Let’s Talk Lead Generation – Part 1 The Basics

Why? Because lead generation is at the core of your business success – i.e., sales. No matter the size or type of business you have, sales of your product or service are what make your business tick. In this blog we’ll visit the very basics of lead generation and focus on understanding the terms and their meaning. There is so much to talk about on this subject that we’ll drill down to the specifics of this essential topic in future articles. That’s how important understanding lead generation is! Let’s start at the very beginning.

What is a lead?

It’s someone who has shown interest in your product or service but hasn’t made the leap to purchase yet.

What are the different types of leads?

MQL – Marketing qualified leads (MQL) are ones to pay attention to. They are leads that have developed due to an activity, like downloading one of your white papers or filling out an information request form. They’ve passed the first step – they’ve shown interest. Now it’s your turn to nurture the leads and convert them into a paying customer.

SQL – Sales qualified leads are MQL leads that have taken the next step towards making the sales decision. Don’t delay in responding to them. Find out if they have the budget, the need, are authorized to make the purchase and what they’re purchase timeframe is.

On a side note… all Red Palm PPC campaigns only take credit for MQL leads.  If your current agency is taking credit for more then that, you may want to have a deeper discussion about ROI.

What is lead generation?

These are leads that have resulted from potential customers showing interest in your product or service. For example, if you are at a trade show and people leave their business cards with you, they have shown interest and are definitely a lead. Or maybe they’ve filled out a comments form on your website or on social media. This also is considered a lead. As you can tell, there are many ways to generate leads, including purchasing lists. The bottom line is that lead generation is an important way to acquire new customers and grow your business. The more leads you have in your potential sales “funnel”, the better your chances of closing the deal.  Most clients who focus on LeadGen know it’s a numbers game.  The more leads you have, the more you have to work with and the better you become at converting those leads into paying customers.

Lead generation channels

In general, there are two main channels – inbound and outbound.

Outbound. This relies on you reaching out to your potential customers. It may be done via purchasing lists, making cold calls, advertising in various venues, etc. The extent you do this is based on your marketing budget.

Inbound. These leads are generally the result of your guerilla marketing efforts.  Billboards, bus signage, radio and tv media ads, and yes, online content via your PPC ads, website, blog, etc. which are optimized by SEO.  Inbound lead generation requires planned content and placement along with a thought-out strategy.

We’re all about lead generation and helping our clients along the right path to success. We’re happy to answer your questions and help come up with strategic plans that add to your bottom line.

Want to continue learning more RIGHT now? Here’s a link to Microsoft Dynamics 365 with loads of info on lead generation. It can become a useful reference.