If you have your own business or anything to do with the business world, you would have come across the term ‘lead generation’. Lead generation is extremely important to business today and can be the difference between a successful company and a failing one, especially in the online world.
For those of you who aren’t familiar with the concept of lead generation, I will walk you through what lead generation is and why it is so important to your business.
What is lead generation?
Before we jump into lead generation, it’s important to first understand the definition of a lead. A ‘lead’ is an indication of interest in your business offerings, whether that be a product or service. It typically comes in the form of an enquiry or perhaps somebody signing up to one of your mailing lists.
Lead generation, as the name suggests, is all about generating more leads. It is implementing ways that make people become interested in your company and the products or services that you are offering. It is through the use of effective lead generation strategies that people who need your “things” find out that you have those “things” and connect with you.
Why is lead generation important to your business?
Now that we have an understanding of what lead generation is, why exactly is it so important? The modern business landscape is highly competitive. With little to no barriers to starting a business, many people are entering the market with all types of products and services. This means that your business has to stand out from the crowd if you want to experience any success.
Lead generation plays a big role in this. Online companies typically attract consumers through online platforms such as their website, social media platforms or mailing lists. If you are not generating (and collecting and managing) leads effectively, you are missing your share of interest from consumers. To be successful in the online space, you need to find effective ways to generate leads and keep individuals engaged.
Leads = customers = profits
Statistics show that over 55% of B2B marketers spend more than half their marketing budget on lead generation. This investment is time and money well spent as it results in deeper market penetration, increased profit margins, and more sales. Isn’t this what we all want?
The Take Away
Lead generation is not a new concept; however, it has come into the spotlight with the explosion of online business. Although building the relationship organically is always better, lead generation can be an exceptional and faster way to turn leads into full-fledged customers.
If you are serious about growing your business, make sure lead generation is a priority.
If you have questions about how to use lead generation in your business, simply book a free 15-minute consultation with Bob Milliken at Bit.ly/SimplifyYourMarketing and we can talk about it.