Lead Generation 101: Common Mistakes and Tips to Succeed
Lead generation has become an essential aspect of any successful business in today's digital age. Companies must adapt their lead generation strategies to remain competitive in their respective industries.
However, generating leads is not always an easy task, as it's very easy to make mistakes or neglect certain parts of the lead generation process that can hinder your success. To help you improve lead quality and generate more leads, we wrote this blog post to cover the fundamentals of lead generation. We have identified 5 crucial steps in the lead generation proces, from knowing who you want your leads to be, all the way to measuring your lead generation success.
If you're only interested in reading about a certain topic, or are just scolling through, you can use the following links to navigate this blog:
1. Know who you’re looking for
2. Know how to reach them
3. Know what to say
4. Take care of your leads, and your leads will take care of you
5. Measure your success
Ready to learn more about lead generation? Let's dive right in!
Know who you’re looking for
Targeting the right audience is key to any successful lead generation campaign. Many marketers make the mistake of casting their net too wide. You may catch more fish, but you’ll waste a lot of time and money picking out the ones you want. The same goes for generating leads. If you’re targeting 'everyone between the ages of 18-65', good luck setting up a marketing campaign in which your message resonates with all members of this group. To avoid this, take the time to define your ideal customer and create a buyer persona that outlines their demographics, pain points, and buying habits. While it may seem trivial, it can really help you save time and money in the long run.
Generate quality leads and distinguish between them
In line with the previous point, focusing on quantity over quality is another common mistake in lead generation. While it may be tempting to measure success by the number of leads generated, it's important to remember that generating better leads trumps having more of them. A smaller number of high-quality leads that are more likely to convert into paying customers will ultimately be more valuable than a larger number of low-quality leads that will not convert.
Not all leads are created equal, which is why it is so important to qualify leads to ensure they are a good fit for your product or service. This is where the importance of distinguishing between a Marketing Qualified Lead (MQL) and a Sales Qualified Lead (SQL) comes in:
Marketing Qualified Leads are leads that are at the start of your sales funnel: they have shown interest in your business or are active followers of your business on social media for example. They will be the prime targets for almost all of your marketing efforts.
A Sales Qualified Lead is a lead that is bit further down the funnel and is very likely to convert into a paying customer. All they need is a little extra push from your sales and marketing teams to take that all-important step of buying your product or service. This usually comes in the form of a special offer or discount which your lead just simply can't refuse.
To find out if your new leads are SQLs or MQLs, you can use a method called 'lead scoring'. In lead scoring, you assign every lead a score from 1-100 based on how likely they are to convert. This qualification is crucial in lead generation, as having unqualified leads will lead to the wrong message reaching the wrong leads, which in turn will result in a low conversion rate.
The BANT model
Aside from lead scoring, another way of qualifying your leads is by utilizing the BANT model. In this model, leads are qualified by 4 main characteristics: budget, authority, need, and timeline. The considerations for each characteristic are as follows:
Budget
What is the spending ability of our lead? Is it high enough to pursue?
For example, a high school student can show a lot of interest in sports cars, subscribe to newsletters about them, follow many car brands on social media, etc. but is highly unlikely to be able to afford one.
Authority
Does the potential lead have the authority to make the purchase?
For example, a company that makes kids’ toys will target almost all of its marketing to children, while it is the parents that make the decision if the kid gets to have your product or not. There may be a lot of kids interested in having that flamethrowing unicycle you offer, but not a lot of parents who will allow their kids to have one. Unless it’s on sale, maybe.
Need
What immediate needs or problems does our lead have/experience? Are they in line with certain products or services we offer?
Timeline
What is the timeframe in which our lead would like these needs to be met or these problems to be solved?
Know how to reach them
Effective lead generation requires a strategic approach and a diverse range of tactics. One common mistake is relying on just one or two lead gen tactics, of which the most common is without a doubt social media marketing. While this may be effective in some cases, not diversifying your tactics will limit your ability to customize your message to different leads in their respective place in the sales funnel.
Broadening your approach and using a variety of tactics that include both inbound marketing and outbound marketing can help you reach more prospective customers. In line with the previous point, you can cherry-pick the best channels for your specific target group and buyer’s persona to increase the quality of the leads you generate. Make sure that you include all phases of your sales funnel in this, as only focussing on one can also hamper your lead gen process.
The right content in the right place
Social media can be a powerful tool for your online lead generation strategies, but many marketers fail to effectively use it to connect with their target audience. It's important to identify which social media platforms your audience uses most and create engaging and informative content that resonates with them, adapted to the algorithm of the social media platforms you are using. This can include sharing blog posts, creating infographics, hosting Twitter chats, and more. On Instagram for example, you will have most success when you post your content in the form of Reels, as this is a feature that the platform has been pushing lately.
In addition to this, a lot of lead generating opportunities are missed by is not creating high-quality content or not providing enough value to your audience through that content. Without valuable content, potential leads will be less likely to share their contact information with you for example. We suggest you invest time and resources into creating high-quality content that speaks directly to your target audience's pain points, needs, and interests. This can include blog posts, whitepapers, case studies, videos, and more. This is one of the most important steps to generate true sales qualified leads.
Optimizing your website
A poorly optimized landing page can significantly reduce your conversion rate. To avoid this mistake, make sure your landing pages are optimized for maximum effectiveness. This includes using clear and concise copy, high-quality visuals, and a prominent call-to-action. It's also important to test different elements in your landing page, such as headlines and images, to determine which variations generate the most conversions. A lot of lead generation opportunities are missed
Finally, lead capture forms should be easy to use and optimized for maximum conversions. Many marketers make the mistake of using overly complicated forms or not testing different form options. As this is arguably the most important lead generation tool, make shure you make it as easy possible for your potential leads to give you their information. Keep your forms simple and straightforward, only asking for the information you really need. Focus mainly on gathering email adresses, as they will be vital for retargeting through email marketing. It's also important to test different form designs and placements to determine which options generate the most conversions.
Know what to say
Knowing what to say to your potential customers is crucial in capturing their attention and converting them into paying customers. Two common mistakes that marketers make when reaching out to leads are lack of personalization and not offering enough value.
Stay away from generic marketing methods
Generic, one-size-fits-all outbound marketing messages are becoming increasingly ineffective. Today's consumers are bombarded with countless marketing messages, and have learned to subconsciously filter them out. As a result, potential customers are more likely to engage with messages that speak directly to their needs and pain points. Personalization allows you to tailor your message to each lead's specific situation, increasing the chances that they will respond positively to your offer.
To generate leads that are genuine, you need to offer something of value. This could be in the form of a free e-book, a webinar, or a discount on a product or service. However, many marketers fail to offer enough value, which can result in low conversion rates. By providing something of significant value, you not only incentivize leads to share their contact information but also show them that you understand their needs and are committed to providing them with a valuable experience.
Take care of your leads, and your leads will take care of you
As a marketer, lead generation is just one part of the equation. What really matters is what you do with those new leads once you have them. One of the biggest mistakes that many marketers make is not following up on their leads in a timely manner. This can result in lost opportunities and a decrease in conversion rates.
When someone expresses interest in your product or service, it's crucial that you follow up with them promptly. The longer you wait, the less likely they are to convert. Set up automated follow-up emails or phone calls to make sure that no lead falls through the cracks. Remember, the goal is not just to generate leads and qualify them correctly, but to turn those qualified leads into customers.
Another critical aspect of the lead generation process is lead nurturing. Nurturing leads is the process of building relationships with your potential customers to keep them engaged and moving through the sales funnel. Unfortunately, many marketers ignore this important step, assuming that the initial lead capture is enough. However, without consistent nurturing, many leads will never convert into customers. Use targeted content and personalized communications to keep your leads engaged and interested in your product or service. By taking care of your leads, you'll be more likely to see an increase in conversions and ultimately, revenue.
When someone expresses interest in your product or service, it's crucial that you follow up with them promptly. The longer you wait, the less likely they are to convert. Set up automated follow-up emails or phone calls to make sure that no lead falls through the cracks. Remember, the goal is not just to generate leads and qualify them correctly, but to turn those qualified leads into customers.
Another critical aspect of the lead generation process is lead nurturing. Nurturing leads is the process of building relationships with your potential customers to keep them engaged and moving through the sales funnel. Unfortunately, many marketers ignore this important step, assuming that the initial lead capture is enough. However, without consistent nurturing, many leads will never convert into customers. Use targeted content and personalized communications to keep your leads engaged and interested in your product or service. By taking care of your leads, you'll be more likely to see an increase in conversions and ultimately, revenue.
Measure your success
Measuring the results of your lead generation campaign is crucial to the success of your marketing strategy. Without proper measurement, it's impossible to determine what's working and what's not. By tracking your results, you can gain valuable insights into which tactics and campaigns are generating the most leads and which ones are falling short. With this information, you can adjust your strategy and optimize your lead generation efforts to improve your overall conversion rates. So, if you're serious about generating high-quality leads and improving your marketing ROI, make sure to prioritize measuring your results and using data to inform your decision-making process.
How we can help you
At Digital Leap, we’re all about finding new ways to generate leads and helping your company grow. Through our five-step process, we will help you develop the strategy that helps you remain competitive.
Discover more about how we approach your projects or book a call.