What is lead generation?
If you are a business owner or you’ve tapped into the world of sales, then there’s no doubt that you’ve heard the term lead generation. A lead is a person or business that you consider might eventually purchase your products or services. Usually a lead has shown some form of interest even through the smallest of interactions with your business.
We categorise leads by how likely they are to buy from us, normally we refer to leads as either “cold”, “warm” or “hot.” Using our sales funnels we can qualify leads and move them closer to buying from us.
We’re going to breakdown the art of lead generation to give you a clearer idea of how to increase the amount of leads entering your sales funnels.
In this post we’re going to look at the following:
- Types of Lead Generation
- The Power of Remarketing
- B2B Outreach
- How this all ties into your Growth Ecosystem
Types of Lead Generation
In this blog we’re going to split lead generation into two types, paid and organic lead generation. You can pick whether you want to go down either route or both at the same time. To help you decide we’ve given you the pros and cons below.
Paid Lead Generation
Paid lead generation is when you pay for leads to enter your sales funnel. A common form of paid lead generation is Pay-Per-Click advertising through social media platforms, YouTube or Google Adwords. A business will pay these platforms for adverts to appear in front of a targeted audience. Sometimes you’ll pay every time someone clicks your advert, in other instances you might pay every time it appears in your audience’s feeds.
What is the difference between Social Media Advertising and Google Adwords?
When you’re using social media platforms like Facebook to advertise you’re able to target a very specific audience. Most of the time your audience will be considered cold as this will be the first time you have placed your sales funnel in front of them, unless you’re using remarketing but we’ll talk more about that later.
The main difference between social ads and Google Adwords is “search intent”. Leads on Google are looking for your services. For example they might search “website developers near me” and that’s when your ad might show, if you are a web developer. Going down this route means you may reach fewer people compared to your social media ads however, the leads can be hotter because they want your service.
So what are the pros and cons to Paid Lead Generation?
- Very targeted audiences/demographics
- Short term solution – reach your audiences instantly
- Cost per acquisition can easily be measured
- Can be costly per lead
- Easy to waste money if not set up properly
- Can spend a lot of money before campaigns are optimised
Organic Lead Generation
If you’re on a small budget or you aren’t in a hurry for instant leads and want to build a strong base of warm leads, then you might consider organic lead generation. This is a long term game and can require you to put more hours in. It’s worth saying that you should always be doing this even if you choose paid lead generation.
Methods of organic lead generation include a strong social media strategy, content marketing, search engine optimisation, hosting events, offering free materials to your existing client community and almost any ideas that you can think of to give to your audience.
You can use powerful automation tactics and an efficient CRM (customer relationship management) system to track, nurture and interact with the community you’re building. We’d recommend ActiveCampaign and Monday.com.
And what are the pros and cons of organic lead generation?
- Can be done for free or for smaller costs
- Build up a community of leads/customers over the long term
- Leads are warmer and trust you more over time
- Long term strategy
- Requires more time and resources
The Power of Remarketing
Remarketing is a powerful way to convert cold leads. You may have noticed that when you are browsing a website you’ll start to see ads across social media and other networks almost immediately after leaving the website. This is remarketing.
Visitors that land on your website are unlikely to buy from you the first time around. By remarketing to these visitors you are reminding them that you still exist. The idea is that after a few showings of your ad we begin to make the lead more aware of us.
You can build up remarketing audiences on social media platforms and the Google Display Network. They can take some time to build up before you can use them but they have good conversion rates.
Both paid and organic lead generation can work for B2C and B2B leads but at Yuno Media we’ve worked with many of our clients to develop their B2B outreach strategies. Here’s a couple of things we recommend doing when searching for B2B leads.
Brainstorm your approach (sales funnel)
There’s no point approaching any lead without a plan. We begin with an old school brainstorming session using Miro, a cloud based whiteboard tool for team collaboration. Here’s what you should note down on your Miro board.
Who will you approach?
Narrow down to a very specific audience. “Anyone” is not allowed.
How will you approach them and how many times? Where is your specific audience hanging out?
Think about the social media platforms they might be using, the events they might be attending and the marketing materials they consume.
When you know who you’re targeting and where you can get in front of them, you need to decide what you’re going to offer them. This doesn’t mean a product or service but a FREE lead magnet you can offer them in exchange for some contact details. Once they claim this lead magnet, they’ve entered your sales funnel and we can start sending out automated emails to bring them closer to making a purchase.
Create a brochure
Something that we’ve found to be effective with B2B outreach is sending out a service brochure. Not just a leaflet you’ve had made in the past, this brochure speaks to your audience and is a strong representation of your brand. Here’s an example of our brochure.
Find a reliable direct marketing supplier
Another step to your B2B outreach strategy should be finding a reliable direct marketing supplier. Identify your target audience and purchase a list of contact details. Make sure the details you’re purchasing are TPS checked and you’re complying with GDPR. Our go to supplier is Selectbase.
Next, drop these new leads into the top of your nurture campaign (explained next).
We’d also recommend selecting a handful of leads that you believe are most qualified for your services. Approach them personally with your brochure, some friendly emails and a short call to check they received your brochure in the post.
Nurture email campaign
Your leads are unlikely to contact you with the first email you send them. Instead you’ll need to carefully think about a series of emails to nurture them into completing a sale.
Avoid a hard sell in these emails. Leads are more likely to make a purchase after they know, like and trust you.
Plan, create and automate your nurture campaign in an email marketing platform such as ActiveCampaign or Drip.
The Growth Ecosystem
Lead generation is only a small part of your Growth Ecosystem. There are many other areas of your business and marketing that you should consider to improve your conversions. A good example might be ensuring that your website is up to date. Another might be looking at your branding. You might also want to look at the upselling opportunities to your existing community. Every area of your Growth Ecosystem needs to be ready to maximise conversions across your sales funnels.
You should also consider your internal processes and how you’re managing your leads. Much of the lead generation process can be automated to free up more of your time.
If you want to find out more about The Growth Ecosystem model take a look at our brochure or contact us to book a FREE 30 minute consultation.
FREE Sales Funnel Mapping Session
We know that taking a look at your Growth Ecosystem can seem daunting but the best place to start is with our FREE Sales Funnel Mapping session. Click the button below to book in a session with us. We’ll answer all your queries about lead generation, sales funnels and The Growth Ecosystem and by the end of the session you’ll have a direction to move forward in.