In the world of digital marketing, lead generation holds the key to winning new customers or effectively filter those who are really interested to know your business. And utilizing this marketing strategy may help convert customers into prospects resulting in organic website traffic and potential revenues. But why is it important for businesses and service professionals? Find out below.
What is a Lead
When you hear someone who has expressed interest in your product or service, you may call it lead. You can generate leads from various sources, including website visits, social media campaigns, and phone inquiries or through direct referrals. These leads, however, may be required to fill out an online form on your website or answer some random questions to verify their interest. Once they send you a response, you may contact your leads to introduce your product or service.
To qualify your generated leads, you may ask specific questions or respond to their queries to ensure that these people are truly interested in your product or service. But if you don’t have enough time to filter out leads, you can seek help from third-party lead generation companies. Unfortunately, not all third-party lead generation providers qualify the leads that they sell to you. And this may result in time wastage and additional business expenses over leads that aren’t capable of producing results.
What is a Lead Generation?
Lead generation involves the process of generating new leads and nurturing them to become potential customers for your business. This also involves developing the interest of any person in your product or service by providing valuable information or asking specific questions. What’s more important here is to entice your leads to send queries along with contact details and additional referrals.
Lead generation begins the process of qualifying leads and turning them into potential customers. As you generate more qualified leads, you also increase your chances of making more engagements and sales. However, your business has to nurture these leads by bringing them to your sales funnel to convert them into actual sale. And to make sure you’re not wasting resources on unproductive leads, your marketing team should nurture each potential lead.
Is Lead Generation Expensive?
For some, lead generation can be costly as you need to hire additional team members, but this can be cost-effective in the long run. It offers a credible solution for small businesses struggling to make sales or compete against larger companies. You are able to generate qualified leads with random customers who are genuinely interested in your products or services. And qualified leads may likely deliver results for your business despite the presence of tough market competition.
High-quality lead generation from search engine providers, including Google or Facebook Advertisement, may help you find customers wanting to purchase something. Without these qualified leads, you will find it more difficult to secure new customers or make sales. You can be sure that no resources are wasted if you generate your own leads because you’re able to contact those who are interested in your business.
Why is Lead Generation Important to Your Business?
With vast improvements in digital business landscapes, customers are no longer attracted to conventional advertisements like billboards and print media, but rather on digital contents that are engaging to them. Apart from this, the buying process has also dramatically changed as marketers need to build new strategies to reach customers. And one of the most effective strategies is to generate sales leads from social media platforms and business websites.
Here are a handful of reasons why lead generation is important for modern businesses:
Increase in revenues
Increasing sales of your business products or services are one of the most remarkable benefits of lead generation. If you use lead generation for your business, you can make more sales by converting leads into regular clients. Even B2B marketers utilize this form of marketing strategy to build continuous relationships with customers. Though building organic relationships is better, lead generation is still considered an effective way to expand market reach and develop qualified leads.
Easy target on potential customers
Lead generation allows businesses to target potential customers based on demographic location, shopping preference, and specific want. This provides valuable information which your marketing team may use to modify your product lines to meet their interest. Since the main objective of this marketing strategy is to generate quality leads, you should focus your effort on determining the right prospects by introducing fresh topics, promoting new services, and conducting relevant market research. Email marketing is, by far, the best form of lead generation with the highest ROI potential.
Cheaper advertising option
A lead generation is a form of marketing strategy which is cheaper than other types of digital marketing campaigns. Prices for lead generation significantly vary in accordance with the level of difficulty in acquiring leads. In this method, you can use form filling, online surveys, email marketing, social media engagements, and community forums to get leads. Each method has its own set of strategies carefully planned and developed to increase conversion rates.
Increase in brand awareness
Brand awareness refers to the measure of how popular your brand is within your target market. By using lead generation, you’re able to develop a strong reputation for your brand, which, in turn, may result in higher customer conversion. Lead generation also provides businesses the opportunity to educate or inform customers about your expertise over a particular niche, thus allowing you to build trust and credibility with your target audience.
Important tactics for Lead Generation
If you opt to explore this incredible marketing strategy, you definitely need these tactics to make lead generation successful.
1. Content Marketing
Content marketing is one of the best methods for generating quality leads. This contains interesting and engaging content created to attract readers or viewers as well as provide valuable information about you and what your business may offer. With prior information regarding your products or services being shared with the public, content marketing can make all marketing duties a lot easier for your team.
Search engine optimization is an effective marketing strategy used to help your website rank higher on the search results page. If your website lands in a favorable position, you automatically increase your chances to acquire more organic traffic based on the relevant search terms, keywords, and phrases. If you continue to get more website traffic, you can now easily generate quality leads and eventually convert them into potential clients. As valuable components of SEO, PPC, website development, mobile optimization, and remarketing can also perform lead generation for your business.
3. Social Media Marketing
Social media platforms are no longer limited to just connecting people anywhere across the globe, but they have become a permanent communication hub that connects people to various products, services, and businesses. If you want to promote your business, know your audience, and eventually generate leads, Social media marketing should form part of your digital marketing strategies by this time.
4. Lead Generation Specialist
A lead generation specialist provides much-needed assistance to help your business acquire the most relevant leads. Lead generators possess the necessary skills set to generate quality leads, whether from outbound marketing, social media platforms, email communication, or just an ordinary form filling activity.
When you seek for business expansion, lead generation automatically becomes an important part of your digital marketing strategy. This method is directly connected to finding new customers and how you can build lasting relationships with them. Remember that you can’t build a steady client database without generating any leads in the first place.