Lead generation is all about attracting and converting leads. Lead generation is absolutely critical if you want to grow your business, but it is also very challenging. According to research from CIENCE, 60% of businesses said generating new customers was their biggest pain point. To help your business supercharge your lead generation process and build a complete list of potential clients, we will share 6 tips!
What Is the Lead Generation Process?
Lead generation typically follows three stages. It starts with a customer finding out about your business. This could occur through various mediums, such as a blog, a product review, or a YouTube video. Then the customer starts doing some research about your company; maybe they look at your website, check out your products, and become excited about your offerings. Then finally, they make their decision and convert either by filling out a free trial form, booking a call with your sales team, or signing up for your newsletter.
Once a lead has converted, the game has only just begun. You then need to determine whether they are ready to connect with a sales rep or if they need some additional marketing. Sometimes they are ready to buy today, while on other occasions, it may be months until they are ready to pull the trigger. To ensure you drive revenue and win high-value long-term customers, you need to analyze the entire lead generation process rather than just focus on getting as many leads as possible. Creating a few high-quality leads is often more valuable than generating 100 leads made up of people who aren’t the right fit for your products.
1. Focus on What Works
The big mistake that companies make is trying to generate leads in too many different ways. This often leads to companies creating numerous poor funnels. Instead, you should identify your top-performing lead generation methods and focus on them. For example, if you have a YouTube channel, devote more time and money to creating epic videos. Instead of making one video a week, make two.
The same goes for if you have a booming blog. Ramp up the number of posts you are writing and spend extra money to produce captivating content that your customers and prospects want to read. The most successful companies are willing to put projects on hold or cancel them and double down on their top-performing lead-generation channels.
To help figure out what channels to focus on, you can use a marketing attribution tool like Ruler Analytics. This tool pairs marketing data with revenue so you can instantly see what channels are performing well and generating the most revenue.
2. Update Your Leads List
Too many companies let their leads list become outdated and continue marketing to dead email accounts and to people who are clearly not interested in their products. This results in a waste of resources and very poor conversion rates. Luckily there is an easy fix!
To reinvigorate your leads list, you should call people who are not opening your emails and remove any people from your leads list with outdated information. It is also wise to remove prospects from your leads list who have shown no interest in your products for years.
To add new prospects to your leads list, you can use a prospecting tool like SignalHire. SignalHire has a 650 million strong B2B database which you can search to find prospects’ email addresses, phone numbers, and social media profiles. You can perform bulk searches and then immediately upload the results to your CRM. In just a few minutes, you can have a well-targeted and accurate leads list. By leveraging a tool like SignalHire, you can reduce the time it takes to build a lead list while also ensuring that the contacts fit your target profile.
3. Pre-screen Leads
Many companies are able to generate a lot of leads. However, the problem is the vast majority of them are not the right fit for the product. The result is a lot of wasted time and money as you pour serious cash into your campaigns only to receive leads that have zero chance of ever becoming customers. It is also a great way to frustrate your sales team by constantly sending them poor and unqualified leads. Nobody wants to waste hours of their day calling no-hoper leads.
Luckily there are simple ways to pre-screen leads and instantly boost their overall quality. One of the most effective ways is making the lead capture form much more detailed. You should include questions about the lead’s business and specific things they need your product to achieve. Don’t worry about the drop-off rate because leads who aren’t willing to fill out a slightly extensive form are unlikely to become customers.
4. Track the Right Metrics
To ensure your lead generation process is effective, you need to measure everything! If you need to know where leads are coming from, how often leads are converting, and how much you are spending per lead, then you have no idea what is working and what you need to change.
HubSpot is a great lead-tracking tool that can help you quickly identify a lead’s source and its quality, all from one centralized database. While you can track hundreds of potential metrics, the most important are the acquisition cost and customer lifetime value. Ideally, you want to find lead generation channels that have a low cost of acquisition but a high customer lifetime value.
5. Set Benchmarks and Goals
Creating goals, both short and long-term, provides your business with a vision for the future. Once you know where you want to end up, you can start building a lead-generation process that allows you to reach your targets. For example, let’s say your goal is to grow revenue by 20% in 2023. With this goal in mind, you can calculate how many leads you need to create and what conversion rate you need to achieve. Then you can start determining your budget and specific channels and creating marketing material. Without a goal, there is too much guesswork, and it is easy to become frustrated or lost in the fog.
Nearly every business could benefit from upgrading its lead generation process. Luckily, lead generation is not overly complicated. If you focus on your top-performing channels, regularly update your leads list, pre-screen leads, set goals, and track benchmarks, you will have more high-quality leads than you can handle. Comment below what your top-performing lead generation channel is.