Lead Generation Explained

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Lead Generation Explained

Thursday, 28 February 2008 00:20

In most businesses, success means showing consistent or growing sales volume to an expanding customer base. Lead generation refers to finding potential buyers, and is an essential activity for growth. There are many ways to keep a steady stream of prospects available, each offering specific advantages.

Some businesses hire companies to generate highly qualified leads. Because these lead generation services are designed to the business owner’s specific needs, they offer a significant return on investment. This option is often expensive, and therefore best suited to businesses with generous marketing budgets.

Purchasing lists of names to be used for telemarketing, direct mail, and internet marketing is less expensive and still somewhat qualified. The drawback of this method is that lists become outdated very quickly, making it more effective for an email campaign than a costly direct mail program.

Internet marketing offers a simple, immediate, and low-cost method of reaching a wide audience. Using a website, business owners can generate their own leads by offering an opt-in newsletter subscription, give-aways, contests, and surveys. Publishing a sign-up form on the website provides a large mailing list which owners can use to market new products or services.

Employing a capture program on the website will provide information on every visitor to the site, providing useful demographic data which can be used to tweak product offerings and marketing strategies that will generate future leads.

Marketers who sell products or services locally often offer incentives to generate new business. Direct sellers, for example, hold product parties hosted by their customers, who in turn receive rewards based on sales volume. During the party, the seller will gather names of guests who wish to host a party in the future, thus ensuring ongoing business prospects.

Another simple practice employed by sales professionals is simply to ask their satisfied customers for referrals. Being referred by a prospect’s friend or colleague gives the business owner more credibility, thus making the first contact more likely to be amenable.

Qualified leads are those that meet specific criteria. For example, women are a better-qualified market than men if a business is selling baby products, while people in sunny locales are more likely to buy sunscreen than residents of rain-prone areas. While maintaining a large pool of leads is important, the quality of those leads must also be considered. The more qualified a lead, the more likely it is to generate a sale.

Market research is essential. Business owners who know their market will profit most in the lead generation efforts. By knowing as much as possible about one’s customers and employing a variety of methods to capture their interest, business owners can generate a constant supply of qualified leads, ensuring steady sales and a growing customer base.