Sales Funnel for leads

How effective lead generation can double your business revenue

Filed in Funnel Traffic, Lead Generation, Sales Funnel — December 27, 2020

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Lead generation answers a lot of marketing questions for many businesses regardless of the business size.

And since marketing is an integral part of any business, lead generation has become a staple for many businesses. An effective lead generation strategy can mean a steady stream of customers that help achieve your business’s bottom line.

Today, you’ll learn what you need to know about lead generation to win more customers and make more sales.

And even more, you’ll also learn how to get more prospects to your business front by implementing an organic or paid lead generation strategy.

In this post, I’ll walk you through, step-by-step;

  • What lead generation is
  • Why lead generation is vital to your business
  • What a typical lead generation process looks like
  • How to put in place your lead generation strategy

Let’s get into it.

What is lead generation?

Lead generation is a marketing process of attracting and capturing ideal customers of your product or service.

At its core, lead generation is about identifying and converting potential customers to your business. It employs different marketing tactics to move customers from mildly interested in your offer to ready to buy.

If your business doesn’t have a lead generation strategy, you should consider putting one in place.

Granted – your business drums in a dribble of traffic from a few different sources. However, your marketing efforts are hardly measurable. And you cannot pinpoint exactly where your customers are coming from.

Here’s what you need to know.

Driving customers to your business today is more of a science than luck. With lead generation, marketing activities can be tracked, measured, and improved.

And if you are thinking; the best lead generating strategy for any business remains to have a great product.

You’re absolutely correct.

Nevertheless, an effective lead generation strategy can triple your marketing efforts – leading to more business revenue.

There are other reasons you should consider implementing a lead generation plan for your business.

For one, customers make buying decisions way different from the days of traditional marketing. Today, generic mass marketing advertisement isn’t as effective a marketing strategy as it once was.

People yearn for a more personalized connection to your business.

As a modern business owner, lead generation gives you the best chance to attract and sell your product to the people who most need your service.

Therefore, ensuring your business success today means employing a highly targeted marketing strategy for your business.

Why is lead generation vital for your business success?

Lead generation has a major role to play in your business success today. Apart from helping you attract the best prospects for your product or service, lead generation gives you the chance to build long-term relationships with prospects and your existing customers.

Generating leads is the heartbeat of any business. And for small businesses, a dripping pipeline of sales leads is the only way to stay in business.

Here are some of the reasons why an effective lead generation practice is crucial for your business.

TARGETING IDEAL CLIENTS

Many savvy marketers and entrepreneurs today understand that not everyone is their ideal customer. Hence, they don’t waste precious time and resources trying to attract people who do not fit the profile of their business’s ideal customer.

Lead generation helps you target your preferred customers using different metrics and profiles such as age, income, education, location, etc. This also helps you tailor your services to meet the needs of your target customers.

ATTRACTING QUALITY LEADS

One of the benefits of implementing a strong lead generation strategy is the prospects of attracting quality leads to your business.

Too often, businesses waste time, effort, and resources trying to put their message in front of thousands of people – who don’t care about their business.

With an effective lead capture campaign, you only target people who show interest in your business or service.

Think of a lead generation strategy as a water funnel. Thousands of people come into the top and a few qualified customers come out at the bottom of your funnel. (More on the funnel later.)

GENERATING BRAND AWARENESS

Ultimately, lead generation strategies are a collection of marketing practices that leads to creating awareness for your brand and selling your products and services.

One of the most effective ways of gaining brand awareness is by educating and engaging with prospects on your product or service. You do this through blogging, updating your social media platform, video content and other marketing channels.

Through these marketing practices, you build strong brand awareness from getting your brand in the faces of thousands of prospects.

According to some recent marketing stats, 64% of customers say that the experience is more important than price.

And since people are more likely to do business with brands they are familiar with, it increases your chances of winning more quality customers.

EFFECTIVELY MANAGE YOUR MARKETING BUDGET

A lead generation process helps you attract, convert, close, and retain customers without outspending your budget. This means you only spend money marketing to people who are interested in the service you provide.

And because an effective lead generation process is precise and highly targeted, you gain an ROI on the quality customers you attract to your business.

More than this, unlike traditional marketing, you save time and resources by enhancing effective communication with your prospects throughout the different phases of their buying journey.

Lead generation processes

A typical lead generation process looks like this;

AWARENESS (AKA: Top of Funnel)

Prospect discovers your business through your marketing channel – blog post, paid ad, or Facebook, Instagram, Pinterest, podcast, etc.

ACTION

Your prospect takes action by clicking on one of your call-to-action buttons to learn more about your business solutions.

CONVERSION

You capture leads when your prospect leaves his contact information on your lead capture form – usually, it’s a landing page or opt-in form.

ENGAGEMENT

Now, you are in contact with your prospects. This is the time to tell them all about your service and what they stand to gain from doing business with you. Most businesses use email marketing campaigns to nurture their prospects and stay in their prospects’ minds.

Reports show that sales were made from 17.85% of emails opened by prospects. This “fun stat” shows you how effective email marketing is for warming up leads to your product or service.

It is important to point out that – with lead generation, your customer’s sales journey doesn’t end once they get your product or service. Savvy business owners know that 80% of their business revenue comes from 20% of their customers.

What does this mean for your business?

It means that retaining your customers is a high priority for your business. Your most reliable source of income is always from someone who has already bought your product.

So how can you design and implement an effective lead generation strategy?

Lead generation best practices – organic and paid.

Now that you have an understanding of lead generation, it’s important for your business, and the lead generation process, what are lead generation practices you can implement in your business?

There are two categories of lead generation – organic and paid lead generation – you can implement to generate leads for your business.

Organic leads are leads generated from organic marketing practices. These practices involve attracting prospects naturally with marketing activities such as content marketing and SEO, social media marketing, referral marketing, word of mouth. Organic leads discover and flock to your business organically.

Organic lead generation typically takes time to implement and scale. However, when implemented correctly can serve as a long-term, high-quality traffic source for your business.

Paid leads, on the other hand, refers to lead generation methods that involve paying for prospects to discover your business. There are many sources of paid leads – Search engine paid ads, PPC, social media paid traffic sources; Facebook ads, Instagram, Twitter ads, etc.

Paid ads help you generate leads much faster than organic marketing. However, it is suitable for businesses with a reasonable high marketing and advertising budget.

Although organic and paid lead generation has their pros and cons, both lead generation practices are excellent ways to find customers for your business. Experiment with both practices and find out with lead generation practice works best for your business. You can also combine both practices to great effect in your lead generation strategy.

Here are 5 ways to start generating leads for your business.

  • Determine Your Target Audience
  • Decide Your Promotional Methods
  • Build a Sales Funnel
  • Include an Email Newsletter in Your Process
  • Use Social Media to Engage With Potential Leads

CONCLUSION

The truth is – no matter what business you are in, you are always on the hunt for business leads.

With that said, you should consider your Lead generation strategy a long-term, continuous process. Your process will require constant measurement and iteration to churn out consistent results. Make sure to exercise patience and keep experimenting to find what works for your business.

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