Generating new leads is a key activity for any marketer. Online marketing techniques have, in many ways, made this process a little bit easier than it once was. Gone are the days of endless cold calling and hand written notes, ushering in the era of landing pages and email prospecting. But lead generation can also be a time consuming task. Without a clear direction and a good understanding of the best ways to go about it, many marketers and salespeople may find themselves floundering. As an overview, ManoByte is presenting you with four commonly held beliefs that may be hindering your lead generation process as a B2B marketer. Which ones are you guilty of?
Myth #1 Cost Per Lead is the Most Important Measurement
No one wants to spend more than they have to on their marketing process. Every dollar spent on a lead is one that comes off of your company’s profits. But the cost per lead you measure is not the most important metric you can find. While you may be able to generate a “lead” for $1, as an example, the close rate for those leads may only 1%. If you spend a little more for a higher quality lead, with more interest and much higher close rate, the cost per lead may be higher, but so will the overall positive yield. Instead, focus on the quality of your leads and measure cost per acquisition or cost per lead versus the lifetime earnings from that particular customer. You may be surprised at what you find.
Myth #2 Every Inquiry is a Lead
Whether you are using landing pages, eBook downloads, or another inbound marketing technique to generate leads, you might be acquiring a huge list of names and email addresses. It might look good on paper to call these leads, but in the long run, it will hurt your process. Not every inquiry is a lead and not ever inquiry should be treated as a lead. This will only send you down a path towards wasted time and a sluggish sales process. Be sure that you analyze the path that someone takes to get to your landing page in order to determine whether or not they are a viable lead. Someone who clicks on a link for a free eBook and fills out minimal information to get to your download is probably not a lead. Someone who searches for your niche industry and clicks on your homepage for more information is likely to be a lot more amenable to your sales team. Keep this in mind and everyone will be able to be more effective.
Myth #3 Sales Is Separate from Communications
Whether you’re sending a welcome email to a prospective lead or launching a persistent drip campaign to a list of inquiring people, your sales team should be in close contact with the marketing and communications sectors. A lead that gets a drip campaign email follower immediately by a sales email or phone call is likely to be turned off. When these two processes are working in harmony, however, the results can be magnified. Be sure that everyone is talking and on the same page about how you are approaching your leads in a persistent but effective way.
Myth #4 Once You’ve Acquired a Customer, You Sales Process is Over
You want to close a deal, there’s no question about that. And it’s definitely a relief once a deal is done. But it’s hardly the end of your communications with that customer. In all realms, but particularly in B2B marketing, a lead that comes from a referral is much easier to close than one that comes in on their own. To get these referrals, not only do you need to continue to offer a great product or service, you need to turn your customers into ambassadors who will bring you new leads on their own. This means keeping in touch, staying top of mind, and generally nurturing this relationship. The results you see will be measureable.
We’re all guilty of subscribing to some myths, but now that you know better, you’ve got no excuse. What are you doing today to improve your lead generation process and conversion rate? Let us know in the comments.