Lead generation is a methodology used by marketers to excite and attract the attention of potential buyers based on research and data driven insights.
Potential buyers for products or services are segmented based on their behavioral attributes, demographics, goals and then buyer personas are created. These buyer personas are semi fictional representations of your ideal customer for a particular product or service.
Once the potential buyers are identified, the lead generation process is activated. Leads are then captured and brought into the sales pipeline.
Lead Generation Is Buyer-Driven
In recent years, lead generation has gone through massive transformation in the way marketers go about sourcing leads and converting them into buyers. The major reason for this change in the methodology of lead generation is due to the ever-changing technological landscape.
Before advances in technology such as the internet and social media, buyers depended on television, radio, magazines and newspapers to get information on products and services.
This form of distribution made information very scarce and controlled. Take a second to think about it. Advertising was controlled by major corporations with huge budgets so, they were able to advertise their products and services to the masses through these channels.
Now, because of the internet and social media, information is vastly distributed via countless websites online and through various social media channels such as YouTube, Facebook, Twitter, Instagram etc. Now the power is in the hands of the buyer and no longer in the hands of the marketers.
Because of these changes, marketers now have to understand their buyers even more and find new ways to reach them, entice them and eventually sell them.
Lead Generation Is Also Data-Driven
The challenges faced by marketers don’t end there. With the advances of technology came a huge explosion of data. There is now more data being created in two days than was created between the, dawns of civilization to 2003!
That’s a lot of data, which means there’s a lot going on online and data is the byproduct of this online activity. Activity such as online searches for products and services, social media activity in the form of likes and comments, e-commerce shopping and buyer behavior, watching and sharing of videos via YouTube and the list goes on.
Marketers are now tasked with sifting through this online activity to find the highest quality leads possible and then convert these leads into lifelong customers. This is not an easily obtainable endeavor, especially when time, budget and staffing are very scarce. Therefore, if marketers want or get the most out of their marketing campaigns, the lead generation process is essential for maximum return on investment.
Old Approach Vs New Approach To Lead Generation
Now that we have an understanding of how marketers go about initiating the lead generation process by using analyzing data to figure out, who fits the profile of the buyer persona, let’s compare and contrast the old way of acquiring leads compared to the new way of doing it.
In the old days marketers used outbound strategies to acquire customers which means they pushed their products and services out, towards consumers. A lot of the time, the target consumer would be oblivious to your product or service and therefore is not be a high-quality lead.
The new way of doing things, is a little more inviting. Instead of pushing content outward to an uninformed consumer, consumers are now searching for things that spark their interest. It’s now the marketers job to be present at the right place, at the right time when a search for their product or service is executed. This has ultimately changed the dynamic of lead generation.
The buyer now has the power to conduct research and use their own analysis to determine which product or service they’re willing to spend their hard-earned cash on. So, this where inbound marketing comes into the lead generation process.
Inbound marketing plays a vital role in how to effectively acquire high-quality, marketing and sales qualified leads. Inbound marketing attracts leads by creating content that educates the consumer, so when he or she searches for information, this content is readily available to them. By, using this content in their research process your business or brand has the opportunity to capture this potential buyer and convert them into a lead.
The Conversion Process Of Lead Generation
How do we go about turning a viewer into a lead? We invite the consumer in and help them in their pursuit towards a resolution to their problems or answers to their questions. This will make an impression with the consumer and allows us to be a valuable resource to them.
Once, they value our content and see how it benefits them, we present them with a form which allows them to enter their information. This information on the potential buyer is now in the system and they are qualified as a lead.
Although, qualified as a lead, they have just started the process of researching and are just becoming aware of solutions to their problems, so they are at the top of the marketing funnel.
Based on the behavior of the user, becoming a lead will determine how they descend from the top of the marketing funnel where they are newly formed leads, to the bottom of the funnel where the chances of them becoming customers is high and they are now qualified leads.
Understanding where the potential buyer is at in the marketing funnel is fundamental to lead generation and inbound marketing. Because, depending on where the potential buyer is in the marketing funnel will determine what kind of content they will be looking for in their search and will eventually determine if they’re a qualified lead or not.
Lead Generation: Difference Between Products & Services
Lead generation is pivotal to companies that sell products and/or services. However, how companies go about developing content and strategizing to get leads based on whether they are selling a product or s service should be given great consideration.
There are similarities and differences between both approaches. See our product vs service lead generation chart below.
Both approaches use content to attract and eventually capture leads, but the content being created should target different buyer personas. When creating a landing page and choosing what questions to ask on your form, you have to consider how to add value to your potential buyer at their current stage and how you will qualify them without scaring them away.
Developing buyer personas and understanding your buyer is the most important asset for lead generation whether you’re selling a product or service. You need to identify the pain points of your buyer persona and construct your content based on this information.
Similarities Quick List
- Adoption of digital strategy.
- Content creation towards specific buyers.
- Both use lead generation to increase revenue, optimize profits and gain a higher market valuation.
Product Lead Generation
For a product, buyers would want to know more about product specifications and applications of the product, because they are trying to find out how this product can help or benefit them. Products tend to fit with buyers who are more technical and operational. So you should show how your product provides solutions, can minimize risk, improve efficiencies, and how to actually use it. Product lead generation is geared towards the user.
Products Quick List
- Content will be centered on specifications and application.
- Buyer persona tends to be more technical and operations minded.
- The buyer is concerned with solutions to problems, which include improving efficiencies, reducing down times and improving overall quality.
Service Lead Generation
For a professional service, you want the buyer to be educated on the process that your company is providing and what your brand stands for. It is often more strategic in nature. Buyers usually want to know how you can increase their revenue or optimize their savings. So you need to prove you’re the authority on the service or topic, and you usually have to convince several people who are in charge of making the decision.
Services Quick List
- Content will be centered on process, brand and thought leadership.
- Buyer persona tends to be more strategy minded.
- The buyer is concerned with enhancing revenue, saving money, and better decision-making.
Putting It All Together
Lead generation is a way of using data to understand who potential buyer is, formatting a process to attract them using digital tools, then capturing them and converting them into qualified leads.
At Tag Marketing we specialize in capturing leads for our clients, and are 100% client focused and results oriented. We love to partner with local B2B companies that want to unlock their true potential and accelerate their growth (short-term & long-term) with focused, creative, growth-driven, well-executed inbound marketing plans.
We are a family company and we treat our clients as part of our family as well with respect, professionalism, and dedication. We pride ourselves on capturing leads, building your brand and taking your business to the next level.
Our clients come to us dazed and confused about the transparency of marketing their business, gaining new clients, nurturing their current customers, and increasing their revenue.
Most are lost as to what converts, and not quite sure if the money they're spending is an expense or investment.
We believe in the results, not just random numbers. In doing so, we validate ALL inbound leads based off your criteria. We close the gap by looking at conversions and sales to report your true ROI.
Our team reviews with your team lead quality through each channel so we can get the most out of our marketing efforts and campaigns with your budget. By doing so, we can correctly gauge the success and failures of each marketing service or strategy in order to adapt and refocus, staying on-target with your goals. We like to be transparent, and in full disclosure tell the story exactly as it is.
Our success is built in direct relationship to our client's success. Call Tag Marketing today for a free consultation at 773-680-6952. We are located in Illinois with several locations including Chicago, Bartlett, Schiller Park, Carol Stream, Geneva, Brookfield, and Roselle.
If you’d like to learn more about lead generation, read our Beginner’s Guide to B2B Lead Gen. It goes over the top lead generation channels you should be using, optimizing your content, best practices, social media marketing, helpful tools, and more.
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