Basics of Lead Generation
Lead generation involves a series of marketing processes to develop interest and inquiry in your product and/or services. It is the process of identifying a person (complete stranger) who has shown interest, gently ‘warming’ them to convert into qualified prospects and ultimately into customers.
But how difficult can this be?
There are many marketing statistics and trends that point to major challenges faced by companies in their lead generation process.
- In a recent study by IDG, 61% of marketers testified that generating high-quality leads was challenging for their organization.
- 80% of marketers report their lead generation efforts are only marginally or somewhat effective. (BrightTALK, 2015)
- Lack of marketing resources, such as quality staff, marketing funding, and time, remains the biggest obstacle to successful lead generation for 61% of B2B marketers. (BrightTALK, 2015)
- More than 40% reported difficulties in converting leads into customers
To overcome these challenges, B2B companies have started better aligning their sales and marketing processes. Companies are not only hiring the services of B2B lead generation companies, but also leveraging different lead generation software. They are also adding compelling offers into their B2B lead generation strategy such as free trials, coupons, contests, email/newsletter subscriptions, videos, white papers podcasts, etc.
Inbound Vs Outbound Lead Generation
Lead generation can be divided into 2 main classes: Inbound Lead Gen and Outbound Lead Gen.
- Inbound lead gen is all about being “found by prospects” while outbound lead gen focuses on “hunting prospects.”
- Inbound lead gen involves website promotion, SEO, blogging, social media marketing, etc. Whereas outbound lead gen involves direct mail, Ads – online/print, email, and tele-calling.
- Inbound lead gen is a long term strategy while outbound campaigns are more focused and can be considered a short term strategy though most companies prefer to do in on a continuous basis so as to allow their tele-calling teams to nurture leads that are not ready, develop a business relationship with prospects and be able to convert them into qualified leads when they become ready.
As per a comprehensive study by Hubspot, 3 out of 4 B2B marketers across the world prioritize an inbound lead generation approach to marketing. Mainly because outbound leads on an average cost 61% more than inbound leads.
Yet, you need to create a proper B2B lead generation mix by using a mix of outbound lead generation campaigns supplemented by tele-calling and inbound marketing activities.
In our next blog, we will discuss effective 20 B2B lead generation ideas. Tell us how you manage your company’s lead generation efforts. Also, if you are facing difficulties in managing your inside sales team, Markable Solutions can help.