What is Lead Generation?
Lead generation is a method of obtaining new business. Generating new leads used to involve standing at trade shows next to elaborate displays or traveling around the world, attending conventions and other events in hopes of landing new contacts. While such tactics are still widely used, the internet has provided lead generation options that allow you to remain in your office or otherwise “on premise.” Despite the many benefits of lead generation, many companies are still facing challenges with the marketing strategy. Some 68 percent of B2B companies struggle with it.
How Can Lead Generation Help Your Business?
Lead generation (aka lead gen) might pose issues for some, but it solves a wide range of challenges business owners face.
Lead Generation Enables Customer Interaction
The decision to actively generate leads allows you to interact with your target demographic. For example, if a consumer requests information about a product or service you offer, you can use the opportunity to pitch the product/service in greater detail while also recommending other products/services.
Lead Generation Allows You to Expand Your Business
Perhaps the greatest benefit of lead gen is the ability to expand your business in new and exciting ways. Obtaining and nurturing leads increases your customer base and makes it likely that new leads will recommend your business to others. This results in additional leads generated without you having to spend time needed for other areas of your business. Lead gen, in combination with other digital marketing tactics such as SEO, content marketing, and social media marketing, equals a fantastic strategy that puts your business where it belongs: in the minds of your target audience.
Lead Generation Allows Identification and Prioritization of Leads
This practice makes it possible to identify which leads are the most valuable to your business and focus on them as needed. Generation is the first step in lead nurturing and allows you to spend extra time on leads necessary for continued business success. We take a deeper dive into lead nurturing here.
Lead Generation Reduces Cold Calling Time
The marketing tactic reduces cold calling time significantly. Cold calling is increasingly an outdated tactic that many consumers find inconvenient if not downright irritating. Online lead gen is a less invasive marketing strategy that allows consumers to feel like they’re “discovering” your brand rather than being harassed or pushed into purchasing various products and services.
Lead Generation Increases Cross-Selling Opportunities
Lead generation significantly increases cross-selling opportunities among past customers. The tactic makes it possible to broaden their horizons with regard to what you offer.
Lead Generation Allows ‘Sharing’ With Other Companies
There are times when sharing leads with other companies is a good thing. This is especially true in the case of complementary businesses. For example, if your company specializes in computer software, it makes sense to partner with a local IT company and share each other’s leads. Your target audience is likely interested in IT services, and vice versa.
Lead Generation Equals Meticulous Selection
Lead generation allows you to be extra choosy with regard to your target audience. You’re able to determine pricing per lead, select the geographical region you want to focus on, choose the products or services you wish to promote, control how many leads you want to receive each month, and pay only for leads you actually get. It’s a process that ensures you target who and where you want without concern over whether you’re affecting the right consumers.
Lead Generation Makes Tracking Easier
Yet another benefit of lead gen is the ability to track campaigns, keywords, visitor journeys, and more. How many leads you receive in a given week or month sheds insight on how a campaign or keyword is working, as well as how the lead found your business to begin with. Tracking and analytics are a huge component of the digital marketing process because you can edit and customize campaigns and strategies rather than blindly pandering to your target audience and hoping for the best.
Lead Generation Increases ROI
Lead generation increases return on investment (ROI) through relatively simple tactics. The act of creating engaging social media posts is one of many ways to generate leads and increase ROI, as a whopping 77 percent of buyers say they’re more likely to support a company whose CEO has a social media page. In terms of ROI, it’s hard to argue with the benefits it brings.
Looking to generate more leads for your small business but need some strategic support and guidance? Give us a call today.