from Lead Generation
Businesses have been using lead generation marketing technique to arouse consumer interest and curiosity for ages. Today, lead generation has become even more prominent in the eCommerce space.
What Is Lead Generation?
Lead generation refers to the process of stimulating consumer interest in a particular product or service with the sole aim of improving sales. In most cases, businesses use this strategy to shepherd prospects through a sales funnel that consists of several stages including attract, capture, nurture, qualify, engage sales, and finally measure/optimize. You can think of lead generation as the base that supports this sales funnel pyramid. At the same time, it is important to note that a lead is a consumer who has shown some form of interest in a product. This includes interest to use, purchase, recommend, or promote a particular service, product or brand. Some of the strategies that businesses use to initiate consumer interest in products include sending out emails, publishing posts on social networking sites such as Facebook, publishing blog posts and uploading video content to video sharing sites such as YouTube. It is probably worth noting that this marketing strategy alone has spawned a whole industry of lead generation service providers.
Lead management is the process of nurturing prospects from the acquisition stage until they become qualified sales leads. Some industry experts call this process pipeline marketing because prospects are progressively evaluated as they move from one sales funnel stage to the next. As such, lead management generally requires domain expertise, meaning SMBs may have to hire professionals to manage this marketing aspect. Fortunately, there are many marketing startups and mature companies offering lead management services at affordable rates.
Lead Generation Mastery
Since lead generation is a multi-faceted marketing strategy, mastering it requires a multi-pronged approach, as well as proper lead generation training . To start with, one must be knowledgeable in leveraging the power of diverse channels like social networking sites, email platforms, influential sites and blogs, and video content sites to reach consumers. In addition, you must have in-depth understanding of how call-to-actions (CTAs) work because they enable consumers to take lead generation actions such as visiting product landing pages, joining email lists, or purchasing products/services. These actions are desirable because they cause traffic and sales growth. .
Data analytics is another key element of lead generation. If you are not well versed in data mining and analysis, you should hire a data analyst to identify consumers who can be nurtured into loyal customers, monitor churn rates, determine optimal product price range, as well as determine when and where to focus lead generating efforts. This is particularly important because viral content has become a key cog in the lead generating chain. In fact, a Stanford University researcher, Justin Cheng, has come up with an algorithm that can predict the vitality of web content with a high degree of accuracy (0.795) meaning you should explore this niche as well.
with Lead Generation
Thanks to the millions of consumers who use the Internet to find information about products and buy products/services online, you can exploit this opportunity in several . To start with, you could recommend products to consumers who visit your site. You would then from the resulting sales of your company's products or earn commissions by recommending other business's products. According to a Neilsen study, this approach is quite effective with up to 90% of consumers following the recommendations they are given. As such, you can doing nothing else other than recommending products to consumers.
Secondly, you can by focusing solely on generating leads. This means canvassing for prospects online, acquiring details that would be interesting to marketers such as age and annual income, and then sharing this information with businesses. In exchange for lead information, you would earn revenue in the form of marketing fees or sales commissions. You can also come up with revenue-generating models that suit your marketing expertise or needs. Furthermore, your revenue models do not have to be commission based. You can with lead generation .
Why Lead Generation Is a Better Marketing Proposition
Although traditional marketing strategies such as pay-per-click work, they have become expensive and therefore inaccessible to many startups and SMBs. The PPC model, for example, is based on keywords that drive relevant traffic to sites. Sadly, this has created a lot of competition for the few keywords consumers type into search engines and caused the price of keywords to rise steeply. Fortunately, lead generation evens out the playing field because it does not depend on a single key element to work. This means you can use social media posts, emails, white board videos, e-books, e-newsletters or article marketing to promote products and reach consumers online. In addition, the lead generating process gives marketers more control compared to the process.
Why Businesses Need Lead Generation
Over the years, some businesses have antagonized consumers by using marketing strategies bordering on privacy infringement and harassment. A good example is cold calling, which has gained such a bad reputation that startups led by tech savvy entrepreneurs dare not use it. This is where lead Gen comes in handy because it does not violate consumer privacy. For example, email opt-ins are a popular technique for generating leads that gives consumers the right to decline or accept an invitation to join a company's mailing list. As such, consumers who opt-in voluntarily receive content that they are likely to open and consume.
Lead generation is currently one of the most popular marketing techniques because it enables businesses to pique consumer interest via multiple channels. What's more, lead generation does not violate consumer privacy in the same way cold calling, for example, does.