4 Reasons Why Lead Generation Will Help You Grow Your Business
As many of you are aware, the way products and services are bought nowadays has completely changed. Advertisements are not always as enticing as they used to be, and the days of aggressive sales pitches and commercials are long gone. Quality content is the new thing.
Business leaders and marketers are continuously finding new ways to reach customers. Building rapport and focussing on what the customer needs is essential in today’s market, instead of mass advertising and email blasts. Nowadays, the key to a successful business is the generation of new sales leads. Ideally creating inbound leads and demand is preferred. Inbound leads are usually better quality leads.
I’ve listed 4 reasons below that will explain the advantages a business gets from having good quality leads:
Laser Targeting Your Desired Customers
Targeted lead generation will enable you to really target the customers that you want.
You can gain useful insight on your ideal customers. They could be from different demographic locations for example. You can also find out what type of service or product they need and what their preferences are. This can be helpful in determining the value that your product or service may have from the customers point of view.
However, let’s not forget, it’s not only about the number of leads, it is about the quality of the leads, for example, an accountancy firm should be targeting and refining their strategy to attract the right type of accountancy prospects. Does the accountancy firm want sole traders or do they want mid size businesses who turn over millions? If they want mid size businesses as their ideal customers then they don’t want to attract small ‘one man band,’ type of leads. This needs to be considered as part of their marketing strategy.
Where are they ideal customers? What do they post about? What do they do? Gather knowledge.
Once the correct prospect is identified, you can see what type of content they consume, helping you to decide what type of content they want, you can look at their business activity on LinkedIn for example and see further information about who works at the business and who you should be targeting their as the decision maker. This information and knowledge will help you to have better conversations with them and this can also help to convert them into a customer.
At FYAMI, we are aware of this challenge and have built their service to help companies identify who their Ideal Client Profile is (ICP). By using advanced sales navigation tools, we are able to outline in a one-page summary the ideal type of client, position within companies and relevant contact details. The process begins by screening the web, LinkedIn and other databases to gather a pool of companies and people that match our previously given criteria.
Laser targeting your ideal customers enables you to reach out to the right people, whether this is via email marketing, social media marketing or by using targeting ads.
Targeting anyone is a waste of time, money and other resources.
You can create lead generation landing pages to gather quick information about an ideal customer (prospect) and you can attract the ideal prospects to this page.
The importance of Lead Generation has never been so evident. Generating leads attracts potential buyers, and potential long term customers. If a potential buyer fills in a lead capture form on a website it helps the business who is providing the service to see more about them before they make contact. They may fill in their name, job title, company name, website and the solution they are keen on. This information will help you to do a little more research before you call them.
Generating brand awareness
Brand awareness is key when defining how well your brand is known and also perceived in its market. A stronger reputation and better credibility results in greater profit potential.
When creating demand and generating leads its important to think about your brand in your communication strategies. You don’t want to do a lead generating campaign that may negatively impact on the business brand. The content you put out can all have impact on your brand and how you are perceived by your target audience.
Lead generation mixed with brand awareness exposes your product or service more, which is likely to generate further conversation with potentially new customers and also within your current customer base.
Lead nurturing is where you take into consideration the buyer’s journey and sales funnel, therefore building a strong relationship with your prospect by utilising relevant content. This has proven to be a strong strategy as it illustrates your expertise in your niche, therefore building credible presence with your desired target audience. There are also automation tools you can use to help you with this such as hubspot.
Current trends highlight that the need for lead generation will only continue to increase, particularly for service-based businesses such as B2B technology businesses and accountancy (finance) firms. Data from Genius.com shows that 66% of buyers stated that one of the main marketing strategies that influenced their choice of service provider was receiving consistent communication via email.
Leads = customers = profits
Over 55% of B2B marketers spend more than half of their marketing budget on lead generation, as it has consistently proven to show an increase in sales of products and services. Turning these leads into dedicated customers will in turn increase profit margins of your business. Although this is a highly effective form of business expansion and profit generation, building relationships organically is still imperative.
A warm lead should never be ignored as it’s one step closer to closing a deal. At FYAMI, we have an in depth understanding of email marketing lead generation and it’s one of our main services. Our definition of a warm lead includes a prospect who has inquired about the product or service or has requested to speak to the sales team. This is forwarded to the sales team containing the data securely or sent directly to your CRM (or however you prefer).
Lead generation is imperative if you want to survive amongst market competition. It results in a better Return on Investment (ROI) due to its inexpensive nature. Creating inbound leads is also cheaper and this can be achieved with the right targeting, communication and content strategy.
Costs less than other advertisements
Lead generation offers a convenient and cost-effective marketing strategy. Specifically, in the last year, I’m sure we could all agree that good lead generation is imperative! Leads can massively vary in cost between £5 and £thousands depending on the price and quality. This variation is due to the level of difficulty in attaining the lead. Generally, the higher quality leads generate higher conversion rates.
Lead generation is a no brainer! The buyer wins and the seller wins! For example, buyers can request information from businesses that offer the product or service they require. The seller can then pitch itself to others who allow it, creating some of the most valuable leads. These leads tend to convert way more than cold contacts.
There is a direct connection between business expansion and finding new clients. Let’s be honest – you are not likely to have customers without any leads in the first place! Yes, leads become customers and happy customers can provide client referrals but you do need leads to start with. That’s why lead generation plays such a substantial role in this new digital age!
It might seem simple; However, it can be quite tricky to do correctly. Hiring a lead generation agency in London like FYAMI, that excels in providing qualified leads, can grow your business, increase its productivity levels and as a result, make you more money, simple as that!
Research by Imran Walji, technical project manager and digital consultant. Experience working at doherty.co.uk, NHS, BP, PwC, EY