Generating voluminous leads but compromising on the quality?
Lead generation has evolved over the years and now the focus is on quality rather than quantity. Here’s what you need to know.
Sales is the core essence of any enterprise. Before they commence with the sales of their product or service, they need leads (potential customers) that may make an eventual purchase.
However, generating leads can be a daunting task. According to a study, around 61% of marketers still rank lead generation as their #1 challenge even though it has evolved with time.
Lead generation: What has changed over the years?
Gone are those days when sales executives would go door-to-door to sell products or promote their brand. Their success rate depended on their persuasive communication skills. These executives or agents would generate leads by connecting with prospective customers on a personal level and observing who would benefit the most from their products.
A few years on, the world saw the entry of telemarketing, through which marketers and sales teams could reach their potential customers with better modes of research and communication channels. With the arrival of this lead generation channel, sales executives could generate leads via cold calling, emailing or through in-person demonstrations with targeted prospects.
While telemarketing flourished in the late 90s and early 2000s, it slowly witnessed a decline in its approach as customers became more informed about products and services with the augmentation of the internet. Research shows that the Federal Trade Commission in the United States receives around 18,000 complaints about telemarketers every year- which shows that it is imperative to narrow down your prospective leads with targeted techniques. This is where an effective lead qualification program can change the game.
Today, most marketers emphasize on the importance of generating quality leads over quantity- a reason for this is that quality leads can make their way through the sales funnel faster- which eventually gives your business an improved bottom-line. With the right kind of metrics tailored to measure your sales efficacy, your overall sales cycle can be optimized to unfathomable scale.
Metrics to ensure quality leads- [Flowchart in creative]
-Number of leads:
One key to successful lead generation is to calculate exactly the right number of qualified leads to provide for targeted sales conversion. If you generate too many leads, you might be wasting your major marketing budget.
A study shows almost 53% of marketers spend half of their budget on lead generation. Here, a challenge is if you generate too many leads, you might be wasting your major marketing budget. If you generate too few, your enterprise may be at risk of missing its revenue targets, with financial implications. Hence, it is important to ascertain the right number of leads that are in alignment with your goals.
-Cost Per Lead:
Cost Per Lead is a common metric that marketers utilise to measure and report their lead generation outcome. According to Marketing Insider Group, the average cost of a B2B sales lead ranges from $31 to $60, which varies from industry to industry.
It is to be noted that a Marketing qualified lead (MQL) might be entirely different from a Sales qualified lead (SQL)- for example, your marketing team may generate 50 qualified leads but your sales team may only finalize 10- therefore, it is important to understand which contacts are to be considered as qualified leads and the cost should vary accordingly.
-Percentage of MQL & SQL:
It’s important to properly define and differentiate between MQL and SQL to make sure that sales and marketing teams are in alignment. There needs to be an appropriate hand-off point where a lead is nurtured from a MQL to an SQL, so that your sales team can take over and (hopefully) close the deal.
This percentage of marketing qualified leads that convert to sales qualified leads is a key sales metric in understanding how well your marketing team is filtering quality leads.
Attract quality over quantity with Gigindia:
Research shows around 60% of marketers find lead generation a key pain point because of the increase in volume. According to Fearless Competitor, outsourcing lead generation can generate 43% better results than in-house management- This reflects the requirement of managing the leads effectively throughout the funnel. In light of this, it might be best to leave your lead generation to an enterprise that exclusively provides end-to-end sales with a sustainable model.
GigIndia adds value to your lead generation and lead qualification programs by ascertaining the most suitable channel for target achievement, promotional activities and formulates a personalised lead generation strategy at no fixed costs- which means you can benefit from a cost-effective way to generate more leads exclusively. We ensure this with our on-demand gig workforce that is spread across India with vernacular proficiency and domain-based expertise. Leverage-
- Internally curated database
- Demographically categorized data-sets
- Leads generated by your team and qualified by us
To date, we have provided assistance to leading enterprises across industries with our inside sales programs and have scaled magnificently in a short span of time.
Wish to learn more?
Visit www.gigindia.in
Or write to us at sales@gigindia.in
