Running is a successful business takes a lot more than simple advertising. The way technology has impacted everything we do has led the modern business landscape to become far more complex than ever. Today it is all about adapting to the latest trends in the market. However, there is one thing that has not changed – the need for lead generation.
Understanding Lead Generation
Lead generation can be understood as the process that causes a consumer to initiate interest or inquiry into certain services or products that you offer. As simple as that sounds, it involves a well-designed strategy to score quality leads. The purpose of this process goes beyond driving sales and can involve simple activities like seminar registration. Before getting to know what a good lead generation strategy must look like, here are a few important terms that you must understand.
- Lead vs. Qualified Lead
A lead is defined as a prospect who has exhibited some interest in becoming your client. A qualified lead, however, refers to a prospect who meets all criteria as set by you for becoming your client. This can include their budget, time, and need. Before you pursue any lead for sales, you need to qualify them based on your requirements for the particular product or service. A qualified lead is highly likely to convert into your client as compared to an unqualified one.
- Customer Relationship Management (CRM) System
CRM system is a software that is intended to collect all the relevant information about a prospect. It is carefully designed to gather data like the prospect’s contact details including website, email, phone number, and mailing address, their behavior, content downloads, and any opportunities that both of you can benefit from. This system is aimed at collecting data that eventually helps you to qualify your leads.
Further, based on that data you can use the CRM to pursue these leads by initiating interactions with them. It can be understood as a tool that offers practices, strategies, and applications to help you manage your relationship with your customers throughout the sales cycle. The aim is to improve customer service and retention.
- Content Marketing
Anything and everything revolves around content. Good content makes your strategies look better. Content marketing is the term given to strategic planning that is aimed at generating quality content and distributing it to your target audience consistently. The ultimate goal, of course, is to get them interested in buying your product or services. It also serves as a great tool to push them down the sales funnel by gaining their trust.
Good content strategy has the power to place you in the position of authority and have prospects to view you as an expert.
- Hard and Soft Offer
Hard offer refers to an offer to a prospect for a service that will require them to act immediately. These offers either come with an expiration date or are limited to a few people. For instance, a discount offer valid for a limited number of days. On the other hand, a soft offer is one that does not require the prospects to respond immediately. They can take time to consider it and then accept it or reject it. A good example of a soft offer is a newsletter subscription.
- Lead Nurturing
Leads that qualify still have a long journey to make until they convert to sales. Keeping them interested all this while takes calculated efforts and are referred to as lead nurturing. It involves keeping in touch with the leads and communicating with them until they go through with the sales and sometimes even after that.
Now that you are acquainted with important terms related to lead generation, you can start developing your own strategy to score more leads. Lead generation strategy looks different for each organization depending on the objective, target audience, and communication channels. A clear understanding of the market is an added bonus. If you need help with developing a lead generation strategy, MarkSpace Media is here to help.