More than 53% of marketers spend more than half of their marketing budget on lead generation because it's an effective acquisition strategy.
In this post, we’ll share everything you need to know about generating high-quality leads. From the strategies to tools, keep reading to find out more.
Being the first step in customer acquisition, Lead generation is the process of identifying your potential customers and contacting them so they become aware of your product or service.
At this stage, your goal is primarily focused on getting a means to communicate with them and further convert them in the process.
There are many reasons businesses prioritise lead generation and some of them include:
Increased brand awareness: Lead generation strategies allow you to promote your business to a wider audience. This increases your reach and gives your company more visibility and brand recognition. Over time…
Higher sales records and revenue: Every single customer was once a lead. The way you nurture them is what encourages them to do business with you. So generating more leads increases your chances of getting more customers and in turn, higher revenue.
Better conversions: With lead generation, you can directly track the ROI of your marketing and sales efforts. For example, you can track how many people are interested in your business based on how many website visits you get. You can make more impactful decisions and know what works versus what doesn’t based on the patterns you get from your data.
Cleaner data and customer insights: When you generate leads, you also get behavioral insights like their preferences and needs. This can help with more precise targeting and personalizations that can positively influence your engagement. However, this works especially when you get your leads the right way.
A lead is anyone interested in your products and services.
Usually, when they become a lead, it means you have their contact information and some details about them. For example, their name, job title, and company to mention a few.
Here are a couple ways to categorize your leads:
This classification allows you to group your leads based on their level of interest, and how they also found your business.
Another classification method is qualifying them based on where they are in the sales funnel at the time.
This includes:
Irrespective of the types of classification, the basics remain the same. Inbound leads are very interested in your business and are known as warm leads.
Inbound leads could also be product-qualified leads and marketing-qualified leads.
Outbound leads are cold and usually passive. These could also be sales-qualified leads and sometimes marketing-qualified leads as well.
Depending on the type of lead you want to attract, there are two approaches to lead generation
The type of business you run would determine the exact inbound lead generation model for you.
However, since it is generating interest in your product or service via helpful resources and similar strategies, you need to find promotional channels that work for your team.
Some examples of channels you can use to acquire inbound leads include SEO, social media marketing, podcasts, content marketing through ebooks, videos, infographics, and more.
Choose one of these strategies and then focus on creating content that your target market would resonate with.
Since it’s generally harder to generate leads here, the outbound lead generation method uses a higher level of targeting and personalization from the sales and marketing teams.
Here, you can use strategies like running paid ads on Google and social media (PPC), sending cold emails, or placing cold calls to leads you get from your lead generation tools.
Lead generation tools popularly known as lead generators are tools that help teams automate the lead generation process.
They can be used to carry out both outbound and inbound lead generation at a larger scale.
Some of these tools include:
If you’re not sure where to begin when building your sales generation strategy, here are a few examples to inspire you.
This strategy uses a lead magnet to reel in cold leads at first and then triggers a paid product at the backend. It offers an inexpensive product to the customer to sell a more expensive one later.
For example, a lead might not be ready to purchase your course online just yet, so you create a cheaper mini-course as the trip wire and then a free ebook as the bait to reel them in.
Once they are locked into your eBook, you can upsell the mini-course which they’ll be more inclined to purchase.
Another example could be offering a 15-minute consultation service.
Tripwire funnels work because people like to have a good deal. However, they won’t easily commit to your business without a little nudge.
The sales from your tripwire would also help you offset any advertising costs spent.
Tips for setting up your Tripwire PPC campaign
Webinars are a way to incorporate door-to-door selling on a larger scale in today’s world.
For one, it establishes your business as a thought leader in your industry.
During this webinar, you can position your business while addressing any concerns they might have with your product or service.
However, don’t do this the generic way!
Some strategies we recommend when using a webinar to generate leads include:
Content marketing drives three times more leads than any traditional marketing form.
That’s why you need to implement a content upgrade strategy to generate leads for your business. So don’t just stop at adding an email capture form at the end of your post, add an upgrade to it.
For example, if your blog post is about a personality type, a great upgrade would be a link to a personality quiz.
See how this business uses a cheat sheet on its podcast service page.
Tips for building your resource
Social media networks like LinkedIn are a great place to find cold leads, especially for sales teams.
This is because you can find decision-makers who would purchase your product or service.
So in addition to building your company page and your sales team’s LinkedIn, here are a few strategies we recommend when generating leads on LinkedIn
An effective product demo shows your value proposition and how it solves a user’s need at a given period.
This strategy is a way to reel in warm leads who have concerns they want to address.
Tips for an effective product demo strategy
53% of marketers agree that emails are still the most effective lead-generation strategy but that implies that the average prospect gets a lot of cold mail every day.
So before setting up a long sequence that’ll end up getting ignored, here’s how to keep it simple and to the point:
Cold calling still works. However, your first call shouldn’t immediately be pushing for a sale because that seems spammy.
Instead, focus on proffering solutions to their problems for free.
Like a tripwire, you can nudge them to build a relationship with you, then try out your product or service to see if they think it helps.
So a script could be something like “I know you already use your (current tool) but why don’t you play around with (my product) for a few days and see if it is something you might like later on?’
Lead generation especially on a large scale is a lot of work so you need a system that helps you find and nurture these leads.
Fortunately, there are now tools that help you source contact information, verify that these details are correct, reach out to these prospects, and nurture them until they finally convert.
However, rather than subscribing to multiple tools that can achieve this, we recommend using an all-in-one tool to save big on your sales budget. With lemlist, you can find leads and reach out to them on multiple platforms like emails, calls, and LinkedIn.
Start your lemlist free trial now and check out how it can help you.