Lead generation is an important tool which will improve your sales and marketing efforts. It can:
Lead generation is ‘the action or process of identifying potential customers for a business’s products or services’. It can be a great way to solve some common issues. Keep reading to find out how lead generation can help your company.
It might seem simple (and it is), but one of the key benefits of lead generation is uncovering more clients to approach. As opposed to cold calling or paid-for contact lists, lead generation helps you to hone in on more relevant businesses. Indeed, without this kind of tool getting your company name in front of potential customers can be challenging.
Lead generation also helps you to build an effective sales strategy. Grading new leads/prospects means your sales team can really focus on the juicy businesses likely to be bowled over by the products you offer. Concentrating on the companies most relevant to you will increase your sales efficiency.
Another way your business can benefit from lead generation is by putting you in touch with key decision makers. As we know, moving past gatekeepers can be a lengthy and challenging process. Having the name of your key contact such as the Project Lead, Director of Procurement or Head of Engineering can help you get past the front desk. Therefore you can pitch your product directly to the person who will actually make the deal with your company.
Having an initial conversation with someone be it via email, LinkedIn or a face-to-face meeting can make them much more receptive to a sales pitch. Really listening to responses from these initial conversations is also very important. Finding out what situation your prospect is in might mean that you leave them with the knowledge of your business until a more suitable date. Similarly, it could lead to a direct meeting and a quick sale. Successful lead generation is a great way to build up industry contacts. Certainly, ‘who you know’ is a vital aspect in any successful business.
We’ve discussed how lead generation can help put you in touch with the right people. These key contacts can then be used to formulate a strong business relationship. Don’t think of the leads in terms of a single project. Instead view them as an opening to a potential future partnership. If you have been successful with a client on a specific job, it makes sense that your business will be useful to them in subsequent ventures.
Maintaining these connections is an excellent benefit of lead generation. You may have arrived too late to be part of one project. However, building that key contact relationship can mean they look to your business for future endeavours. Furthermore, a successful project you have been involved in could lead the client to recommend you to others in the industry. This helps spread your name and increase the potential for business opportunities.
Lead generation helps you gain valuable insights into your chosen market. Perhaps there is a specific company you know your products would work well with. Building a connection with them can give you useful information about their previous work. This helps you to evaluate investment trends. Similarly, you might want to check on any existing clients. They may have more projects in the pipeline and having already established a business relationship with them it can be much easier to get your products involved with future investments.
Lead generation tools can also be used to look at the actions of your competitors. Some platforms offer historic and projected data which give you the ability to track investment. This provides you with a good insight into past and current trends in the market. Such information can also be used in business meetings, helping you present arguments to move into a certain sector or project type.
Lead generation is an excellent initial way to move into new markets. The contacts you gain can give you a great insight into the potential value of your products in a new sector. Using lead generation alongside your own market research puts you in a strong position to approach new businesses.
You can use previous success stories or testimonials alongside market data to strengthen your pitch. Additionally, current clients may have branches spanning different sectors. Your established business relationship gives you an excellent way in to these new industry areas. Furthermore, the contacts you can gain from successful lead generation will ensure you are reaching the right person. This puts you in a strong position to diversify into new market sectors.
Lead generation has become an invaluable part of any company’s sales and marketing strategy. The process helps you single out potential clients and form a plan of action through grading them. Having identified new prospects, successful lead generation will put you in touch with the key project decision makers. This saves a great deal of time and helps you to clearly focus your sales efforts. Once established, those company contacts can be maintained to form long standing relationships and repeat business opportunities.
Market analysis is an important by-product of lead generation that helps you gain a wider picture of growing trends. These can be used in prospective sales meetings, or to research past endeavours by competitors or prospects. Finally, the contacts and market information you gain can give you the perfect opportunity to diversify into new sectors and help your company grow. If you think of your business as an engine, lead generation is the fuel to keep it going!
For more information on how lead generation from Protel can benefit your company, please contact us.