How To Cut Cost With Lead Generation
How To Cut Cost With Lead Generation.
Introduction: Over the past few weeks, we have been discussing lead marketing and lead generation and how it can help you turn your business into a major player in your niche. We have examined the concept of lead generation, why ignoring your lead generation strategy can harm your business, how to harness your lead generation strategy in order for it to yield the kind of results you want, and how a proper B2B and B2C lead generation strategies can help you generate double the amount of revenue for your business. Today, we’ll continue by discussing the strategies that influential individuals and businesses in different niches use. So you can understand how they cut cost with lead generation. Have you tried some of the strategies previously discussed but find out that it’s not working as much as you expect? Does it look like you are frittering a large chunk of your budget on lead generation? Do you find that you are getting left behind in your industry by your competitors? It is time to step up your lead generation strategy so that you can save more money and make more profit for your business. The following are the way influential businesses in different niches cut cost with lead generation. Click here to generate High-Quality LeadsHire a Lead Generation Agency: A lead generation agency is a company which specializes in providing qualified sales and marketing leads to B2C companies and B2B companies. The agency does this by partnering with marketing platforms and tools to promote your product or service. Lead Generation Agencies often find ways to generate buzz around the products they promote. Once the lead comes to the agency’s site and submits their information, the agency sends the information to your sales/marketing team, who can then go on to convert the lead to a customer. At first examination, this advice may sound counterintuitive. Since you have to pay the lead agency you hire and depending on how good the agency is, the expense involved may be quite substantial (A lead generation agency can charge between $25 to $500 per lead, depending on the nature of your business, this is in addition to the $200 to $1000 that they may charge as a yearly maintenance fee). However, it will translate to money savings and profit for your business in the long run, because the fees you pay to the agency will save you not just the money that your sales/marketing team will spend doing market research and cold calling leads, but also the time spent trying to convert marketing leads to sales leads and sales leads to customers. If you outsource your lead generation to an agency, you will have more time to spend on product design, product development, and quality testing and assurance as we said before, good lead generation agencies are often popular in the promotion of brands. Since it is what they do full time, they have more time and resources to devote to lead generation, unlike other businesses which have to design and sell products and services. Also, depending on the size of the agency, they have members of staff who are specialists in various methods of lead generation. Finally, they tend to be influential within the industry. Because of this influence, people tend to generally trust them over businesses especially if the business is a new startup that does not have a solid reputation yet. In essence, the leads that a lead generation agency sends to you have already been converted into sales leads, what you as the business needs to do is to convert them. According to industry stats, this kind of leads has a higher conversion rate than cold contacts. This particular technique is good for service-oriented businesses and startups that have little or no customers. It is also particularly useful if the business only has a few members of staff. Outsourcing lead generation has become the way to make a profit in the lead generation. There is no need, for instance, for you to start planning social media campaigns or trying to create your own ads or sitting at a trade show table for hours hoping that a lead will notice your page.
Influencers Help Brands Cut Cost on Lead Generation: Apart from agencies, influencers can also be a source of high-quality sales and marketing leads. Throughout this series, we have talked about how as a business, you need to be familiar with your industry. A good way to achieve this is by networking at industry events and finding out who were the people who have influence within your industry (that both the businesses and the customers listen to.) The next step is to build a relationship with these people and leveraging their connections to grow your brand. What makes influencer driven lead generation a very good and profitable lead generation strategy, is that influencers are experts in the niche where they exist and as such, they have a loyal fan base. One place where influencers tend to generate leads these days is on social media. Thus, having an influencer in your niche who is popular on social media, for instance, endorse your brand means you don’t have to do a heavy social media campaign yourself. According to industry reports, 56% of consumers say that they are more likely to buy a product if they see a positive image of it. While 49% of people say they will likely buy a product if it is endorsed by a real person, especially if that person is a known figure. Usually, influencers may demand some form of compensation for their services, but in some cases, the influencer may decide to endorse the product without compensation, if they have a good personal relationship with you. Whichever way, it is, the number of leads, that the influencer generates for you that saves you the stress of organizing your own lead generation yourself. Even if the influencer does demand compensation, you will find that it costs far less and generates far more profit to compensate the influencer than to have your sales and marketing teams chase down dead ends and cold call people.
Social Responsibility Works Too: This is also one of the things a lot of B2B and B2C startups do not often take note about lead generation, but which big brands tend to take note of. In one of the previous posts, we discussed doing giveaways to retain customer loyalty and inducing them to participate in your lead generation process. It also works for businesses especially if you offer a service. More than just participating and networking during industry events, organize seminars and masterclasses for startups similar to yours, if you are a business that has achieved some growth, offer to mentor new startups in your niche. As a business, you can contribute to your local community not just by collaborating within your industry, but also outside it. You can organize events and mentoring events for local school kids in your area, you can also participate in community events and support a cause. As the saying goes “nobody cares how much you know until they know how much you care.” According to research done on a subject, consumers will like to pay more for a product if they know that the profit is going to a charitable cause. Helping others causes your company to be seen in a good light and increases consumer trust. We have discussed in a previous article about how trust is very crucial to lead generation, we have also talked about how word of mouth remains one of the most effective methods of lead generation.
Conclusion: In essence, you are making your community do your lead generation for you. This saves your sales and marketing teams time that would have been spent on trying to convert marketing leads to sales leads. We have discussed in a previous article how the initiative of sales has shifted from the seller to buyer and that more often than not, the buyer has already done his research and made his decision on what he wants to buy before he starts to look for the seller to buy it from. So, the best decision you can make for your business is to make sure that it has a human face. It is a method that you can try no matter how big or small your business is. And it almost always helps you cut cost and make a profit at the same time. In the course of our discussion on lead generation strategy, we have come to learn that lead generation is not what you can or should do by yourself, no matter how tempting the option is. The best lead generation strategy is one where everyone within and outside your brand is involved. Every business that has grown from a startup to a multi-million-dollar brand have always used the three lead generation strategies we have studied today, hiring a lead agency, using influencers, and social responsibility to increase their profits and get massive cost savings in their business. Click here to generate High-Quality Leads