The B2B business model is substantially distinct from B2C. It requires a different strategy and a specific approach to sales. Even the slightest mistake will lead to losing valuable leads. That can be a huge problem because this type of customer usually signs six- or seven-figure deals.
That’s why it’s crucial to learn how to re-engage lost B2B leads and channel all the opportunities to grow your revenue.
Why Do Businesses Lose B2B Leads?
Before we start discussing how to re-engage with lost B2B leads, let’s understand why this is happening. If you don’t know the source of the problem, you won’t be able to solve it in an efficient way.
With that in mind, the most common reasons why businesses lose B2B leads are:
- No personalization: All your offers need to be tailored to fit the specific needs of your customers.
- Too-long sales cycle: B2B customers cannot waste time. Their businesses are also at stake, and they want to finalize the deal quickly to support their companies. Drawn-out sales cycles will make them lose trust and look for different opportunities.
- High price: If a large corporation wants to purchase laptops for all its employees, even a single dollar of the price will make a huge difference. High prices will push away businesses because they don’t want to overspend.
- Focusing on bad leads: Poor lead qualification will attract the wrong type of customers. This is a huge issue because you’re wasting time and other resources talking with customers who potentially have no interest in your products or services.
- No follow-up: The customer journey happens in multiple phases. There needs to be a high level of communication to make sure all leads are engaged. Failing to provide follow-up might result in them losing interest.
- Poor sales support: All leads have a bunch of questions regarding the sales process, products, and services. Poor sales support will not provide satisfactory answers, which may result in the loss of valuable leads.
These are the most common reasons why B2B businesses lose valuable leads. Now that we understand the cause of the issue, let’s learn how to deal with it.
6 Tips to Re-engage Lost B2B Leads
Based on the main pain points we’ve established so far, it becomes evident that you need to:
- Personalize your offers
- Optimize the length of the sales cycle
- Adjust the pricing
- Improve lead scoring
- Follow up with leads
- Improve sales support
Less apparent is how to do all of the above most efficiently. There are many strategies at your disposal, but not all will be equally successful.
1. Understand the Pain Points of Your Customers
Every customer has a pain point they’re trying to solve. That’s why they’re looking for services or products. But if we know that every customer has a unique pain point, then it doesn’t make sense to offer the same solution to everyone.
Be sure to do your research and segment your customers into various groups based on multiple factors. Then, tailor the content to fit each group perfectly. This efficient approach will also improve brand loyalty.
If you have lost leads, it’s necessary to understand what group they belong to. Once you can categorize them, then you’ll know how to win them over.
2. Be Transparent in Communication
Communication is crucial for good business, especially if you want to generate B2B leads online without any direct contact with the customers. It may even solve a lot of problems before they escalate.
For example, if you have a lead who is waiting too long to get a reply, they’ll lose interest for the following reasons: You’re not reaching back out to them, the sales process is taking too long, and their business cannot wait.
Simple communication is one of the most efficient ways to get more leads. All you need to do is be proactive and transparent. Explain to the customer why the process is taking so long. Ask them how they feel about it and if there’s anything you can do to help them. Inform them about the different stages of closing the deal so they always know what’s happening.
3. Use Multiple Communication Channels
When you want to engage with lost leads, persistence is important. However, this doesn’t mean you should be invasive. You need to figure out what communication channels they use the most and develop a good strategy.
You can reach out to them through social media, emails, or directly. Emails are especially useful because of their versatility. Also, when reaching out, have an offer ready. There needs to be a reason for them to get back into the game.
4. Offer Discounts and Special Promotions
One way to engage with your lost leads is to give them an offer they can’t refuse. A promotion or a discount on a product will definitely have them interested.
The idea is to give them a demo or a trial version of the product so they feel like things are moving forward. If they use the product and see its usefulness to their business, they will become interested to see and experience more.
5. Ask for Feedback
Another important strategy is to ask your lost leads for feedback. This will help you understand better what went wrong. Keep in mind that some leads will not engage again, and that’s fine.
It’s also important to learn when to let go and maintain your integrity and character. This honest approach can also win you some points.
6. Be Patient
Finally, practice patience when trying to establish a new connection with lost leads. This is a slow process, and it’s better to be thorough and patient than rush things. It will feel like you’re pressuring them into doing something they don’t want to do, which is an ineffective and potentially damaging strategy.
We mentioned earlier how important it is to have character and integrity. In the end, the customer is the one who has to make a choice. If you did all in your power to re-engage, you still have to let them make the final decision. Your role is only to provide enough information and engage with them.
Generate More Leads for Your B2B Business With These 6 Tips!
Try to re-engage lost B2B leads by using these six highly efficient strategies. It’s crucial to be persistent but also to make all the right moves. This is a delicate process, requiring time and a lot of engagement. However, if you invest your time and energy into connecting with leads in these ways, you’ll soon see a lot of progress.