How a Small Business Can Benefit from Lead Generation
If you want to be big, first you need to start small. The primary objective of every startup and small business is to grow, and they can do it by increasing the number of buying customers, which leads to increased sales, profits, and more resources to invest in business expansion.
Lead generation happens when you have attracted your target audience and are ready to convert them into leads, which you will forward to your sales team. And the transition from a stranger visiting your page to a customer is much more natural when they show an organic interest in your business.
How Does Lead Generation Work?
Lead generation can be performed in-house or outsourced to a lead generation agency. The process is, in its essence, easy and straightforward. However, it can be difficult to do it right.
First, you need to build your website or partner up with sites on which you advertise your product or service. Consumers find the informational sites or directors and, hopefully, complete a so-called online quote request form, which is a type of “lead generation form.” They provide their information via this form, which matches to the right providers. Then, the matched leads are sent to prospectors or other people involved in sales.
Why Use Lead Generation?
This method benefits both the seller and the buyer. It’s the buyer who requests information from businesses that offer things that they’re interested in buying. It permits the seller to make its sales proposal to them, and these leads are considered highly qualified or the “hottest.” Leads received this way often lead to higher conversion rate success when compared to cold contacts.
Lead generation enables businesses to determine their pricing on a per-lead basis, select the geolocation to where the company is interested, choose what they want to offer, and control the number of leads they wish to receive each month. Also, they have the opportunity to engage in effective demographic and behavioral targeting and pay only for the leads received.
The Costs of Lead Generation
Leads can range in quality and price, about $25-$500 each. It all depends on your business model, the cost of your product or service, the gross profit for each unit sold, and the percentage of leads you convert into sales. Most often, pricing depends on how difficult it is to acquire the lead. The price goes down when it is easier to source a lead.
If you outsource for lead generation services, you’ll probably be charged a setup or maintenance fee that can go from $200 to $1,000 per year. You can choose to generate leads yourself, and you can do it by:
- Asking your network
- Attending a networking event
- Offering value via LinkedIn
- Finding prospects via social media
- Reaching out to lost leads
- Content writing
If you’ve never done that, but want to learn, make sure to gather all the knowledge you can and follow a great step-by-step guide for implementing lead generation.
Can Lead Generation Be Useful to Your Business?
Do you need some business fast? With lead generation methodology, you can grow your business quickly, but it’s imperative to do it right (that’s why it is a kind of a gamble.) But with a professional by your side, you’ll be able to increase your ROI and expand your client network. You should test it first to see whether it works for your business. If it does; then set aside a budget, and brush up on your marketing and sales skills, so the leads convert at a high rate. If you don’t know how to follow the process through and close the sale, your efforts will be fruitless.
Also, lead generation can free up a lot of your time, because finding leads in traditional ways (cold calls, direct mail, and traditional advertising) can be money- and time-consuming. Finding and reaching customers is a long and challenging process for most companies. Lead generation is a digital method of combining different marketing actions you can use to build interest in your company and offerings in a shorter span of time.
Lead generation will continue to grow, according to current trends. Estimates are that, soon, AI technology could take over the lead generation process.
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