Lead generation is about guiding prospects along their buying journey to close the deal. It is vital to capture qualified leads to ensure you spend time on prospects who are more likely to purchase.
This article will examine further why lead generation is important for business.
Why is Lead Generation Important for Business?
If your business has nothing in place for lead generation, you will rely on existing customers for repeat business or hope that people find you instead of your competitors.
Your sales team will either twiddle their thumbs or run about like headless chickens.
What won’t happen is growth.
Without a plan focusing on bringing in new customers, your business will stagnate and allow your competition to fill the space.
Lead generation increases your brand awareness, makes you more visible in the market, builds your credibility and encourages interest from a targeted group that you have identified as potential customers.
To put it simply: lead generation equals growth.
What are the Benefits of Lead Generation?
We have established that lead generation is essential for sustaining your business and growing it further, so let’s consider the other advantages of adopting a lead generation strategy.
1. Expanding your market
Initially, most businesses will identify a target market for their product or service. Lead generation allows you to use any collected data to understand your prospects more.
It allows you to discover trends showing you different groups interested in your business.
Tapping into new markets is a significant growth factor. CRM magazine looked at the importance of understanding your customers’ journeys to achieve growth.
2. Start conversations
Delivering quality content on social channels is a big part of lead generation. In particular, LinkedIn is a space where you can grow a following from related professionals who could become potential customers.
By setting your brand up as an expert and opening up communication channels, you can grow into a leader in your sector.
Many of your followers will turn into customers, while others will champion your brand—a win-win situation.
3. Referrals and Testimonials
More leads mean more customers. Happy customers can provide testimonials and reviews and refer you to other prospects.
Make it part of your practice to get your sales team to request testimonials from satisfied customers. You can use them on your social media platforms and website to celebrate your brand.
You can also incentivise referrals to encourage customers to bring in even more quality leads.
4. Revenue Growth
You boost your revenue when your prospects are converted into buyers.
Lead generation maximises the potential for generating qualified leads.
Qualified leads are far more likely to convert, which is why a lead generation strategy that focuses on the behaviours of your target prospects is more likely to get results.
It is not only prospects that you generate. Connecting will also bring you closer to businesses offering compatible products or services.
Collaboration on social media through webinars and other opportunities can allow you to tap into each other’s audience and help both businesses grow.
6. Quality over Quantity
Generating thousands of leads that go nowhere is inefficient, timewasting and costly. Lead generation ensures you have a targeted attitude to making approaches.
Businesses in the past have focussed on generating traffic, but lead generation is far more direct in its approach.
Your aim is to steer towards businesses you have identified as your ideal customer. Personalising how you connect using an integrated or Omni approach will generate high-quality leads that are far more likely to convert.
CRM magazine identified that understanding the decision maker’s intent in a business prospect is crucial because they are more risk-averse than personal customers.
The data you collect about your prospects can enable you to create content that caters to their wants and needs and build trust in your brand.
7. Build Brand Awareness
Building brand awareness is not just for new businesses. Established companies have often achieved a degree of success without being visible, but to grow further, they need to ensure more people see them.
Learning about your customers through the data captured in the sales process is vital to creating content that will appeal to others.
8. Nobody has time for that
Cold calling should be a last resort. Does anyone involved get anything out of it?
The trouble with cold calling, whether emails or telephone conversations, is that you are targeting wide, and your conversion rate can be low.
Far better to create warm leads and connect with them to follow up. Employ your sales team to focus on the end part of the sales journey and close deals.
9. Automation and AI
Over the last few years, the amount of technology available for lead generation has grown enormously. It may seem overwhelming, but utilised correctly, it can scale up lead generation and improve your conversion rate.
There are automation packages for sending emails, making follow-up calls, CRMs and analysing data.
It is a sure way to speed up your pipeline.
Ideally, your systems will be set up to allow sales, marketing and customer services teams to integrate their data.
10. Outsourcing for Scale
Rather than carrying out lead generation in-house, you can outsource to a specialist. Using the skills of lead generation experts will maximise your ROI and free up valuable time for your sales experts to focus on closing deals with prospects.
One of the significant advantages of outsourcing is the quality of the data collected, thanks to their use of the latest technology. Analytics and forecasting are fundamental to improving performance and personalising approaches across different channels.
Data should inform the decisions, and the most successful lead generation will capitalise on the information they collect.
Now, you can see the benefits of lead generation and why it is important to your business.
Outsourcing lead generation is an effective way of delivering far better results and growing your business faster.
If you are a business wanting to improve your lead generation, why not contact us at Curral London? We offer a B2B lead generation service comprising our LinkedIn Prospecting service and Appointment Setting.
We combine various approaches to secure highly qualified leads that meet your target demographic. Get in touch to find out how we can help you.