How does lead generation work?
Now there’s a question we get asked a lot, closely followed by ‘how can I get more leads for my business?’ So we thought it only right to make this the first Bourbon Street Marketing blog topic of 2021.
Lead generation is the process of identifying potential customers for your business’s products or services, but it isn’t just about cold-calling, or setting up a quick paid lead generation campaign on your social media channels, no, no, no. Lead generation is a complex beast and if in the wrong hands, can lead to a lot of wasted budgets. But when done correctly, it can be an incredibly powerful tool in your toolbox.
Lead generation can be broken down into two main types, outbound and inbound. As a business, you are likely to continually be looking for the best ways to supercharge your lead generation, whilst keeping costs down. In order to help achieve this, your marketing and sales team should work closely together to maximise your lead generation activities and conversions. Only by working collaboratively will your lead generation activities go from zero to hero as they say! So, let’s take a look at some examples of lead generation that you may be able to apply to your business.
Examples of outbound lead generation
- Email marketing to paid-for databases
- Paid adverts on social media platforms
- Banner and display adverts
- Direct mail
- Outbound sales calls
- Outdoor advertising
Outbound lead generation effectively interrupts the consumer’s activity, with the aim of catching their attention and getting them to engage with your brand. There are numerous variations of outbound lead generation. These range from the very targeted campaigns which come via digital tactics such as social media or email marketing campaigns, to the broader tactics that target more of a mass-market such as outdoor advertising. Here at BSM, our expertise lies in the digital, targeted forms of lead generation which, as well as being incredibly effective, also gives us a plethora of data to analyse and learn from, which if you know us at all, you’ll know we live for data!
Examples of inbound lead generation
- Search Engine Optimisation (SEO)
- Blogs and top tips (cough)
- Content marketing
- Social media
Inbound lead generation, in comparison, aims to draw potential customers in towards your brand by lying the breadcrumbs for them to follow. So, sharing meaningful, relevant, and purposeful content across a range of platforms that is well-optimised for SEO is a perfect example. This content will draw them towards your website to find out more about your brand, winner! The hope here is that your potential customer is so engaged with what you have to say or offer, that they enter into your sales funnel and eventually convert.
Inbound Vs. Outbound marketing…Which one really works?
Good question! Well inc. reports that 70% of people would rather learn about a company through content versus advertising, and The Smarketers report that consumers are increasingly skipping or blocking ads, and unsubscribing from marketing emails. But whatever you do, do not make the mistake that outbound lead generation is dead, as it is still very much alive. But we refer you to our earlier comment, lead generation needs to be done well and when in the right hands, can be incredibly effective. But what we would always advocate is including that lovely downloadable guide, or invite to your forthcoming webinar in your outbound lead generation campaigns. So that way, brands (and consumers) are getting the best of both worlds. Meaningful content, delivered to the right person, in the right role, with the right interests for what you are trying to sell. These leads are much more likely to convert, as long as your sales team is on hand and ready to impress those potential customers.
So how does lead generation work? It works by having a product or service that serves a clear purpose, understanding who your potential customers are and what they are looking for, and placing that information at their fingertips in a meaningful way so that they want to come to your website and find out more about what your brand has to offer them.
Got a question about lead generation? That’s great! Simply drop our nerds a note and they will get back to you (almost) as fast as greased lightning.