Lead generation is a critical component of both B2C and B2B marketing efforts but it seems to be a source of constant frustration rather than a corporate jewel in many companies. The reasons are many, as shown below, but everything hinges on an agreements between sales and marketing on key parameters.
Lead Generation Issues
- Out-of-date or missing information
- Time lag between lead capture and sales action
- Lead quality
- Lead quantity
- Unique content desired by the target audience(s)
- Poor landing pages
- Inadequate offers
- Weak calls to action
- Complex Processes
- Requiring detailed information or contact with a sales person too early in the customer/consumer purchase decision cycle
The Lead Generation Contract
Sales and marketing should develop a simple and short document that clearly outlines what information is to be gathered at each step in the process, the definition of a qualified lead and the metrics used to judge success for both parties.
Information to be Gathered
A common mistake is to ask for too much information too soon in the process. This puts consumers and business people off. They already have way more emails and telemarketing calls than they want if they are just seeking information. You will lose them after spending a great deal of effort to get them just too this preliminary stage.
There are a number of ways to classify the steps in the purchase process, but I like a simple view: Awareness, Consideration, Trial and Purchase (see: The Consumer Purchase Decision Model for more detail)
If they get to you, they have obviously become aware. At this step, simply request an email address. It’s up to you, but I recommend telling them that they will not be contacted at this stage unless they wish you to do so.
As they get further into the purchase decision process you can ask for more information, including: telephone, company size, industry, etc.
What is a Qualified Lead?
The short answer is that it is whatever sales and Marketing agree it is. At the minimum, it should be someone who is more than casually interested and has taken at least one step through the sales funnel (i.e. not just everyone who stopped by the booth at a tradeshow).
Lead Generation Metrics
These metrics are ones I have used, you may find others to add based on your own needs:
- Cost per lead both overall, by banner ad and by lead source
- Cost per “opportunity”
- Cost per trial (if one is offered)
- Cost per sale (averages are adequate)
- Percentage of sales followup by time period (i.e. 60% in one day or less, 30% one week or less and 10% more than one week)
- Lead to appointment ratio
- Average time to conversion
Lead Generation Best Practices
“Thinking is hard work; that’s why so few do it.” … Henry Ford (1863 – 1947)
Best practices are just logical efforts. There is no “silver bullet”, but rather, a lot of thought, A/B testing and analysis. Use your own online and “real world” experience, but remember that you are not the target audience. Put yourself in the shoes of your target audience as you develop your efforts. It can be very helpful to create personnas that reflect those targets to keep you and your team on track.
Hubspot (www.hubspot.com), which offers lead generation software, has a great list of 19 best practices. The list ends at 20, but there is no “11”, so I added a #20. Which then led me to a #21 to my list … proof, proof and proof again. Two people minimum to avoid mistakes that can cause you to lose a lead.
My additions or comments are in red:
- Put your calls to action (CTAs) above the fold. Use a lower resolution monitor setting to be sure.
- Be crystal clear about your offering.
- A picture is worth a thousand words, so use images not just text.
- Use color to make your offer stand out and ignore the “brand cops” who tell you it is not consistent with the brand identity/color palette. Think different!
- Clicking on the call to action should take you directly to a unique landing page that has a corresponding look and feel to what took them there.
- Use CTAs that are appropriate to the web page being visited.
- Add appropriate CTAs to each blog post to provide value.
- Match the headline of the landing page to the corresponding CTA.
- Be more clear about what you’re offering on landing pages.
- Improve the positioning of the lead form – Put it above the fold.
- Use images to show off what you’re Offering.
- Keep the text concise and easy to scan.
- Emphasize the benefits of the offer … Don’t listen to the product marketing folks who want to tout “features”. What value those features bring is the key.
- Remove links and navigation to maintain focus. You spent too much time and money to get them here. Don’t distract them.
- Create a Thank You page that keeps new leads on the site
- Make sure your offers are compelling … Simple test: Would you click?
- Link back to your site in your offer.
- Create offers for each phase of the buying cycle.
- Be more clear about what you’re offering with your email copy.
- Cycle through your efforts. Don’t create a huge project that never gets off the ground. You’ll learn as you go and can have a more immediate impact.
- Proof, proof and proof again. Two people minimum to avoid errors and omissions, that can cause you to lose a lead.
Go to (www.hubspot.com/lead-generation-marketing-hub/) for a more complete description.
What best practices and metrics do you use? Let me know and I will keep this post updated as appropriate.
