Updated: Feb 22, 2022
In marketing, lead generation is the initiation of consumer interest or enquiry into products or services of a business. Leads can be created for purposes such as list building, e-newsletter list acquisition or for sales leads.
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Acquiring leads is one of the main objectives of any business. Companies dedicate large amounts of resources to lead generation. The truth is, if your prospects are not ready to buy what you are selling, you will find it difficult to make sales.
Good leads are prospects that have an interest in your product or service and are in the market to make a purchase. These high-quality leads can assist companies in boosting sales and ROI. However, many companies still choose to go for quantity over quality when it comes to leads.
With the introduction of modern marketing tools, software, and social media platforms, marketers are able to fine-tune their skills in acquiring high-quality leads. The main challenge lies in determining which of your leads is of high quality and ready to buy.
Lead generation can be defined as the process of attracting prospects and converting them into someone who has an interest in your company’s products and services. Modern brands make use of various lead generation strategies such as:
Social media marketing
Live events and seminars
Website landing pages
These are just a few strategies that you can use to attract potential customers to your product or offer. Most companies prefer to stick to what works best for them, as lead generation strategies differ according to industry.
Email and social media marketing for their lead generation might work for online fashion stores, but the same strategies may not work for software companies. People looking for software might require more details and information on the product, which is why a blog or a series of webinars could work better as lead generation tools.
When a person shows interest in your brand’s products or services, the steps that person takes towards making their first purchase just seem natural. You just helped them to fulfill a need or solve a problem.
When a person has no interest in what you have to offer, yet you still try to convince them to make a purchase, they may feel like they are being pushed to spend their money. This can make the customer feel like they were forced to buy your product and it can hurt your brand’s reputation.
Attending to your target audience only through lead generation can ensure that your brand is ideally matched with the right customers. More benefits of lead generation include:
Target the right customers – Companies can focus their resources on targeting specific markets, which in turn will save money and increases sales (improved ROI).
Increased awareness – Lead generation can also build brand awareness and reputation. When people discover your brand, you will be able to supply them with more information regarding product features and benefits.
Opportunity to collect valuable prospect information – Lead generation has the potential to gather important marketing information from prospects. Customer information such as needs wants, and preferences can assist you in tailoring your product or service to suit your customers’ needs. Eg. Companies can obtain this information through registration forms.
Brand Loyalty – Companies can build larger communities of like-minded customers, which can, in turn, improve customer loyalty.
Most marketing departments measure lead quantity when determining a successful lead generation campaign. Sales teams, on the other hand, focus on lead quality. Leads with a clear intent to purchase your product, have the finances and means to do so, and meet the parameters set by you are considered as quality leads.
If a company focuses on lead quality, the chances of converting a lead into a customer drastically increase. Having higher conversion rates will allow you to confidently invest in your quality leads, increasing your return on investment (ROI).
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