Generating leads is one of the biggest challenges that every business faces. It takes a lot of effort to generate and convert leads. As a business, you will need to let people know about your brand and convince them that your products and services are of value to them. This article discusses the importance of lead generation and how to achieve it.
What is a Lead?
In simple words, lead is some individual or a company that is in the first stage of their journey as a buyer. Lead is a potential customer who has exhibited some kind of interest in your products or services. However, sometimes it is good to consider the intensity of engagement before recognizing someone as a lead.
It is always advisable to consider someone as lead if one has shown an active interest in your brand and not just passive. To put it in simple words, for some store, a person reading the poster outside its window isn’t the lead but the one who has walked into the store is.
What is the need for Lead Generation?
Now, the question is that what is the need to go through the whole process of lead generation? Why not just focus on sales? The answer is elaborate. Here are a few reasons that highlight the importance of lead generation:
- The consumers of today are smart and don’t like to be sold to. They are more concerned about the solutions to their problems. The products they are interested in are the ones that they feel are made for them.
- Further, they are looking for an experience made to fit their needs and not just a typical customer experience. They are looking beyond the supply-demand
- Also, before you approach them or they approach you, be sure that they have already completed half the journey as a buyer due to all the information that is readily available across the internet.
Inbound and outbound marketing form the major components of lead generation. Marketing is all about promotion of your brand and increasing its visibility. All the methods of marketing fall either under inbound marketing or under outbound marketing.
The process of attracting your potential customers without actually having to reach out to each individual within the audience can be called inbound marketing. Blog pots, white papers, case studies, how-to videos, webinars, etc. fall into this category.
In simple words, inbound marketing is about creating and presenting content that is of value to your potential customers. All this content can be made easily available to the audience through the company website. The more you equip your future customer with knowledge about your brand and services, the better are their chances to become a lead. It is a cost-effective as well as an efficient process that helps a great in lead generation.
As compared to inbound marketing, outbound marketing is a more traditional approach. It is more about reaching out to them instead of letting them approach you. Some of the popular outbound marketing techniques include cold calling, cold emailing, magazine/newspaper ads, radio/TV ads, pay per click ads, etc. The aim of outbound marketing is to make the consumers aware of the brand.
Ideally, learning to use both inbound and outbound marketing can help generate maximum results. While inbound marketing engages the audience, outbound marketing engages the leads to make them buy the products.
Once you are able to attract a lead, you now need to nurture it. This means that you need to encourage them and try to convert them into a paying customer. When you nurture a lead, the goal is to build a relationship that convinces them that you care about their needs.
The Bottom Line
Lead generation is beneficial for both the seller and the buyer. It is hard to get lead without engaging the marketing strategies as explained above. You will need to test your marketing channels and find out what works the best for you. It is an extremely cost-effective process and can help your business grow extensively.