Lead Generation in 2020: How Businesses can Leap & Lead?
Digital Marketing | Lead Generation | Lead Generation Strategies | Inbound Marketing
Generating a qualified demand for a product or service is a great challenge for companies today, especially, when they need to survive in the intense heat of the competition. It's no more a new thing, instead, is a fairly common process that runs within every business.
How to generate tremendous volumes of leads?
How to expand the contact base?
How to improve conversions?
These are the common questions every business owner is concerned about so as to acquire the highest quality leads for their business investment. Isn't it?
And yes, in this modern digitized world it’s vital for marketers to keep up with the pace of laddering consumer demands and build well-polished lead generation strategies as business expansion lays the foundation on the key avenues of lead generation. Right?
If we sift through the list of Digital Marketing Strategy and trends, the most significant one that tops the listicle is attracting and nurturing the audience interested in your business and taking them through the entire sales funnel.
This is what is known as Lead Generation.
Leads to be efficient and worthy, directly corresponds to the activities exercised within a company that must be aimed to stimulate the interest of potential customers about the brand selling/offering.
Having good traffic to a website does not always guarantee a high volume of sales and business opportunities, thus, it's not wrong if we say that generating valuable and quality leads are as or more important than traffic generation.
Do you know?
The average conversion rate for lead generation in the tech industry falls in the range of 5% to 10% while there is a deviation in the percentage when we look industry-wise in the context of the website conversion rate of traffic incurred from the top funnel.
The Magic Formula:
Lead Conversion Rate = Total No. of New Customers / Number of Leads * 100
A relationship with a client is the driving key for true competitive advantage, so now let’s see what importance lead generation holds in business.
[Prefer Reading: “Why Digital Marketing is Essential for Small Businesses?”]
Why Lead Generation is Important?
Lead generation holds equivalent value in marketing, as well as sales, as it helps to generate new leads as well as the right, leads for a business.
Lead acquisition strategy focuses on the deep engagement of the visitors with their brand, products, or services in order to guide them towards the purchase during their customer journey. The process involves using both inbound and outbound tactics to procure leads, nevertheless, marketers found more success with Inbound marketing and strategies.
With Inbound Marketing, it is possible to win customers and potential buyers via constant traffic to websites or blogs and through lead weighting processes like SQL (Sales Qualified Leads) or MQL (Marketing Qualified Leads).
[SQL: Potential customers qualified by the sales team
MQL: Potential customers qualified by the marketing team]
In Digital Marketing, there are enormous benefits one can reap out of their wealthy and genuine efforts made to attract, delight, engage with visitors, turn them into leads and convert them into happy customers.
What to Incur from Lead Generation?
We know that retaining a customer is much cheaper than obtaining it, and with Lead Generation, it is possible to create the mechanisms and provide enough value to establish the foundations of a solid relationship between both parties.
Think of it this way: it's an effective way to gain interest from your audience in your products and services instead of having to search for themselves with other marketing techniques.
#Better Understand the Public
Now when we talk about knowledge of the target audience, the generation of prospects allows us to discover in-depth the interests, problems, pains, and needs and thus to be able to perform a more efficient segmentation.
With the blessing of Buyer Personas, which is nothing but a semi-fictional representation of your ideal client, based on various demographics (like age, gender, country, language, etc.) which will act as the pivot to implement your business strategies effectively.
#Make Data-Driven Business Decisions
Having tools and techniques at your disposal for lead generation will give you the possibility to enjoy a solid base of information about the things that your potential clients like and do not like.
For example, products or services that may or may not work, changes in your customer service system, human contact, among other factors that can only be discovered by costly and time-consuming traditional methods.
#Optimize Financial Efficiency
Another crucial aspect is that the lead generation technique of marketing enables a marketer to dedicate every penny in plans that really deliver the results that are expected.
Each effort and investment will be focussed on those aspects that provide profitability and that please your target audience. In this sense, it's about both the promotion and production of your products or services and in the customer service area.
#Reduce Sales Cycles
In addition to the previous point, among the benefits is being able to shorten sales processes and attract potential customers with a higher probability of conversion or purchase intention.
There are several ways to classify leads according to how ready they are to buy, such as lead scoring. This is one of the most effective techniques to reduce your sales cycles, save resources, time, and generate higher sales.
[Prefer Reading: “How COVID-19 has Accelerated Digital Transformations?”]
Crucial Factors for Generating Leads to Your Business
This piece of information presses upon the key points that a website must possess to attract, engage, and convert visitors more effectively.
#Exceptional User Experience
Positioning high on the search engines is a consequence of high traffic to a website, but a great user-experience is what will make them stay there for longer. The user experience when browsing a website has become an elementary aspect for businesses and brands.
This calls for implementing the concept of WPO (Web Performance Optimization) which acts as one of the most essential factors in generating leads, since, without a fast, secure, intuitive, and responsive website, visitors will leave the site and, perhaps you will not see them anymore.
WPO is a master move that aids a website to improve its performance in all the technical aspects (like page loading speed, user’s browsing experience, etc) that enhances navigability, captivate users, and guarantees truly pleasant experiences.
#Allure Right Users
There is no use attracting people who have no interest in what your offer, right?
From the creation of buyer personas, one can know well to sell the content and products to.
Next, on the flip side, the analysis of your competition also gives clear insights and indications of the type of user and their intent.
Now when you know your users clearly and closely, you must go for segmenting content and other website properties to attract the right visitor at the right time from the right places of the website.
#Enhanced Brand Visibility
Marketing channels when put best to use, aligned with the brand and its major objectives, forms a workable strategy to attract and hook a large net of users under the right reasons and conditions.
In the same line of context, there occurs the need to cove some crucial spaces that allows a business to expand its reach to maximum proportion o the audience. That spectrum includes:
Search engine optimizations and a series of high-ranking techniques involved are life and death in business and vital for lead generation.
Being visible on Google not only delivers a digital presence, nevertheless but also brings traffic and users towards the website which further enhances the probability of turning them into potential customers as SEO involves keywords and searches aligned to it.
[Prefer Reading: “Top Reasons Why Your Business Absolutely Needs SEO.”]
-Social Media Brand Promotion
We all know today how much users are into the social world, where almost 60% of the world’s population is online. Where 4.5 billion people use the Internet, 3.5 billion populace is enthusiastically active on social media.
At this point in time businesses have to hit the pivot by supporting themselves well on platforms like Facebook, YouTube, Instagram, Twitter, LinkedIn, and many among others to spread their brand name to the users and also by the users.
Go Social, Go Viral, Go Visible!
[Prefer Reading: “Social Media Mood Tracking via Sentiment Analysis.”]
Advertisements are effective when the occasion warrants it to advance the results a little more and generate prospects nimbly.
Here again, with the benefits of hypersegmentation in different ad platforms, users can be landed up to specific web pages that could further hike the chances of converting them via series of useful and relevant content and CTAs(calls to action)
As long as a business is ready to give value, it will get valued in the eyes of users and customers, thereby, making a captivating move to target the potential audience.
Ads act as a medium to redirect traffic/visitors to your website, but there are many other means which exercise the same in an effective manner. So this doesn’t mean that you need to invest a major amount and resources only in ads as you can generate a good percentage of leads without spending a penny on ads.
Create Direct and Close Relationships with users and visitors as providing them constant and valuable feed and information will made concrete and solid paths for the success of your business.
The most important thing that you should take into account in Lead Generation is the real value you are giving to your audience, that is, focus on providing really relevant information so that they feel confident enough that you are the best option for them.