Large organizations spend millions on advertising for customer acquisition and building their brands. However small businesses have a limited budget and usually can’t spend millions on advertising although the need to attract customer remains same or even more. This is why SMBs need to rely on innovative & cost effective ways of lead generation on a shoe string budget.
“Creating a list of email addresses of the consumers doesn’t mean Lead Generation.”
In marketing, lead generation is the generation of consumer interest or inquiry into products or services of a business. It includes everything starting from bringing traffic to your landing pages to nurturing of leads and finally getting them converted to sales-ready leads or qualified leads.
Why do you need lead generation?
Lead generation in inbound marketing benefits both whether you are a marketer or a customer. A customer is able to redeem an offer that the marketers are offering in exchange for their information that marketers require. So, this is how customers get what they want and marketers get what they want. By giving their information customers are kind of giving assent to marketers to pitch their product or service to them.
So, the conversion rates on leads that you get through lead generation in inbound marketing is quite higher than that of cold contact as the potential customer here is pre-qualified, before you ever receive the lead.
Let’s see why lead generation in inbound marketing has become popular with businesses.
1. Business can determine pricing on a per lead basis
2. They can select the product or service they want to offer to prospects
3. They can choose the geographical area that the business is interested in
4. They can manage the number of leads a business wants to receive per month, which helps in budgeting
5. They can pay only for the leads that they have received if getting it done through any agency
How Much does it Cost?
Lead generation in inbound marketing can be extremely cost effective. In fact it can be for free at times if you are doing it yourself. The minimum charge in India for lead generation would be around rupees 10 and that too because the email service provider you are using might charge you for per email subscription. This anyway is a part of lead nurturing that comes before conversion.
Well! The price of generating a lead depends on the difficulty that comes in getting a lead. Let’s say for instance, the traffic to your lead generation form landing page is coming from your Facebook page wherein you didn’t have to pay a single penny, so the price of the leads would be in fact zero but then of course for email subscriptions you might need to pay, depending upon your email provider.[useful_banner_manager banners=24 count=1]
Is Lead Generation meant for you?
In simple word if you yet not have employed this tactic for your business then it’s meant for you for sure. Make use of lead generation tactics in inbound marketing and see an inundation of qualified leads coming to your business. These are the leads that are most likely to get converted. So, through lead generation get more potential business leads and reap maximum return on investment (ROI).
Lead generation is not a big deal if you have all your tools at the right place and have the courage to experiment new things based on marketing metrics. One more thing that’s important here is that experimenting is a wonderful idea and will help you leverage this tactic in the best possible way however it should not be baseless. You should always take help from the marketing metrics to experiment and find best ways to conduct your campaigns.
Learn from real practitioners not just trainers.