalizing email lead responses, companies stand to improve their click-through rates by an average of 14% and conversion by 10%. Moreover, simple steps such as including a signature improves email response rates by 22% and customizing the subject line increases the likelihood of opening the email by 26%.
Improving Lead Follow-Up Performance
Providing a personalized lead follow-up experience and improving the performance of your lead response can be difficult to achieve at scale. One way companies are tackling this issue is by leveraging AI technology to automate key aspects of demand gen and sales follow-up. Metadata and Conversica have partnered to optimize this process:
In steps 1-3, Metadata follows a strict process to understand demand gen tactics that have worked in the past (e.g. who we sold to successfully in the past and who we should sell to in the future) in order to close the deal. Their AI operator doesn’t just give you the insights or sell you the data of giving you that list – it actually generates the list, lets you preview it, and then goes after those people within those companies using your existing marketing mix of collateral, creatives, and channels. The Metadata platform continuously run experiments and permutations of every type to determine the coefficients of making a successful sale.
Conversica picks up the process in steps 4 and 5 with an AI sales assistant that follows up and engages those leads. Just like a person, she works as part of the team to improve performance and unlock the team’s full potential. And like a human, she’s great at engaging leads and elevates the hot leads to the salespeople; she’s infinitely scalable and doesn’t call in sick and follows up consistently.
Plus, be sure to watch the full (but short!) webinar on personalization and performance:
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