3 Critical Lead Generation Success Strategies
Whether for B2C or B2B lead generation, the omission of one or more of these three planning steps guarantee an unsuccessful lead generation program. Their inclusion, on the other hand, will dramatically improve success rates.
1. Tame the database
Get a handle on the company's target universe.
In other words, how many households represent good potential customers? How many businesses would find the company's service or product essential if prospects understood what it could do for them? It's all about counts, counts and counts regardless of channel.
The planner must know as much as possible about the customer’s demographics and purchase behavior. Make a strenuous effort to understand the company's market penetration or market share. The deeper the penetration, the more expensive the customer expansion.
After mastering the database, determine how much revenue to aim for from existing clients, past leads and cold/qualified prospects. This knowledge guides the planner on what channels to focus on. It essentially drives the channel strategy, the lead generation goals and the budget.
2. Develop the financials setting reasonable goals
Determine the financials for the service or product. What is the average sale? What is the conversion rate from lead to sale?
If the Cost Per Sale (CPS) is $100 and conversion rate 10%, then the Cost Per Lead (CPL) comes to $10 per lead. This provides the definition of success for all of the channels or channel combinations used in the lead generation program. Design your program to achieve these numbers. (Direct marketers call these numbers "allowables.")
The third step requires developing the offer. Keeping the CPS clearly in mind, what offer(s) will likely stimulate the call to action?
3. Create a compelling offer
Listed are some offers that will help the planner create a successful lead generation program.
- 0% interest
- FREE shipping
- Free 30-minute telephone consultation
- Trade show premium
- FREE T-shirt for minimum gift
- Win a trip for 2 to Bermuda
- One-year FREE service
- Volume discount
- 2 for 1 or 50% off
- 30-day FREE trial
- FREE survey report for completing the survey
- FREE white paper
- Free iPod for appointment
- Demonstrate product in action
- Breakfast seminar with all expenses paid for attendees
Following these three planning approaches will put most lead generation programs ahead of the competition. How do I know this? Because many of my past clients omitted one or all of these steps in their lead generation processes.
What other points do you find are often lacking in the lead generation planning methods?