Lead generation is the process of identifying potential customers for your business. It’s all about attracting potential customers to the business so that they become interested in the product or service. Examples of lead generation include offers, text alerts, conferences, online content, trade shows and coupons. The channels of lead generation are dramatically changing and becoming more digitalised due to increased online accessibility and the rise of social media.
A lead can be defined as someone who is interested in your company, product or service. Essentially, there is a potential sale on the cards. Once a person becomes a lead to a business, they may receive targeted communications to entice them towards a purchase.
Lead generation is the first of four important stages in a customer journey: attracting, converting, closing and delighting. Navigating through all four stages will lead to a sale and a satisfied customer, which encourages repeat business.
Inbound & outbound marketing
Lead generation involves marketing strategies that can increase sales. These marketing strategies can be grouped into two categories: inbound and outbound. Inbound marketing involves helping customers find your company and developing the relationship that eventually leads to a sale. This includes content, search engine optimisation (SEO), social media and blogs. Outbound marketing involves traditional, disruptive marketing tactics. Outbound channels include pay per click marketing, display ads, email marketing and direct mail.
What is required?
Having enough information to generate a lead in the first place is vital. This can be done by encouraging customers to sign up to offers and fill out forms. Knowing enough about your customer to generate a sale depends on the type of business involved. This is because different businesses require different amounts and types of information to generate a lead.
Businesses must realise that customers receive an overload of information daily from various channels. It is the job of the business to ensure the attention of potential buyers is caught and held to ensure sales. Without this, one business’ communication with an individual may be lost in a plethora of other information presented to a customer.
Challenges of Lead Generation
Generating high-quality leads is a must given that any investment in a low-quality lead will be wasted. Creating high-quality leads can be difficult due to a number of factors including facilities, staff, lack of time, limited budget and limited data.