As we navigate through the second half of the year, B2B SaaS and Tech companies are facing unprecedented challenges in meeting their targets. Sales cycles are stretching, budgets are shrinking, and global economic uncertainties are forcing companies to reevaluate and, in some cases, make difficult decisions like layoffs. In this landscape, nurturing closed lost deals emerges as a strategic focus for companies seeking to recover lost ground and achieve sustainable growth.
Having recently collaborated with several B2B SaaS startups, it’s evident that the conventional wisdom of solely focusing on acquiring new prospects is undergoing a paradigm shift. Attracting fresh leads demands significant time and budget investments, requiring education of the market and the creation of demand – a process that doesn’t yield immediate results. Additionally, the extended sales cycle adds another layer of complexity to securing new business.
So, why should businesses invest in nurturing old, closed lost deals? The answer lies in the fact that these leads already possess knowledge about who you are and what you offer. They’ve expressed previous interest in your solution and are cognizant of the problems it can solve for their business. Essentially, they are familiar with your value proposition, making it easier to reignite conversations and showcase the value your product can deliver.
Drawing from my experience managing global demand generation for a SaaS company, I’ve witnessed the potency of a well-executed nurturing campaign. A single email initiative aimed at closed lost deals resulted in over 25 re-conversions. Sometimes, the seemingly mundane email can work its magic!
Here are a few key suggestions for enhancing your nurturing plans beyond just closed lost deals:
1. Old Lost Deals
- Track loss reasons to segment prospects effectively.
- Address pain points and reasons for the loss.
- Consider sending targeted content like competitor comparison pages or sales offers based on the specific loss reason.
2. Top-of-Funnel/Middle-of-Funnel Leads
- Identify contacts that are engaged with your product but haven’t converted (booked a demo/requested a quote).
- Segment based on content engagement.
- Encourage booking a discovery call and complement email campaigns with retargeting ads.
3. Lost Marketing Qualified Leads (MQLs)
- Follow up with leads that booked a demo but were lost.
- Analyse lead statuses for segmentation.
- Consider sending pre-recorded demo videos for those who didn’t show up.
4. Existing Customers
- Run campaigns to upgrade existing clients based on your product offerings.
5. Churned Customers
- Understand reasons for churn and leverage this information.
- Reach out with targeted messages to rebuild relationships and possibly win them back.
In a nutshell, effective nurturing goes beyond just closed lost deals; it encompasses a holistic strategy that considers various stages of the customer journey. By understanding your audience and tailoring your messages accordingly, you not only maximise your chances of re-engagement but also lay the foundation for long-term customer loyalty and business success. Stay tuned for more insights on effective marketing strategies in future posts!