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The premise is that lead generation is essential to most companies' ability to grow. And in business, as the saying goes, you grow or die! So, what does lead generation look like? Lead generation requires 3 components:
Lead generation is achieved mainly by using 3 different communication channels:
Leads generated will be turned into sales through different fulfilment points, depending on what a business is selling and the value of what it is they sell. Typically it will be through a sales team, via a fulfilment mechanism with a call to action on a web site or response form. 1. Identification of specific target groups In the mind of the businessperson with a lead generation requirement, lists are a vital component of a lead generation strategy. All other things being equal, they are THE vital component. Poor targeting equals poor response. Conversely a great prospect audience will identify and respond positively to an appropriate, compelling proposition. 2. The initial proposition In most instances, you should have a clear idea of the 'offer', and what it will look like. However, for those who don't, or for those that will listen to ideas that could improve the effectiveness of the lead generation campaign, the best way is to take advice and keep an open mind: what works one month, might not work the next. 3. A means to qualify interest and generate a response. Every communication should include a response mechanism, which makes it easy for your target group to contact you. Response mechanisms A mailing will need a hard copy response form, an email campaign should include links to web forms, and telemarketing-based lead generation should establish appropriate 'linkage' with a next step, for example a sales visit. A lead generation campaign without a response mechanism won't deliver. Make it easy to respond Different people prefer to respond using different channels. It's always a good idea to reflect the range of preferences within your response mechanisms, to make it easy to send a response coupon back in the mail, go to a web site to enter your details, call a number that gets you through to a competent member of staff, or choose to be called (usually in the form of 'call me' buttons on a web site). Calls to action A response mechanism should also reemphasise the benefits of responding, in the form of the value proposition, special offer, or any other compelling reason. A strong call to action will maximise response. Segment response Give people a choice of what they are responding to. The best lead generation programmes will give the target groups the choice of buying, testing, getting more information or requesting a sample. Recognise that time is a major variable, and that not everyone will be ready or equipped with the information and justification to buy at that point. Segmenting the different levels of interest generates response at all levels and will lead to more sales and a better payback downstream. Choosing the right communication channel to use There are no right or wrong answers when it comes to deciding how best to generate leads, but there are some considerations that, in practical terms, will have a bearing on the choices made. Low value or low margin products and services will be difficult to justify using telemarketing to qualify and sales people to close. Higher value deals, or relationships with high potential value do justify a telemarketing approach, which may include qualifying questions, as well as deeper research, for example that seek to understand more about current suppliers, more about the prospect, and issues around value. Appointment setting for sales people is the ultimate lead generation objective for higher value propositions, justifies spending more to get in front of qualified prospects, and can really only be achieved via high quality telemarketing. Email marketing is foremost an 'urgent' medium, and is ideally suited to time specific propositions. It is also a great channel to use for testing, finding out what propositions work and which don't, even if the decision is subsequently taken to 'roll out' using other channels such as direct mail. It is vital that any business using email marketing to generate demand has a fully functioning website, which means that it should include a response form. Moreover, the response form should route the information provided to a point of fulfilment that can action the response quickly. Email as an electronic medium sets the expectation of the person responding that there will be immediate action. Direct mail can appear to be an expensive channel to choose for lead generation next to email marketing. However, digital printing on demand especially for smaller quantities, cut-throat competition among mailing houses (suppliers that will print, insert and dispatch mailings), together with postage discounts available from Royal Mail and moderating response rates to email campaigns, all add up to make a communication channel not actually that much more expensive than email marketing, and can make a compelling business case in terms of payback. Bear in mind that even high growth, hi-tech companies find that direct mail is a highly effective lead generation method, and one which additionally can easily be combined with email marketing and telemarketing to even greater effect. |
