1. Ability to target desired consumers
Marketing is all about identifying and engaging with your target audience. With lead generation, you can better target your desired customers based on their locations, age, and other factors. At the same time, you can collect important information about them, including their needs and preferences.
Using this information enables you to tailor the value of your product or service to meet their wants, needs, and interests.
But lead generation goes beyond the number. What good is 100 leads if none of them are interested in what you offer? Quality far outweighs quantity. You want to focus on finding the right leads by figuring out details such as:
- Who you target audience is
- The type of data they prefer
- Marketing preferences
With this information, you're in a much better position to turn a lead into a customer.
2. Increase brand awareness
Lead generation is also beneficial in that it helps to generate and boost brand awareness. Brand awareness is a measure of the extent in which consumers are familiar with the images or qualities of your brand.
The more people that know of or have heard about your brand, the stronger your reputation. Brand awareness also increases your profit potential. Lead potential not only identifies qualified leads, it informs your target market about your brand, your product, and its value.
Think of lead generation as a form of word-of-mouth advertising. Once you have viable leads, the next step is to begin building relationships with each of them. Identity where each prospect is in the sales funnel and buyer's journey and then provide them with relevant content.
To sell a lead, you must maintain their interest with continuous communication. According to a study conducted by Genius, 66% of consumers were influenced by consistent and relevant communication.
Lead generation is the perfect opportunity to build trust and credibility with your target audience. In turn, your brand is seen as an expert in your industry/niche, which is crucial for driving sales.
3. Guaranteed quality leads
Lead generation is more than identifying leads in your industry. It boils down to the ability to find the right leads who are ready to make a purchase. According to Vorsight CEO, only 3% of your market is actively buying. The rest are either ready to start buying (40%) or not ready at all (56%).
This means that you only want actionable, ready leads moved through the sales funnel. With lead generation, you can focus on nurturing qualified leads that are ready to make a sale. Otherwise, you're left wasting time and energy on leads that are very unlikely to convert.
4. More leads means more profit
The more time, money, and effort you put into generating and nurturing leads, the more profit you can expect to make. Small businesses that invest in lead generation are more likely to see an uptick in sales by turning leads into customers.
The bottom line is that B2B lead generation services translate to sales. Even if you convert just a few of your leads into sales, you’ve already likely recovered all if not most of your investment.
Outsourcing your lead generation efforts allows you to prioritize this marketing effort while also focusing on other avenues to extend your reach.
5. It’s inexpensive
If you’re like most small businesses, you know the importance of a robust content marketing strategy. But chances are that you don’t have an endless budget to dedicate to marketing.
While there are countless marketing strategies that your company can use, if you're looking for one that is cost effective and produces great results, lead generation is just what you need.
As a small business owner, you don't have to dedicate tens of thousands of dollars to lead generation. Depending on the price and quality of the lead, you could pay anywhere from $5 to $500. The easier a lead is to source, the lower the cost.
But remember, higher quality leads are the ones that convert. Don't spend hundreds of dollars on low quality leads versus the same amount for a few top-notch leads. Quality over quantity, always.
Growing your business is all about connecting with new consumers and turning them into customers. The simple fact is that without leads, you won't have customers. This is why lead generation is so important, especially for small, up and coming businesses that are new to their industry.
Without lead generation, you don't have leads. This means no potential customers to turn into actual customers. And as a result, your profit margin is $0.
While lead generation isn't overly difficult, there's a lot of time and technique that must be put into it. If you're struggling to find leads, consider working with a lead generation agency that is experienced in finding qualified leads to get sales and profits flowing.