Every company, big or small, invests thousands and millions of dollars in generating leads. But have you ever wondered why?
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Let’s take you through a comprehensive guide on the advantages of lead generation and how your company can optimize the process to generate higher quality and volume of leads.
Have you ever called a customer care executive to inquire about a product or a service? Or have you submitted your details to sign up for a newsletter or a new feature? If yes, you are a lead, too.
A lead is an individual who willingly shows interest in the product or service of a business by initiating contact via contact forms, sign-ups, inquiry calls, etc. Once the initial contact is made by the lead, the sales representative gets in touch with them to educate them about the company and its offerings with the aim of successfully converting them into happy customers.
A lead, therefore, is the starting point of selling your product or service, hence generating greater revenue. The better quality of lead you generate, the greater value of sales you close.
Lead generation is the process of churning out a greater number of leads to keep the sales funnel filled. It aims at connecting with the prospects, qualifying them as leads, and closing the sale. The objective of this process is to generate a high-quality and larger number of leads, ultimately increasing the company’s revenue.
Your company might be investing in lead generation efforts already. But do you know what benefits will it garner for your brand? Let’s take a look:
Brand awareness is one of the primary factors that will determine the success of your business. The ultimate goal is to make your brand a household name.
While working on lead generation, you’d most likely be leveraging the internet’s potential to grow your brand. You could use social media, microblogging websites, social bookmarking, and more. These help your brand grow your digital footprint and improve your brand’s authority in the industry.
This helps in making your brand more discoverable by a global audience and improves its reputation. When these people know your brand and its offerings, they turn into prime prospects who can turn into qualified leads and paying customers more naturally.
As we already discussed in the previous point, people who know about your brand and offerings convert into leads and then to customers more ‘naturally’. This means that the sales team has to spend less time, effort, and money on converting these prospects into leads.
If more prospects know about your brand and allow seamless conversions, the overall resources invested in the process reduces drastically while increasing the number of closed sales. It also leaves substantial room for engaging with a greater number of prospects, generating more leads.
This is a chronological cycle, with each minute saved on one prospect, the remaining time can be spent on another, creating an optimum ecosystem for much larger closings as well as overall profit for the company.
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It is rather demotivating for the sales team to hear repetitive ‘No’ while cold calling. Not just that, you end up paying the team for low conversion rates, so pretty much for hearing those ‘Nos’. That definitely isn’t ideal.
With the help of lead generation, you get leads who show genuine interest in your business. Since they willingly initiate a connection, they’re less likely to hang up the sales call on your face and may become a paying customer easily.
When your sales team engages with more leads, it improves the return on your investment since the conversion rates increase in the same amount of time and money.
When your brand awareness increases through lead generation efforts, people from all walks of life learn about your business and may show their interest in buying your product or service.
Sometimes, people from unexpected avenues might show up as qualified leads. It might even help you broaden your perspective and target market, resulting in better business.
Consider two situations- an email sent to you with your name and company name mentioned in the subject line and another one with a generic, bland subject line. Which one are you more likely to click on? We’re guessing, the personalized one. Personalized interaction with your prospect can increase the probability of conversion by 53%. But do you need to spend time researching each prospect before connecting with them? No.
In your lead generation efforts, people might need to submit their information to initiate a connection. This can help you gather more information about them.
All these details about lead generation must’ve intrigued you to leverage it for your brand. Well, here’s a pro tip for you- You can use automation tools like Leadsly to gather more information about the leads and their company in seconds. Using this information, you can conveniently personalize your interactions with your leads and prospects, making the conversion easy as a walk in the park.
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