\Refers to the process of generating consumer interest in your products or services via the internet. Customers research online before making a purchase. They compare products and services with other companies and find out more about their interests. It is crucial to learn how to convert that online traffic into leads and actionable leads in order to grow your business.
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This guide will explain what lead generation is and why it’s important. It also explains how to start generating leads online today for your business.
What is Lead Generation?
A “lead” is someone or a company that shows interest in your product/service. The goal of “lead generation” is to attract these leads and convert them into paying customers.
Two types of lead generation are predominant: inbound and outbound.
Inbound Lead Generation
Inbound leads are any prospect or lead that is attracted to your marketing and then comes to you. You could also exhibit interest:
After reading the content of your website, fill out the inquiry form
- Downloading an ebook
- After watching a webinar, request a demo
- Answering a survey
- “Inbound marketing” is a strategy for generating leads from the internet.
- Outbound Lead Generation
- Outbound lead generation is the act of sending messages to the target audience.
- Cold calling
- Cold emailing
- Mass emailing
- Direct advertising
- Advertising via social media
- Outbound lead generation strategy can also be called “outbound market.”
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Inbound vs. outbound: Which strategy is right for you?
Each strategy has its advantages and disadvantages. Outbound marketing allows you to control how and when prospects interact with your brand. Inbound strategies allow prospects to choose the way they want to engage with your brand.
Inbound lead generation is more effective over the long term, while outbound leads are best for short-term purposes. Because cold calling and advertising are often expensive, these campaigns come with higher costs. Inbound campaigns are more affordable and the cost per lead decreases as they run for longer periods of time. Inbound campaigns are also less expensive to begin with and have lower risks.
You can choose the strategy that best suits your business. You can use outbound strategies to make a faster impact, and build on your inbound assets while you wait. After inbound lead generation has gained momentum, you can begin to reduce your outbound strategies.
We will be focusing on inbound lead generation strategies. They have a low barrier of entry, and any business should give them a shot.
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Different types of leads
There are many types of leads depending on the source. These are the four most popular:
Marketing qualified leads are those leads who have interacted with you and expressed interest in your products. They are still not ready to sell and should be nurtured.
These contacts are qualified sales leads. You could have expressed your interest by filling out an inquiry form, sending a message or calling your sales team. These leads are usually the easiest to convert.
Product qualified leads are customers who have tried your product and expressed an interest in purchasing a paid version. These are usually people who have signed up for the free trial version of your product and want to upgrade to a paid one.
Qualified leads are qualified customers. Let’s say that you offer five products for your customers. One of your customers informs your service representative during a service request that they are interested to buy two of your other products.
Four Simple Steps to Help You Get Online Leads
This is how most online lead generation processes for inbound leads work:
Prospects will discover your business via one of your marketing channels (social Media, blog, website or webinar).
They will read your blogs or posts and then respond to your call for action (CTA).
This CTA directs the visitor to a landing webpage on your site.
In exchange for an offer, you will collect their data on the landing page. You can offer an e-book or case study, research paper, whitepaper, cheat sheet, newsletter subscription, and so forth.
Because it takes several contact points before a lead is ready to buy, collecting contact information is the first step towards converting them into paying customers. It is important to build a long-lasting relationship with the leads. Lead nurturing is about building a relationship with leads and supporting them.
All leads should be stored in customer relationship management software (CRM), so it is easy to nurture them. There are many CRM software choices. You can compare the top CRM software options and choose the one that suits you best.
Five Ways Lead Generation Can Help Small Businesses
Small businesses can benefit from inbound lead generation in many ways. These are just a few examples:
Increase brand visibility and awareness. Online lead generation helps you build brand awareness and generate customer interest in your products. When prospects trust your brand, they are more likely to share their contact information for an offer. Eventually, they may make a purchase.
Create business opportunities. Lead generation activities not only provide you with qualified prospects but also open up other business opportunities like collaboration or building partnerships.
Increase the quality of your leads. Facilitating inbound lead generation activities is more effective than buying leads. It is obvious that higher-quality leads are more valuable to customers and can lead to greater business growth.
Reduce your outbound lead generation efforts. Outbound lead generation is more costly, as we discussed previously. Inbound lead generation is becoming more popular. As such, it’s possible to reduce outbound marketing costs and lower the cost per lead.
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Targeting desired customers. You can target multiple demographic groups with lead generation campaigns.