What are leads? And Why are they so important for your business?
In this blog post I will be discussing the definition of a lead, the impact they have on a business and some of the more effective strategies out there to generate more qualified leads.
In order to obtain customers and increase revenue, leads are a key part of the process. But what are leads?
The Business Dictionary defines a lead as an “Inquiry, referral, or other information, obtained through advertisements or other means, that identifies a potential customer (prospect)”. A lead can be achieved through a number of different methods: 1) enticing potential customers to respond to a marketing campaign 2) a personal outbound reach or 3) by referral.
In the grand scheme of things a business’ ultimate goal is to maximise profits. Profits come from sales and sales are an outcome of leads. This clear correlation means that leads should be treated as a vital part of your business. Lead generation is one of the most important activities a business owner can focus on and is a proven way to give a business the best chance of long term success.
Here are several key cost effective strategies you can use to generate more qualified leads:
With the internet now being an essential element in business communication, it is vital that you have a good website that maximises your exposure. People surf the web for information, therefore you need to deliver through providing an informative, attractive, user friendly website to secure a channel of new prospects.
There are many powerful ways of using advertising in order to communicate with your chosen client base/ target audience. These include; focusing your marketing communications on your prospects’ interests, using media streams that have a large reach, and more importantly making sure that a clear concise message is being delivered to your target market.
This is a great strategy which allows you to gain access to your prospects for a variety of reasons including generating sales leads and building on current business relationships. Overall this medium is an effective way to communicate all the benefits of your product or service and is a strong platform of ensuring consistency in the message you are delivering to the market.
Word of mouth:
This is the most powerful/effective strategy available to any business. And the most effective way to influence this is to build a solid reputation. Self-awareness allows you to market your reputation and manipulate/control word of mouth campaigns.
Referral systems are a professional way to achieve high profits combined with increased customer loyalty. This involves encouraging your customers to recommend your business to others and to try out your product or service. In order to organically instigate this I recommend building a relationship with your customers where feedback is open and ongoing; making your customer aware of their appreciation for you is the first obstacle!
This technique can be implemented to gain access to the masses. It is even more effective when executed in conjunction with direct mail as a way of delivering a uniformed message to the market.
Special Events and Tradeshows:
You should aim for every customer experience related to your business to be special and memorable. Events are an effective way to educate potential customers on the features and benefits of your service or product, but more importantly they allow you to establish strong and meaningful relationships with them.
Properly qualified leads can identify specific businesses, key decision makers and demographic characteristics, which you intend to target. A priceless way to achieve your marketing success and minimising wasted time.