Lead generation is often a difficult job for businesses. Mastering lead generation comes down to integrating the “what you know” piece with the “who you know.”
But how do you “show me the money”?
While working with businesses, we notice a a lot of techniques that aren’t successful. Here is our list of principles upon which to build successful lead generation:
The five often overlooked techniques that lead to a profitable lead generation campaign:
- It’s OK to be selective. Make Return on Investment (ROI) the focus.
Because you have a limited amount of time and resources, you need to be strategic in the way you approach lead generation. You’re probably already familiar with the 80/20 Rule. Well, lead generation is not exempt from this rule: 20 percent of your clients will give you 80 percent of your business and profitability. So it pays off to take time to analyze what type of clients would be ideal for your business and who would generate the most ROI.
This technique piggybacks on the previous one. Once you’ve identified your target client base, the next step is to implement your marketing campaigns based on your findings. Quantity doesn’t always equate to profitability. Using a strategic approach of sending out direct mail to target clients who need or want your product or service has been shown to be the most economical and efficient way to generate top-quality leads. The process is simple: once a month, send out a promotion, brochure, or other marketing material to your top-sought-out clients so you are consistently fresh in their minds. Don’t get discouraged if you don’t get a response the first few times. We all lead busy lives, so sometimes it may take four or five times to make an impression that they need your product or service. The first piece you send out should always be a short letter telling your company’s story and how your company is relevant to them.
- No coasting allowed.
It may be tempting to let leads reach a plateau after the initial interaction. Even if the lack of communication or follow-up is due to legitimate reasons, such as other commitments, a lead is only as viable as the amount of effort dedicated toward it. Each lead relies on your expertise and guidance, which is why it is crucial to be proactive in following-up to form solid business relationships and trust.
- Make sure that you are where your target audience searches.
Search engine Pay-Per-Click campaigns help you get in front of the right people because you can select the keywords, pick the budget that is realistic for your business, and be certain that you’re only paying for qualified leads as you only pay for pre-qualified clicks and visitors. And the best part is that these prospects are actively searching for your products and/or services. Google Adwords and Overture are worth looking into.
- A good reputation pays off.
A referral is one of the most profitable ways to maintain a steady stream of potential leads. It’s in our human nature to be inclined to be more loyal and make faster purchasing decisions when we notice that a company has a positive track record with our friends. The following are two tips to help you generate more referrals: 1. Give current clients incentives to refer a friend. 2. Create relationships with non-competitive businesses in your community that are already serving your target market. When forming these relationships, you usually have to give to get — whether it’s additional incentives, promotions or discounts for the partnering company to refer you to its database of clients.
These five principles will help you construct a profitable lead generation database. The end goal should be establishing a system that requires routine maintenance, but not extensive labor, as well as a system that portrays you as the expert in your industry, which ultimately will lead to predictable and optimal results.