Sales will always be about a numbers game. But when it comes to B2B lead generation, don’t just focus on a higher number and forget about the quality of leads produced. For the B2B lead generation in Australia, the quality of leads delivered is considered the number one challenge they’ve encountered.
Here are some factors to consider when doing B2B lead generation.
- Prospecting. Targeting the right prospect
- Multi-channel marketing. The channels used to attract and interact with your potential customers.
- Nurturing. How you manage and communicate with your prospects.
Sure social media is a good way to attract prospects and email marketing to nurture leads. Inbound lead generation process of converting visitors into prospects is still considered the most effective. But don’t forget about outbound marketing practices such as telemarketing as they say it is the fastest way to convert prospects into a solid lead. Not to mention it can prove a higher quality of leads.
However, regardless of your numbers, your lead generation campaign won’t be a success if you don’t know your metrics.
For example…
You make sure to publish 2 blog posts in a day but you’re not getting enough traffic for your website.
You have a high web traffic but no or very low conversion.
An outsourced company delivered 50 leads but you only converted 5 into a sale.
Now what?
Related: New and Improved Ultimate Lead Generation Kit to Jumpstart your Business
The key is to understand your numbers and how you can improve them. So how do you measure your ROI? Some do it by;
- Cost per lead. The amount paid or spent / the number of leads delivered (regardless if they were converted or not.
For example:
10000/25 = 400
- Lead volume. The higher the number of leads delivered, the better (regardless of the quality of lead)
- Lead quality and closed rate. The amount paid or spent / the number of leads converted.
For example:
10000/5 = 2000
It’s odd because 50- 55% of business owners and marketers measure the cost per lead and the number of leads delivered.
If you really want to determine whether or not you should continue your B2B lead generation campaign, you should first take a look at how many leads are qualified that can be easily converted. This goes to show that most companies just want to generate more leads as possible, thus putting more emphasis on quantity alone.
Related: What to Expect when you Outsource your B2B Lead Generation Processes
It’s the instinctive nature of humans to be overwhelmed with numbers, creating the illusion that “more is always better.” Bottom line is quality is always important if you want your B2B lead generation campaign to become successful. If you are just going to focus on the number of leads without measuring its success, then the effect in the long run will not be as pleasant as what you might think. It’s not supposed to be just a numbers game.
Measuring quality and success rather than cost and volume warrants a much elaborate process, but the benefits can make future endeavors easier and more promising. Discovering how high-quality leads are extracted will determine the success of a business; besides, isn’t that what lead generation is all about in the first place?
