Importance of Lead Generation For a Business
Lead generation is a technique of obtaining new business and increasing your sales velocity. Generating new leads used to contain 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 strategies are still widely used, the internet has provided lead generation options that permit you to remain in your office or otherwise “on-premise.” Despite the many aids of lead generation, many companies are still facing challenges with the marketing strategy. Some 68 percent of B2B companies struggle with it, this is why the many of these businesses struggling will instead employ the help of a marketing agency such as IRN or others to control the marketing side of their business, which will eventually show lead generation.
How Can Lead Generation Help Your Business?
Lead generation (aka lead gen) might pose concerns for some, but it solves a wide range of challenges business owners face.
Lead Generation Permits Customer Interaction
The decision to actively produce leads permits you to interrelate with your target demographic. For instance, if a consumer requests information about a product or service you offer, you can use the chance to pitch the product/service in greater detail while also mentioning other products/services.
Lead Generation Allows You to Expand Your Business
Perhaps the greatest advantage of lead generation is the capability to expand your business in new and thrilling ways. By implementing lead generation software within your business, obtaining and nurturing leads enhances your customer base and makes it likely that new leads will recommend your business to others. This results in additional leads produced without having to spend time for other areas of your business. Lead gen, in combination with other digital marketing strategies such as SEO, content marketing, and social media marketing, equals a fanciful strategy that puts your business where it fits: in the minds of your target audience.
Lead Generation Permits Identification and Prioritization of Leads
This practice makes it possible to recognize which leads are the most valuable to your business and focus on them as needed. Generation is the first step in lead nurturing and permits you to spend extra time on leads essential 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 an outdated policy that many consumers find inconvenient if not downright irritating. Online lead gen is a lesser invasive marketing tactic that allows consumers to feel like they’re “discovering” your brand rather than being stressed 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 widen 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 shares each other’s leads. Your target audience is likely to be interested in IT services, and vice versa.
Lead Generation Matches Meticulous Selection
Lead generation permits you to be extra choosy with regard to your target audience. You’re able to determine to price per lead, choose the geographical region you want to focus on, select 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 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 since you can customize campaigns and strategies rather than thoughtlessly 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 forming 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 requires some strategic support and guidance? Give us a call today.