B2B Lead Generation is one of the most significant tasks for an enterprise and has a huge impact on the growth and profitability of a business. A key function for companies, it ensures business expansion and continuity. This step brings about a perennial flow of leads and is useful in increasing the revenue of the brand. Let us understand what exactly is this process and why does it hold so much importance for businesses:
What is a Lead?
In simple terms, a lead can be described as a potential customer from your target audience who is interested in purchasing your brand’s products or services. These leads can come from many sources – phone inquiries, websites, social media campaigns, or word of mouth.
What is Lead Generation?
Lead Generation can be defined as the process of attracting new customers (leads) for your business. According to Marketo, companies with an effective lead generation process have seen an increase in their revenue by 133% as compared to companies that don’t have the correct strategy in place. In today’s digital era, with dwindling attention spans and multiple distractions, it becomes even more difficult to attract customers. Therefore, it becomes integral for businesses to invest in a solid lead generation strategy.
B2B Lead Generation refers to converting your target audience into consumers by piquing their interest in your brand. The primary goal is to capture and stimulate their interest which would lead to the creation of a sales pipeline. This can be done through online, offline channels, or a mixture of both together. A strong B2B lead generation strategy should be holistic and concentrate not just on acquiring leads but also focus on nurturing and retaining customers.
How does Lead Generation work?
Approximately 53% of marketers spend at least half of their budget on lead generation as reported by Startupbonsai, thus highlighting the importance of this process. Lead Generation strategy involves website optimization, content marketing, email marketing, paid advertising, etc. The steps involved in this process are:
The first step involves finding leads which mean finding the contact information of potential buyers. The next task is to reach out to these leads through cold calls, social media, or by reverting to inquiries. Further, the process involves qualifying and prospecting high-quality leads. This is done by understanding that leads are at which stage of the buying process and how likely they are to buy the product/service. The last and final step is to onboard the customer and close the deal.
Know More: Difference Between Lead Generation and Demand Generation
Why Is Lead Generation Important For Your Company?
There are several benefits and advantages of lead generation for businesses, some of them are listed below:
Targets the desired customer base
Lead Generation strategies help you target your consumers in a relevant and correct manner. It helps you reach out to your desired customers and understand their needs and choices better. This will help you modify your product/service as per their needs, usage, and interests. Lead Generation focuses more on the quality of leads, as better quality leads are more likely to become repeat customers in the long run.
Creates brand awareness
Lead Generation helps to increase brand awareness among consumers. The more your target audience is aware of your brand, the stronger your presence and reputation are. It educates people about the services you provide and the features of your product in your target market. It helps you build and strengthen your relationship with your consumers at each stage of their buying journey. The process also creates a sense of trust and credibility among your target audience which is extremely important for any business.
Increase in revenue
Lead generation attracts potential buyers to your business, these potential buyers can be turned into your regular customers. The main focus of lead generation is higher sales which would, in turn, contribute to a higher profit ratio. Newer business opportunities will lead to higher revenue that would help your company expand and grow.
Find out more: What is Lead Generation and why you need it for your business
Lead Generation Marketing in 2021
Being such an important practice for businesses in here are a few key trends that you need to look at in this space:
- Conversational Marketing through Chatbots:
Chatbots are on the rise. They are set up to interact with consumers as people require quick responses. They help in guiding leads in real-time.
- Voice and Search Marketing:
To generate leads effectively, your content needs to be more conversational and should focus on your TG’s language. This would help in understanding your audience’s search behavior.
- Marketing using Video content:
Live Streams, short informative videos, webinars, etc are gaining importance. The audience prefers creative video content over reading tons of information.
- Account-based Marketing:
This strategy focuses on a certain set of target accounts. It classifies best-fit leads and then personalized campaigns and programs according to each account.
These are just some of the key aspects that businesses need to focus on in 2021.
Find out more: Four highly effective lead generation strategies for 2021
Converting leads into customers might seem like a daunting task. But you don’t have to worry, we are there to provide you with the best lead generation services. Collaborate with our team of specialists at Logichron and get the desired results for your company. Our B2B lead generation experts will help you generate quality leads to enhance your business ROI. Count on us for all your brand needs. Contact us today.
