When I first started marketing it was frustrating to try and find new leads. I would spend hours on channels that brought in little to no value. So, I decided to look about lead generation.
Lead generation is the process of attracting people to your business overtime. This usually happens at the first stage in the sales funnel and includes reaching out to new people without trying to force them to the desired destination.
1. What is Lead Generation?
During the lead generation process may typically end in some form of conversion as we aim to collect contact details, so we are able to approach these people later in the marketing funnel.
In your Marketing Strategy, this stage will consist of identifying how to access people that could be potential customers.
Knowing your target customers and where they hang is crucial for this process.
2. Why is Lead Generation Important?
Knowing where your most valued customer’s are located is essential.
As this will safe you money and time in the long run.
This is because your business should be tailored to a certain niche of person.
To be able to appear attractive and further convert your business into sales your leads needs to have interest in what you are selling in order to increase sales.
3. The Best Channels For Building Leads
Leads can be created by email list building online by e-newsletter, job applications, blog posts, coupons, live events, and online content.”
4. How To Attract Leads
In fact, marketing has become so effective in driving leads to your business because of digital marketing.
We do this through a concept I call leading with value, or leading with freemium, which are concepts of giving away value for no initial cost.
By delivering value to customers makes, that person hooked in by giving them something free.
By offering, something free (no matter how small) is more persuasive than any message.
In addition, offering something free has the potential customer, or lead, psychologically indebted (Pinsker, 2018).
The truth is that, by giving away something free, something that the potential customer likes, this will induce trust.
Not only does it make the potential customer more inclined to purchase, as they not subconsciously feel indebted to you.
This easy method, if leveraged correctly gets people to remember your business and like what you do in a matter of seconds.
This is the ultimate step for building quick relationships with your potential audience as well as breaking down the Know, Like Trust barriers.
As a result, this will make someone more willing to purchase from your store over a close competitor.
5. Leading With Value
Leading with value is a concept the most successful digital marketers are speaking about at the moment.
This is people like Neil Patel and Russell Brunson, but not being discussed by academics, but is a clear mechanism for the future of successful marketing strategies.
Being a Blogger, online business or a traditional store, everyone is doing this, and if they are not then they are mission out on building a massive loyal following.
Pinsker (2018) outlines how Costco give away free samples and the impact they have on this is very positive in terms of brand loyalty.
This can be described more clearly as the focus in providing quality to the users and is the interaction before users commit to the desired action.
Which, by adding value to their life, they will reward your content in return.
It is again building the ‘know’ ‘like’ and ‘trust’. Nevertheless, more importantly, it goes deeper as by offering value to someone, they will be more inclined to engage with your content.
The physiological elements are that they will subconsciously feel they are in debt to that organisation (Cialdini, 1987).
In return, will have users more likely to voluntarily share your links with friends (if they have received the desired value) to pay off their subconscious dept.
Leading with value, and giving away something free, is the first touch point in your marketing funnel.
Obviously, the better quality you can provide to your consumers the more trust they will have in you. However, if you deliver them something they don’t like, it can’t hurt your brand loyalty because they didn’t pay for it – and will still somewhat be grateful. In fact, by doing this you can learn a lot, you can use this learning as an on-going market research project.
How can you lead with value at low cost?
When looking at companies online, it is evident this can include;
- Teaching someone how to overcome a problem, this can then link to your product as the solution. This can be in the form of useful resources and if online affiliate marketing.
How can you lead with value, and go big?
- Giving away a free game or console, with add-on people can purchase that is only compatible with that console (freemium).
6. Leading With Freemium
Freemium is basically the concept that includes offering a console for free but has people making in-house purchases as the source of revenue model.
This is seen a lot in computer games but could be quite easily adapted to anything.
For example; giving away electric toothbrushes for free. Then charge people for the toothbrush head that is only compatible with your company.
However, let us talk about Fortnight as they do this better than I have ever seen before.
So, Fortnite is a new game, it is a game I like and play, that has most recently been added to the Play Station game store.
It is completely free to purchase by anyone.
It is currently, the most played game, which is baffling because just before they realised the update it was an extremely low budget game with poor graphics (very importantly for gamer’s).
So, how did this do so well amongst gamer’s?
It followed the rules of Leading with Value. It is free and over time more people played it, and it started to trend.
Now, they have just realised an upgrade and updated the graphics that could arguably compete with advanced premium games such as Call of duty.
So, what is the catch?
It comes back to the above concept leading With Value, but the thing that has been given away only works with the other product that business sells.
The makers of Fortnite know this and so they make available in house purchases, and extensions; where you can purchase silly dancing themes and different costumes.
These don’t have any impact on the game play but just a little extra fun. In result, the makers of the game received revenue of £126 million pounds in just 1 month (The Verge, 2018).
By offering something for free and your customers will reward you because they subconsciously owe you. This comes to the old English saying: people treat you as you treat them.
Treat your customer well and they will look after you. In this instance, they will be happy to purchase the add-ons you offer in the game, even though these additional purchases don’t provide you with any advantage in the game play.