Hundreds of companies are out there, vying for the attention of the same potential customer as yours. As new companies join the race, it will become more difficult for existing businesses to generate more leads.
63% of marketers say generating traffic and leads is their top challenge. Be it automotive sector, pharmaceutical sector, banking sector, real estate sector or any other, everyone is struggling with the problem of acquiring new leads.
There has also been a huge transformation in the way marketing works.
Traditionally, the concept of “lead generation” meant marketers searched for names of potential buyers and passed them to sales. Buyers expected that they would have to get in touch with sales teams and sales teams expected to talk to uneducated early stage buyers that may or may not be a qualified lead. All this has all changed.
Today, buyers prefer to do their own research online and find a variety of resources through search engines, social media, and other online channels for the products or services they require. Today’s buyers usually learn a great deal about a product or service before speaking to a salesperson. Hence, businesses must make sure that they have a strong lead generation campaign on digital platforms.
This change has led every company to rethink their marketing strategies. The entire process of acquiring leads has undergone a huge revision. A major part of this process has shifted online.
The companies which have been unable to adapt to this transformation, have been struggling to attract potential consumers. This situation is bound to get bleaker unless we to find out innovative ways to keep generating leads for our business.
Volkswagen realized this and planned to streamline its marketing operations to become 30 percent more efficient by 2020, relying heavily on cost-effective digital advertising rather than traditional TV or print publications.
State Bank of India (SBI) too realized that if it wanted to compete with its competitors it needed to use Digital Marketing to increase its customer base. They began search engine advertising to get more leads.
They also started leveraging the power of social media to generate leads. They started running online campaigns on social media platforms to attract people who use them.
They put up such posts and sponsored ads to attract more leads towards their service.
Their lead generation efforts paid off. Their market share jumped to 25.50%, which was the highest in the banking sector.
Similarly, you too can increase the market share of your brand by working towards lead generation through Digital Marketing.
Benefits of Lead Generation through Digital Marketing
Increase Brand Awareness
Brand awareness is one of the major benefits of lead generation, it helps measure how many people amongst your target market know your brand. The more the people are aware of your brand the better is your reputation, the greater your profit potential and overall brand value. Online Lead Generation campaigns make sure that your customers think of your company first when they need to make a purchase related to your product or service. Lead Generation educates and informs people in your defined market regarding your product and its features.
Generate Quality Leads
High-quality leads are the backbone of every business. You can have all of the traffic that you want, but unless you are able to attract potential consumers who are willing to buy what you’re selling, you are going to have a tough time generating profit.
Online Lead Generation allows you to target specific consumers. You get to target only those customers who you think are relevant for you. When these people respond to your campaign and choose to interact with your brand, you get leads that that are very relevant to your business. You can then influence them through all the channels you have at your disposal and make quicker conversions.
Key Benefits of Lead generation is that it can be extremely cost-effective. You can control your spending and use your money to target only the most relevant target audience.
Cost per lead is usually dependent on the difficulty in acquiring the lead. The easier to the source, the lower the price. Usually, higher-quality leads to yield higher conversion rates. Since, through Digital Marketing, you are able to target specific groups of potential customers who you think are relevant, you get good quality leads. These leads have high chances of converting into sales.
Overall, you spend a lot less on getting each lead through online lead generation campaigns than through any other traditional ways.
Competition is fierce in the market, and the sales targets will keep rising every year. You need to ensure your salespeople are not spending a lot of their time looking for new leads in the market but using their time more effectively by meeting new prospects and working towards closing deals.
Online lead generation targets your potential customers based on the rules you set and tries to find new leads for your brand on its own. This frees up the time your sales team spend looking for leads. They can rather use this time to follow up the leads and converting them into purchasing customers.
Track the results
You can track all the results and measure the success of your online lead generation campaigns. You will have all the data to analyze and make an informed decision about what works and what doesn’t. This will help you to optimize your campaigns. You will also be able to control your spending and channelize them in the best direction.
Today many marketing departments are allocating more budget for online lead generation. Inbound marketing budget, in particular, has been growing as brands need to find more creative ways to get in front of the customer and stand out amongst the competition.
If you want to increase your sales by generating more qualified leads and amplifying sales pipeline velocity, start learning Lead Generation through Digital Marketing today! It will make a huge difference in the way your business approaches lead generation.
If you know of any brands which have benefitted from this kind of lead generation, let us know in the comments below.