No budding entrepreneur launches a business thinking that (s)he may go bankrupt. Yet, the grim truth is that only around two-thirds of them make it through the second year of functioning and approximately half survive to celebrate their 5th anniversary.
The reasons for defeat may be quite versatile but the huge odds are that most failures stem from the inability of firms (especially in the B2B domain) to realize the value of every new lead for sale enhancement and neglecting the best practices of a lead generator by Belkins.
However, before engaging the services of B2B sales lead generation companies or attempting to become a kind of in-house B2B lead generation agency and address the challenge under their own steam, it is necessary to get back to the basics and discover the brass tacks of getting business leads.
What’s a Lead and Why Businesses Need Them Aplenty?
Companies wither if they stay put. To thrive in such a highly competitive niche as the B2B industry you are to constantly enlarge your customer base, reaching out to an ever-growing number of clients, and keeping most of your loyal partners with you. Conquering new markets is possible by dint of finding new leads. In fact, this is the first stage of the sales chain that kickstarts all subsequent sales processes.
By the book, a lead for sale is a person or organization that displays some interest in the products or services you provide. This interest may take different guises.
Someone can inquire about your product after they have seen an ad or heard something that might appear useful in their work. Or, they respond to a call to action spotted in the text about the product or service they need. Or else, they agree to communicate about things you sell after you or a B2B lead generation company engaged by you contacted them and announced your pitch. Whatever are the paths that bring them to you, it is their initial regard that should be exploited to the full extent in order to cultivate them and turn them into prospects.
Of course, not all leads become prospects, that is individuals or businesses exposing readiness to make a purchase from you. It is natural that some of them will never arrive at the phase of cinching the deal since they aren’t pleased with the price, functionality, or (God forbid) the quality of customer service. But without robust business to business lead generation, the inflow of new customers will quickly peter out from a torrent to a trickle.
Why Is It Vital to Get New Leads?
The overarching goal that is behind lead generation efforts is increasing the profitability of the company. This general objective can be achieved by various perks that go hand-in-hand with getting new leads.
The greatest income driver related to lead generation is the expansion of the customer reach. Logically, the more customers you have the greater the profit they generate is. But besides this direct impact, acquiring new leads yields corollary boons.
First of all, every lead is another chance for referrals. Thus, in addition to being the source of revenue, they engender new sources of revenue themselves. Such ability triggers and maintains the organization’s sustainable growth that is a sine qua non for the survival of any company, be it B2B or B2C. Moreover, the evolution of the company is boosted by the sophistication of the marketing techniques that it employs to win and retain clients, telling positively on the progress the firm makes.
Unfortunately, not all companies realize the significance of perpetual lead generation and tend to totally neglect it or marshal fewer efforts at it once they have achieved a certain level of development. This is a fallacious approach since the number of customers you have isn’t an unchangeable quantity. Inevitably, you are going to lose some of them (or even a lot of them), which means that their flock should be constantly replenished or – better – augmented by all possible ways and means.
How to Get a New Business Lead for Sale Expansion
The arsenal of strategies is quite rich but there are some must-haves that you should embrace to take your lead generation to a new level.
1. Social Media
In a world where both companies and individuals lead two lives (one physical and at least one virtual) you won’t get far in any kind of business without leveraging social media. This is the venue to be utilized to the maximum for any kind of business activity and lead generation is no exception.
There is a foolproof lead cultivation algorithm that ensures your efforts aimed at getting business leads over social networks aren’t wasted. First, you find relevant leads, then you rank and distribute them according to their scores. Finally, you follow up on the most valuable leads. Disregarding this last step is likely to render all your undertaking useless, so make sure you see all the steps through.
Another crucial thing about lead generation in social media is the choice of platform for your endeavor. If your goal is the mere amount of individual leads, focus on Facebook and Instagram but to find B2B leads LinkedIn is what the doctor ordered.
Yet, whatever platform you will eventually opt for (or, perhaps, you will put your lead generation eggs into several baskets), see to it that you make use of special optimization tools they provide to be employed for business purposes.
This is one of the most fruitful strategies in the B2B realm since it effectively zooms in on qualified leads in your niche. But referrals won’t come in necessary amounts unless you encourage your corporate clients to refer other companies to your business. It can be done in a number of ways among which issuing coupons and discounts for each referral or establishing referral partnership programs for the biggest companies you cooperate with. However, the best incentive for clients to recommend you is the high-end products and top-notch services you provide. Getting them they are sure to share their excitement with other birds of their feather.
3. Personalized Emails
Traditionally, this rapport channel has been the favorite type of business communication. What can make it really shine is personalization honing to make leads feel valued and not just like one more guy out there.
The chief bottleneck of this lead generation means is the poor deliverability of messages that may end up in the spam bin. To forestall such a development we recommend leveraging spam checker software. By installing the email spam checker you will be able to track the progress of letters you send, bypass spam filters, and dodge blacklists.
4. Buying Leads from a B2B Lead Generation Company
This is the optimal strategy for businesses that don’t like to bother with looking for leads themselves but prefer to have a ready-made roster of them. Of course, you will have to find a reliable company and fork out a pretty penny to that end yet you will get a lead collection tailored specifically for your industry. However, once you have a lead list on your hands, you are to apply the cultivation strategy described above to ensure leads eventually turn into customers.
A healthy customer base is the foundation of financial prosperity in any business. In order to keep it vibrant, companies should pay close attention to lead generation. Leveraging a range of strategies, B2B organizations can attract a fair number of new partners that will become their loyal clients staying with them for years to come.