What is lead generation?
Before jump into the discussion on importance of lead generation services let’s talk about the basics of lead generation first.For starters, we need to ask ourselves – what is lead generation? Lead generation, a branch of marketing, seeks to convert people into potential clients. Hence, a lead can be classified as any person who indicates an active, potentially potent interest in a company’s product or service in any way, shape, form.
Leads will generally hear back from a business or an organization once the process of communication has been initiated – for instance, by perhaps, submitting personal information on an online form, a trial or even a subscription! This process is so much more intimate, comfortable, and humane than having to receive random calls from 10 different strangers a day, bothering you for your contact information.
Let’s suppose, you opt to take an online survey to gain some valuable insight into how you can better care for your car. Now, magically – after a day or so of letting the information sit right with you, an email from the auto company may alert you to their services, and inform you on how they may take care of your car. This process if far less invasive than any other traditional marketing method.
From a purely business point of view, the information that you’ve provided in the form will help the company in collecting adequate data to formulate a personalized response for you, and to understand your car problems from the get go, so that you can end up with the best solution – rather than wasting your time by calling numerous times a day.
Therefore, leads are really part of a massive lifecycle through which consumers can transition from merely a visitor to a customer – it is a delicately crafted process. It’s also important to remember that not all leads will be the same.
A modern take on Lead Generation:
The process through which people, today, purchase products and services has changed entirely, for better or for worse – things are no longer the same. The world has evolved. Consumers have different needs, and require different advertisement material. What worked 10 years ago perfectly, no longer works any more.
For example, customers will no longer cast a second glance at your advertisement if it’s extremely flashy and neon bright. That now, is termed “tacky”. On the other hand, marketing tactics have also morphed into something greater, something more subtle yet requiring a higher amount of brain power. Aggressive sales pitches and commercials were effective, perhaps a couple years ago. The worth of quality content, packed concisely is developing more value in terms of consumer engagement and business sustainability.
Similarly, the buying process has also undergone repair. Now, marketers need to seek various different ways to reach out to buyers. Instead of merely targeting customers with mass advertising or email blasts, marketers have now shifted focus to becoming easily found, just a quick away, and priorities have changed to accommodate the building of continuous and key relationships with buyers over the long term, ensuring they stick around for your business.
Nowadays, one of the main key prospects to developing a successful business model is the ultimate generation of new sales leads.
So why is lead generation services are important and what advantages may a business earn from tucking in high – quality leads?
Listed below are 4 reasons why lead generation will definitively enhance the progress of your company:
Use of lead generation service to get targeted audience:
With lead generation, you now have the power to target your desired customers no matter whether they’re at different demographic locations across the globe, hence appealing to an international audience, and allows you to collect all the vital information about prospects, their needs, and their preferences. This can truly help change your business, and allow you to align the value of your product or service to meet a consumer’s wants, needs and/or interests.
As is now obvious, this process is not merely about the quantity of leads, instead, great weightage is given to quality, for sustainability purposes. For instance, companies should be focusing on and directing their efforts on attracting the right prospects for a company employing an effective lead generation strategy to determine who their qualified prospects are, what type of content they consume, and how you can, potentially, convert them into customers.
Aware of this challenge, BizzBee Solutions created a service that assist companies greatly in defining their Ideal Client Profile (ICP). The only requirement to be fulfilled, prior to the commencement of the process is a one-page summary outlining the ideal type of clients, ideal positions within companies, and type of contact information. The journey starts with screening the web, LinkedIn (using advanced Sales Navigator tools), and other databases to identify a pool of companies and people within that serve as highly relevant in accordance with the previously given criteria.
Demand of lead generation services
Lead generation has become increasingly popular over the years, since it now enables companies to be able to freely choose the product or lead generation services they want to offer, engage in tighter, more effective demographic targeting and control the number of leads a business wishes to receive over a certain, given amount of time. All in all, it makes your work easier, allowing you to focus on the other key aspects of your business.
Generating brand awareness
Brand awareness can typically be described as a measure of how well your brand is known within the parameters of a defined market. Here’s a basic principle – the more that people have heard about your brand, the greater your brand awareness is, and hence, the mightier your reputation, and the greater your profit margin and potential expands to become. Lead generation will allow you to educate people within the market you’re targeting or aiming for, about certain products and features, and henceforth, creatively integrating the use of a clever, and effective business tactic – spreading awareness through “word of mouth.”
Lead nurturing, on the other hand, is the process through which your business begins to build relationships with prospects in every stage of the buyer’s journey and sales funnel by emphasizing on and wielding the relevant content required for the process. Do not underestimate it’s worth – it is all in all, a very powerful strategy. It gives you the invaluable opportunity to build trust and credibility within your desired target audience by showing them that you’re an expert in your niche.
Trends go on to reveal that the need and demands for lead generation services will continue to skyrocket, grow, evolve and expand over the coming years, specifically working in favor of service – oriented businesses. Relying on a study by Genius.com, 66% of buyers pointed out that receiving consistent communication via email was one of the major influences for them to ultimately fold in and opt for a certain service provider.
Hence, a simple mathematical equation:
Leads = customers = profits
Statistics reveal a stunning fact – over 55% of B2B marketers spend more than half their marketing budget on lead generation – can you imagine that? Can you imagine not spending that exorbitant amount of money on something you don’t need?
Remember, one of the most important benefits of this strategy results in a high influx of increasing the sales of your products or services, hence offering profit. This is a fact – businesses that smartly employ the use of lead generation are far, far more likely to churn a higher number of sales by converting leads into long time, high quality, full-fledged customers. As a result, this will for sure, subsequently go on result in a surge in the profit margins of the business. Although we do agree, that building the relationship organically is always better since it’s human to human contact and far more intimate, yet lead generation has proven to be an exceptional and much faster way to profit and expand.
At 360Leads, we truly believe that a warm lead in the bag is a miler closer to getting your hands on a deal. Our definition of a warm lead can be a prospect that has asked you for a quote or requested to talk to sales. Such being the case, warm leads are then forwarded to your sales team with all the gathered data about them. The delivery can be in excel file, or directly to your CRM.
Lead generation is an absolute must have in the cut throat corporate world, and specifically if you want to remain within a competitive market, long term. Each market is now saturated, so you need to be the best at what you do, you need to beat the competition surrounding you. Moreover, lead generation also contributes to a better Return on Investment, by being the cheapest direct marketing method.
Costs less than other advertisements
Since advertising is a pre requisite of sorts for running a successful business, it is extremely important for companies to select the most convenient marketing strategy that will serve to be both, cost-effective and produce better results. Lead generation offers that you that invaluable option, a rare opportunity, no doubt.
Lead generation services can be mind – blowingly cost-effective. Leads can vary anywhere from $5 to $500 per lead depending on the price and quality of lead you are opting for.
Pricing is almost always interlocked with the difficulty level of acquiring the lead. The rule is pretty simple, and clear — the easier, and faster you can get to a source, the lower the price will resultantly be. Usually, higher-quality leads will always come paired with higher conversion rates.
Lead generation is a win-win situation for both the buyer and seller, and that is hardly a deal you’ll be able to strike anywhere else in the business world. For example, buyers can request information from several businesses that offer the product or service that they are specifically interested in. Then, the seller can make its pitch to people who have, prior to the process, offered their consent. These are something we like to call the hottest leads. Conversion rates on leads received in this manner will always prove to be far more successful than cold contacts.
The process of lead generation is in reality, extremely simple, yet can become an arduous and stressful task if done half heartedly or incorrectly. A lot of marketers will face internal obstacles when trying to generate leads. This is why it’s best to hire a qualified and experienced lead generation agency such as 360Leads, who effectively excel in offering lead generation services for businesses that need that extra boost of productivity to achieve better results, and cross the finish line way before competition.
Life’s a race, and we’ll get there first. Your goals are in close reach with us.