In this age of information overload, people have confined themselves to a selection process of what they want to attend and where they want to engage in. When it comes to marketing your product, traditional techniques like bombarding people with ads to increase publicity, have lost their value. People tend to neglect these bulk ads. So, marketing strategists have to devise lead generation techniques to gear up sales.
Lead generation is now a trending term in online marketing and business world. Many of you might be familiar with it and many of you might not be. ‘Knowing’ what generating leads means in business, is an unavoidable part of marketing tactics. Generating leads instigate customer interest into your business for the purpose of further engagement. Various lead generation techniques when effectively put into use, can turn these leads into prospective buyers and ultimately paves way for flourishing your company’s sales.
What exactly is lead generation?
Lead generation is the way of attracting customers into your website and making them give you their contact information like phone number, address, email ID etc. This information can be collected and quality leads who have high chances to get converted into a business can be filtered out from it. B2B, as well as B2C businesses, are always on the lookout for more leads to initiate business transactions. To get people to disclose information about themselves, you have to articulate the value of your business solution and gain their confidence. Also, you have to be present in all online platforms and be connected to your customers all the time.
But what are these leads?
Leads are people who have shown interest in your company’s offers and sales. Lead generation entails producing MQLs and SQLs. MQLs or Marketing Qualified Leads, are prospects whom you can deem as would-be customers but cannot be sure whether or not they buy your company’s product or service. When the MQL data is nurtured and handled strategically by the marketing team, it turns into SQL or Sales Qualified Leads, which are ready to be bought. They are incentivized by warm calls.
Warm calls are expected by the customers who are ready to hear from you. When you contact a lead, you collect their information and personalize search efforts to reach out to them. There are different approaches for warm calling like social media marketing, digital marketing, blogging etc… Integrating all these approaches can yield you more results.
What is the shelf life of leads?
Leads lose their value once they are out of the website traffic. So, it is up to you to reply instantly to their queries. You should make every attempt to contact the lead as it will reduce your competition and helps in establishing a rapport between you and your customers. Instantaneous replying also ensure whether or not you have found the right leads.
What are the channels for generating a lead?
There are basically two channels for generating a lead – inbound marketing and outbound marketing. Inbound marketing is ‘customer-centric’ and have long term focus and is easily found by prospects. Inbound marketing increases the visibility of your company’s website, products or services. This is done by the content optimization of your websites and blogs with keywords and answers to the questions that customers ask for. Inbound marketing employs meticulous content strategies for informing and educating the audience within a limited budget through the digital domains.
Outbound marketing is usually ‘marketer centric’ and ‘customer hunting’ type. Communication is achieved in the outbound method through cold calls or direct emails. Cold calls or calling customers directly have been proven ineffective many a time because customers do not appreciate calling them out of nowhere. They might not be expecting your calls and hence the chances of getting rejected by them are high.
B2B communication usually prefers inbound marketing channels as it draws more leads to them. This type of marketing lead the leads through three different stages of the ‘sales funnel’,namely-ToFu, MoFu and BoFu. ToFu or top of the funnel consists of leads who are unaware of your company and products. They need to be well educated about your existence. Marketing strategies like CRMs, blogs, e-books have to be evolved so as to make an awareness among the customers about the services you offer.
MoFu or middle of the funnel constitutes leads who are not completely unaware of your products or services. They have a lot of questions about you and may even start comparing you with others. They need to be nurtured and updated with testimonies, case studies and video stories so that they are attracted to what you offer.
Meanwhile, BoFu or bottom of the funnel have leads who are organic and needy. They are fully aware of what you are and what you have to offer. All you have to do to convert these leads is to lure them to you with exciting offers. Make sure you offer maximum value for your solution here.
Now how can you generate a lead?
No matter whether you are a small company or a big company, generating leads is an easy business. Creating a strong online presence is a must for keeping in your prospective buyers as well as others. Providing sign-in forms, opt forms, blogs, etc.. facilitates two-way communication between you and your customers.
To know the latest lead generation trends in 2019, check out: https://leadscribe.co/stories/why-a-customer-should-run-after-you/
There are different metrics for managing your lead generation. Some of them are as follows :
- CTR: CTR or Click Through Rate tells us how successful you have been in drawing the customers through your sales funnel. Employing CTR lets you know how many customers had done the CTA ( Call To Action ). The formula for calculating CTR is:
CTR = Total Number of Sales / Total Number of Visitors * 100
- ROI: ROI or Return Of Investment is essential during calculating the profits and losses of your campaign. With ROI you can estimate the total investment you have made for your leads compared against the initial investment you have made. It tells you whether the marketing campaigns are worth the money you spend. Campaigns with a positive ROI are beneficial for your company while campaigns with a negative ROI often proves unproductive.
ROI = Profit or loss from leads / Initial investment * 100
- CPC or CPM: Cost Per Click and Cost Per Mile are employed when you are undertaking marketing campaigns through digital platforms like Facebook ads, youtube ads, Google ads etc.. Here, if you are paying for each click you get, it is known as CPC. If you are paying for each mile, ie.one thousand views or clicks for an advertisement, then it is CPM.
Bearing these metrics in mind, you have to constantly fine-tune your lead generating efforts for yielding maximum results within a low budget. These are the basic notions of lead generation for 2019. No one will simply wander into your website. They would at least ‘want’ to know something. It is your duty to not let them go back with nothing in their hand or head. From micro-companies to MNCs, lead generation techniques can be employed at least cost, to capture information of your site’s visitors and converting them into paying customers.