What is lead generation?
This is the process of capturing and stimulating interest in a particular product or a service so that the sale pipeline is developed. This marketing process uses various digital platforms and has undergone substantial changes with the increase of other social media platforms and also other social means of increasing awareness about the product or service. Additionally, there are many sources of information that is readily available for the customers and has led to the increase of “self-directed buyer.” There has also been an increase in the number of techniques that can easily develop and qualify the potential leads about products before they are passed on to the sales department.
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Importance of Lead Generation
Since the past couple of years, the process of buying has changed drastically and marketers are coming up with new innovative ideas to be able to reach customers through all the other competition and noise that is out in the market. Marketers can no longer reach out to the customers and have to wait to be found by their customers. It is also important that these marketers maintain a good relationship with their customers so that there is a continuous exchange of information about the new products and services that they have to give.
Transformation of Marketing
If we compare the market and the strategies that are used in the past and the ones that are currently being used we will find that there is a vast difference between the two. In today’s world, it is also fairly difficult to predict the kind of trends that can be found on the market.
As we are growing up in the age of the internet this has been a major factor for the constant changing of trends. The world has moved from having scarcely any information available to suddenly having a whole array of information that can be found at your fingertips. The problem that this abundance of information creates is that there is a lack of attention; known as attention economics. Due to this the buyers are overwhelmed with information and are able to ignore things that do not interest them and focus on those topics that do. This is why it is important the buyers contact the sellers rather than the other way around.
The New Process of Buying
Before the dawn of the internet the concept of “lead generation” was that the marketing team would provide a list of potential buyers to the sales team. The buyers would then speak to the sales team and learn all the information about the product or service. Today, the case is exactly opposite; due to the amount of information that is present on the internet, the buyer has all the information that they need right at their fingertips. The buyers are usually already finished about two-thirds to 90% of the buying process before they even speak to the vendors of that particular product or service that they need.
Lead Generation Research
More marketing departments have started realizing the importance of lead generation and have increased the amount of budget that they have been allotting to lead generation. The amount that is spent on inbound marketing has been growing and companies have to come up with new innovative ideas to out their brands out in the market.
Priorities of lead generation
For most senior level marketing executives and CMOs, the priorities are achieving or increasing the amount of measurable ROI and the optimization of the sales and marketing funnel. The CMOs of different companies are also looking for an increase in the quality of leads that are being generated by the marketing programs. Some other priorities were
- Gaining greater insight into the audience
- Maximizing the lifetime value of the customer
- Implementation of the lead tracking system
- Insights into the multichannel lead generation programs
- Demonstrating how marketing can contribute to the revenue of the company
- Improving the hygiene of the database
Challenges of Lead Generation
Although high-quality lead generation is one of the main priorities of companies this is also one of the biggest challenges that companies face. Some of the other problems that companies face are
- Converting leads into customers
- Creating meaningful content
- Demonstrating the return on investment
- Sourcing high-quality data
- Generation of leads across multiple media
- Increasing the volume of leads that are generated
- Marketing of a lengthy sale cycle
- Market to the increasing number of people
- Generating a buzz about the product
- Improving public relations
- Communicating the value of the product
- Creation of an overall marketing strategy
- Keeping up with the continuous changes in the market
It was also found that there were a few factors that were responsible for the problems that companies face is high-quality lead generation, such as, lack of resources or time and the lack of high-quality data that can be used for campaigns.
Most effective tactics for lead generation
Here are some of the most effective ways of generating leads that our company can help you with.
- Company website
- Conferences and tradeshows
- Email marketing
- Search engine optimization (SEO)
- Virtual events
- Public relations
- Paid searches
- Social media
- Online advertising
This is a shared sales and marketing methodology that the companies use for the ranking of leads in the order of their readiness for sales. The leads are scored on the basis of the interest that they show in the company’s business, their current position in the buying cycle and how the fit with regards to the company. This method of lead scoring can help the companies know whether that lead can be fast tracked to the sales team or if the marketing team has to work on it with a little lead nurturing. Lead scoring is very important to make your company’s revenue cycle strong, to be able to effectively drive more ROI, and also help in the aligning of sales and marketing.