When it comes to generating leads there is one cold hard truth: you will run out of personal referrals.
The reality is, you should work personal contacts and referrals while also working cold leads. Those non-existing relationships could be qualified opportunities for you.
The connections you make and the relationships you build with your prospects and clients are the most crucial aspects of growing your business. Yet, many times companies find themselves at a standstill. Without continually expanding your pipeline, you are missing out on qualified opportunities.
It takes time and money to compile data and execute a well-planned marketing strategy, but continually filling your pipeline will allow you to reach your goals. Below are the three steps you need to take to build a steady stream of leads for your sales team.
Do you know?
80% of marketers report their lead generation efforts are only slightly or somewhat effective.
Step 1: It’s all about your database
As you work to generate new leads, you first need to identify who your ideal prospect is.
First, you need to decide which industry you are targeting. You can further define that market by geographic location, financial differentiators, or other industry specific identifiers.
As you narrow down the specific prospect you are targeting, you’ll then need to go through the persona development process. This will help you to discover what drives that person and how best to connect with them.
Once you’ve finished your initial research, you’ll begin to develop your list. Building and maintaining a quality database will take time and consistency as you see what works and what doesn’t.
Step 2: Create a marketing strategy
Now that you have figured out who you’re going to target, it’s time to create a plan of action. When it comes to creating a strategy, it’s critical to use several different methods of marketing. Depending on who you’re targeting, different marketing strategies may be more effective. A successful strategy will combine both inbound and outbound marketing and a multi-tactic approach will generate brand awareness and will aid in consistent nurturing.
Some example marketing strategies include:
- Outbound Calling
- Leverage Associations
- Direct Mail
- Email Marketing
- Content & Social Media Marketing
When you plan your marketing strategy, you’ll start by thinking about your monthly, quarterly, and annual approach.
Once you’ve narrowed it down to the people you will be targeting, it’s important to tailor the script and marketing material to those different titles. For example, the material you create for a marketing executive may not be the same for a pitch to the CEO.
Step 3: Troubleshooting
Occasionally, building a steady stream of leads can take a little trial and error. Sometimes you have everything right, but you are talking to people that don’t care or don’t fit your original persona. Creative thinking can often lead us to the right group of people.
Ample time and hard work must be incorporated into your plan before determining if it’s not working. This is a numbers game that is generated from being persistent and proactive.
Companies spend billions of dollars on finding ways to generate new leads. It’s a constant process of working personal contacts and referrals, but also allotting the time and budgeting the money towards finding new opportunities.
Need help figuring out the best approach to generating leads for your company? We can help – Let’s Chat.