Lead Generation
The evolution of lead generation
Lead generation in the digital age
What makes a lead Qualified?
Planning, implementing, and optimizing your lead generation program
Lead Generation
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Where traditional marketing methods such as email blasts used to be enough to draw customers, the increase of competition and information abundance is making it more difficult for companies to track, reach, and engage with potential customers. Lead generation used to involve purchasing lists of names and sales representatives cold calling people at home, but modern advances in technology have made it possible for us to now generate leads based on specific criteria and information.
Sixty percent of marketers state that lead generation is a key pain point for their company. Companies collect information about potential buyers and then tailor marketing methods and sales pitches to the prospects’ needs. This is largely done through digital channels, using inbound marketing techniques alongside some of the former outbound marketing methods. When you implement a lead generation program, you increase brand awareness, build relationships, generate qualified leads, and ultimately close deals. The higher quality leads you direct your sales team to, the more of those leads will result in sales. In doing this, you are helping your company grow, while also growing the credibility for your marketing department by showing tangible results and proving yourself to be a valuable part of the revenue team.
Lead generation has been around for a long time, but methods have changed from simply finding a customer early on in their sales journey and sending the sales team their way. The self-directed buyer is inundated with information, so it’s vital to find new, creative ways to cut through the static and reach potential customers. Instead of finding customers through mass advertising and email blasts, marketers must rely on being found and building relationships with their buyers. In the age of information abundance, marketing is going through a massive shift. Successful lead generation can make the sales cycle more efficient, and lead to greater success rates in new customer acquisition.
The buying journey has changed dramatically with the growth of the internet and the increased availability of information.
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In the past it was common practice for sales representatives to reach out to uneducated potential buyers in order to introduce them to their products and services.
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Today customers have an abundance of information at their fingertips. They can use search engines, social media, blogs, and other online channels to research and become experts about a product before ever communicating directly with a representative of the company. The sales cycle will continue to evolve thanks to new and upcoming technologies.
It is now important for companies to focus on generating new leads by developing a strong internet presence. This is often accomplished using inbound marketing methods that employ techniques like search engine optimisation and content marketing.
The digital age has also made it easier for companies to research and understand their perspective leads. By understanding the wants and needs of their target customers, companies can tailor information to better draw them in, as well as qualify any potential leads based on a variety of factors, such as engagement and demographic information. It is increasingly important for companies to not only generate new leads but also develop and nurture relationships with them.
A qualified lead is a potential customer in the future, based on certain fixed criteria of your business requirements. Only willing leads are classified as qualified leads, meaning the information provided by the lead is given willingly and freely.
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A marketing qualified lead is deemed more likely to become a customer than other leads. They show particular interest and could respond well to lead nurturing, though they may not yet be ready to buy. As the lead moves further along the sales cycle, often as a product of nurturing, it can be passed on to sales.
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A sales qualified lead is nearly ready to make a purchase, but may have more specific questions or needs to be addressed by the sales team. At this stage, sales staff continues nurturing the relationship that marketing initiated. Because these leads have already been qualified, they are more likely to turn into sales, and the latter part of the sales cycle tends to move more quickly. Strong marketing-sales alignment can result in more effective lead generation and higher conversion rates.
The first step to developing a lead generation program is to determine what constitutes a good lead and making sure sales and marketing are on the same page. In just five steps, you could have your own lead generation program up and running.
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Step 1: Define your leads - Start with the basics and determine what makes a good lead for your company. Leads can be defined in many ways, and there are even more ways to identify a qualified lead.
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Step 2: Align with sales - Just as sales and marketing must agree on the definition of a good lead, they must agree about when that lead gets directed to sales. If done correctly, this results in a seamless transition and immediate follow-up for qualified leads. To do this, sales and marketing must agree on two main categories of lead stages: marketing qualified leads (MQLs) and sales qualified leads (SQLs)
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Step 3: Build your road map - Including inbound and outbound efforts.
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Step 4: Nurture and score your leads - It’s pretty easy to generate top-of-funnel (TOFU) leads, but since those leads aren’t ready to buy, it’s important to focus on middle-of-funnel (MOFU) leads. Utilize nurturing and scoring techniques to make your lead generation efforts worth the investment.
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Step 5: Measure and optimize - When it comes to lead generation, the more you test, the more you know. Learn how to use A/B testing, calls-to-action (CTAs), imagery, copy choices, and multivariate testing to optimize your lead generation strategy for the best possible results.