How To Build The Perfect Lead Generation Funnel?

Sales Generation Funnel

Lead Generation is an important aspect for businesses. But what is it?

The process of stimulating and capturing interest in the process of developing a sales pipeline with the use of digital channels. However, this involves a careful process that if done right can deliver a huge ROI at the fastest possible time. 

This process is called a Lead Generation Funnel.

What Is A Lead Generation Funnel?

A lead generation funnel is a tool that helps define who your best leads are, understanding where they are in the lead generation process, and outlining how your business will move leads down the funnel as paying customers. It is the pipeline that feeds your business. 

Lead generation funnel

Setting up a sales funnel is crucial for your sales and marketing teams to effortlessly optimize campaigns and ensure the leads convert into customers. 

Your funnel will perform a lot better if you have a profound understanding of your clients’ needs right from the lead phase to the point where they become customers. 

Your lead generation funnel should help drive and nurture potential customers. 

It would, however, be important to note that each business has its unique processes and sales situations. This would result in each of them having a different lead generation funnel. 

But if you’re trying to improve sales for your business and things aren’t shaping up, then follow these steps and you should end up with a great lead generation funnel:

Raise Awareness

The first step for lead generation is awareness. At this stage, your goal is to pique their interest. Anything beyond this could scare off your potential leads.

This initial stage is to set off a wide net of awareness, and drive traffic. This can be done via:

  • Email Marketing
  • SEO 
  • Content Marketing
  • Advertising
  • Cold calls, and more.

Identify Your Prospects

What comes next? You identify your prospects and collect the following data with the help of an automation lead generation platform like LeadMi

It can help define your buyer persona and can also give you the following:

  • Contact Details
  • Size
  • Revenue
  • Position, and more.

LeadMi helps form a database of potential leads instantly, which your sales team will then engage with.

Engage Your Targeted Leads

The key to engaging with your prospects is personalizing your campaign, and paying attention to what their needs are. This is where engaging your targeted leads really helps. 

Since engaging is such an essential aspect of the lead generation funnel, there are various channels you can utilize:

  • Video Content
  • Events
  • Advertisements
  • Emails, and more.

Lead Scoring

When your prospect passes through this stage of the funnel and engages with you, it enters the next stage of the lead generation funnel. 
It is at this stage where sales and marketing reps research to establish whether a lead has potential, or is unlikely to proceed any further.  Lead scoring can help determine the proximity of a lead to their target.

Market To The Leads

The next step would be to market to the leads that are worth pursuing. 

How do you determine this? 

The lead may have shown a high level of interest in your products, or business. They also fit the ideal profile of the lead you want to target. 

How do you proceed from here? 

You need to market directly to this lead by using focused marketing materials like emails and/or various other calls to action. 

If done successfully, at the end of the campaign a lead is converted into a customer.

Customer Advocates

The final stage is towards the end of the funnel. Your leads are now your customers, and you have to create customer advocates for your business. 

How?

By delivering strong customer experiences, which in turn will help spread the word about your business organically.

Conclusion

Lead generation is an essential process for any business, regardless of how big or small they are. But until and unless you understand the ecosystem of lead generation, it will be difficult for you to keep your lead generation funnel flowing. 

It may seem a little difficult, but AI automation can ease things up. How’s that? LeadMi is an automated leads generation platform that will efficiently help you through the process of lead generation. From creating a buyer persona to creating a list of potential leads ready for you to pursue, LeadMi does it all.
Leverage the power of automation, sign up for free here!

How To Leverage Lead Generation In Your Outbound Sales Strategy?

Lea

What is an Outbound Sales Strategy? Why should my business use it? Is it going to have a positive impact? Various questions come to mind when you think of Outbound Sales Strategy. 

Regardless of how big or small an organisation is, lead generation is an essential part of your sales strategy. But how to leverage lead generation in your sales strategy? Let’s find out. 

In the B2B world, businesses are constantly exploring solutions for finding better leads, since obtaining sales is of  utmost importance. And while there are several methods to generate leads for your business, we’re going to be focusing on just one of those today.

What is Outbound Sales?

The process where a business instigates customer engagement from their end through a sales representative is called Outbound Sales. The conventional method of reaching out is via “cold calls”, while another method is reaching out to potential buyers through an email campaign (cold emails).

What Is Cold Calling?

Your in-house sales team would be extremely familiar with this method. The sales representative picks up the phone and dials the potential buyer’s number. But how do they find all of this information? 

cold calling for outbound sales

Lead Generation.

The sales team looks for leads by defining a couple of factors, after which they start reaching out via calls, and emails. But in spite of being around forever, cold calling has a particularly bad rep. Inbound sales calls are the preferred method because of how familiar it seems compared to outbound sales calls.

What Is The Difference Between Inbound Sales Calls and Outbound Sales Calls?

The major difference is the familiarity which inbound sales calls hold. Inbound sales cover hot or warm leads, who have already contacted you through your website, social media, or more. 

Most sales representatives prefer this method for two reasons:

  • Warm and Hot leads usually mean leads that intend on converting. 
  • Ease of  conversation  due to prior interaction. 

Cold calls, on the other hand, are the exact opposite. Because there hasn’t been a prior conversation, the lead isn’t expecting a call and tends to give the sales representative a cold shoulder. This would also mean that they wouldn’t be as eager or easy to convert. 

For more outbound sales strategies, you can read the 10 Outbound Sales Strategies For 2020.

Now that we know what Outbound Sales are, let’s dive in!

What Is An Outbound Sales Strategy?

While Inbound Sales might sound enticing and generate leads, it might not be enough. This doesn’t generate revenue or help grow your company. 

Your business needs new customers, and waiting for them to come to you isn’t ideal. What you need to do is get your hands dirty by getting out there and letting your customers know that you exist. But how do you do that? 

Outbound Sales. 

And even though it has a bad rep, Outbound Sales has evolved over the years. It’s not just about calling leads through a list or hastily spamming inboxes with cold emails. 

To obtain the desired result, sales reps create a well-planned outbound sales strategy. But how can you create a successful outbound sales strategy?

There are various factors to consider:

  • Define buyer’s persona
  • Identify what your customers have in common
  • Benefits of purchasing your services
  • An integrated multi-channel approach. 

But what if we tell you that you can  handle most of this on an automated platform instead of manually doing it? 

You can generate quality leads instantly by activating some of these factors on Leadmi – the marketing automation and lead generation platform. All you have to do is register, set up your brand, and generate quality leads instantly. 

There are various ways to leverage outbound lead generation. And each of them has their pros and cons. 

Let’s consider some of the most preferred methods:

  1. Cold Emails

As mentioned multiple times above, cold emails are the conventional way of reaching out via outbound sales and a medium most are familiar with. 

Not only does this require excessive research on your sales reps part, but there are various factors to keep in mind: 

  • Personalise your emails

To ensure your email doesn’t get classified as spam, use some sort of personalisation in the subject line, and body. 

Another reason why personalisation works is that customers love acknowledgement. This is why there is a higher chance of converting them.  

  • Spell your lead’s name or company’s name correctly

There is nothing that would irk your potential buyer more than you misspelling their name or their company’s name. Why? Because they will then realise that you’ve just scraped their information and sent out bulk emails. 

  • Ensure the email addresses aren’t shared

Whenever sending out emails, always make sure you check the email addresses. If it isn’t an individual email address, do not send it anyways because your campaign would just fall flat.

  • Make sure your data has been cleansed

Before sending out any cold emails, always check to make sure you have the correct email addresses. Every email that bounces could hurt your campaign’s success rate.

2. Social Media

Social media can be a very powerful lead generation tool, if used correctly. 

Here’s how you use it to your best potential:

Social Media for Outbound Sales Strategy

  • Prioritise what social media platform to use

Social Media, for the most part, is a cheaper alternative to use. But because of how easily accessible it is, many brands make the mistake of hopping on every single one of them. 

Due to how different each platform is, the audience demographic would differ too. To identify which platform works well with your brand, and solely concentrate just on that. 

Posting on too many different platforms could just hurt your brand’s image while confusing your audience.

  • Gives buyers all the information about your product

The biggest advantage of having a connection with your audience on social media is that you can directly converse with them. 

This way, any content that goes out is as genuine and as true to your brand as possible. Images, GIFs, Videos, everything would be as closely related to your product as possible. 

  • Post at appropriate times

Just like how every platform has an audience demographic, it also has an appropriate time at which you should post your content . It’s performance could vary depending entirely on the time at which  you post it . 

For B2B companies, LinkedIn proves to be the best social media platform. You can even pay for a Sales Navigator license to get more flexibility and control over your prospecting on the platform.

3. Paid Advertisements

Paid advertisements are easier to implement, but can be difficult to optimise correctly. It is easy to set up an ad campaign on your chosen platform and drive traffic, while tracking your campaign to see how well it performs.  

Here’s what you should keep in mind: 

  • Audiences could be using ad blockers

Most people use ad blockers while browsing through the internet. So if you’re paying for an ad, keep in mind that most of your target audience might not even be able to view it. 

  • Lack of trust  in paid advertisements

Due to how misleading paid ads have been, consumers don’t trust them anymore. While this may not seem like a huge issue, this is a disadvantage if that happens to be your target audience. 

  • Be mindful of the platform you’re advertising on

It is always smart to advertise on a platform that is frequented by most of your target audience because that is where you will find your warm leads. 

It would also make sense if you would interact with the audience that is interested in your product more than trying to get someone interested in it. 

  • Relevant ads

Relevancy goes a long way. Creating an ad that your audience relates to will not only help with quicker conversions, but is more effective, and performs better.

Conclusion

When it comes to outbound sales strategy, there are various methods you can use in your marketing efforts. 

Identify a social media platform that works better for your business based on your target audience and goals. By doing this, not only are you putting out content that is available for the right people, but you’re also defining your brand’s identity.  

But you’re not done yet, once you do have leads coming your way you have to ensure that they don’t slip through the cracks by constantly staying on top of it and nurturing them through the funnel. 

To ensure you can fill your pipeline with qualified opportunities, use proper lead generation channels that make sense for your business and execute them well!

Why Social Media Marketing Is Important For Your Business?

social media marketing

Own a business and considering social media marketing, but are unsure about whether it would benefit you? While social media is key for most brands in this age of technology. Do we really know what Social Media Marketing truly is? 

What Is Social Media Marketing?

Social Media has efficiently been making its way to being the most important aspect of digital marketing. Not only does it help your business connect better with your customers, but it also helps boost your leads, sales, and increases awareness for your business while you’re at it. With almost everybody and their mother using social media, social media marketing is definitely here to stay! 

social media marketing
Social Media Platforms

Now that we have a better understanding of what social media is, let’s understand what that means for your business.

Why Is Social Media Marketing Important For Your Business?

On most occasions, some businesses have a smaller customer base, but a larger price point. What does this mean? This means that their customers would need more support, information, nurturing, and trust factors to encourage a sale. 

While Social Media Marketing is focused on building loyalty, brand advocacy, and nurturing relationships, it may not directly drive sales. While there are multiple social media platforms to explore, the most effective platforms are LinkedIn, Facebook, Twitter, and on some occasions, Instagram.

How Does Social Media Help Your Business?

Brand Awareness

Brand visibility is remarkably important for a business. But how do you reach out to a target audience without having known about your business? Developing a social media presence allows you to determine a lot of things:

  • Your business persona
  • The content you want your target audience to see
  • Determine a social media strategy

What is a social media strategy? 

Before you try marketing your business on social media, you need to determine how you want your audience to perceive you. This is where a social media strategy comes into play. 

Points to focus on: 

  • Be as true to your business personality
  • Build your buyer persona
  • Create CTA content
  • Focus on your customer

Improves Customer Engagement

Engaging with a target audience is extremely crucial for a business, and social media helps your business with that. Communicating and interacting with your customer just makes it even more personal, making it easier for them to convert. 

Not only does it help with getting out your brand message, but customers are more likely to trust you if you hold a two-way conversation with them. 

Customer Satisfaction

Seeing how significant social media marketing truly is, creating a voice for your business is crucial for improving your business image. 

Customers always favour a personalised response over a computerized response they usually expect to get. Not only does a personalised message show your customers that your business values them, but it also helps showcase your business in a positive light. 

Increased Traffic

Even though a social media presence really helps, what really matters to most businesses is having great website traffic. 

How does social media marketing help with that? 

By creating and sharing content revolving around your business, your customers have a good reason to visit and click through your website. So the more quality content you share on social media, the more inbound traffic you get which in turn creates conversion opportunities. 

Better Understanding Of The Marketplace

What better way to understand what your customer wants and needs than directly communicating with them via social media?

Social media helps get a better understanding and information regarding your industry. Therefore, you can look into your customers’ interest, opinions, and more via social media marketing. 

How does this help with business? 

Once you have a better understanding of what your customers are interested in and what they want from your business, you have a better chance of creating a better buyer persona. Most businesses use social media as a way of understanding their customers better, and then use other research tools to help refine their search. 

Once you’ve created a buyer persona, you can look for leads efficiently. Lead generation is just as essential for a great social media presence, because it can help determine how your business can target their customers. Leadmi, the market automation and lead generation platform not only looks for the perfect leads for your business; but helps find quality leads with a higher conversion rate. 

Better Customer Support

Social media platforms have created the perfect platform for businesses and their customers to communicate better. Most prefer looking at social media platforms instead of calling a customer service line for information. 

How do you help your customers efficiently?

  • Personalised responses for your customers
  • Put out content on your social media that will help them understand your business personality better

Respond to every query your customer has with the help of a chatbot.

Conclusion

Keeping in mind how important social media marketing is, there are many advantages and disadvantages for your business.

While it helps with creating a business personality, identifying your buyer persona, better customer support, and more. Having a great social media strategy is crucial for a good social media presence, but moving forward without a good strategy is abominable. 

Social media has been an essential part of the latter part of the last decade, and 2020 is only going to elevate it even more. And with how effective digital marketing is, for a business that wants to build a presence and grow social media marketing is extremely crucial.


Photo by Sara Kurfeß on Unsplash

What Is Sales Velocity And Why Should Your Business Track It?

increase your sales velocity

The internet, and along with it technology keeps growing and evolving. A prime example of that would be marketing. It happens to be one of the most data-driven activities in the business. Sales, on the other hand, hasn’t changed as much. The same processes while do help with calculating commissions, doesn’t do much to improve overall sales productivity. What will truly help is Sales Velocity, a management metric that has recently gained popularity. But before we proceed any further.

How Do We Define Sales Velocity?

Sales Velocity is a measurement of how fast you’re making money. This management metric is a prominent aspect of sales, yet we don’t give it too much attention. Due to it considering other aspects like trial length, features to measure sales productivity, and pricing is a valuable part of sales.

In simpler words, it is a measure of how quickly business deals are closed, after a customer shows interest in the form of a lead generation. But how do we use it to it’s best potential?

Why Should You Track It?

  • It is quite evident that sales velocity is essential for the growth of your business. 
  • The higher the sales velocity is, the more revenue you’re bringing in.
  • Keeping track of this will help you understand how the sales process impacts your business over time. 
  • It also helps you determine whether your sales process can be optimized.

Accurately Calculating Your Sales Velocity

With how important sales velocity is for, correctly calculating it is extremely crucial.

You first multiply your opportunities created in a period, then divide all that by your sales cycle. Once you do, run each of them through the equation. 

Sales Velocity = Number of Opportunities x Deal Value x Win Rate / Length of Sales Cycle

What Are Its Four Variables?

1. Number of Opportunities

Your pipeline contains a certain number of opportunities(leads). You have to ensure that the opportunities it does contain are qualified, since anything under wouldn’t be good. If it is packed with bad opportunities, there is a slight chance that some of them will convert.

2. Deal Value

Sometimes to referred to as the Average Purchase Value, is simply the average selling price for the deals you close in a month. 

3. Win Rate

The average win rate depends on the number of quality leads you have. How do you identify your win rate? You divide your number of sales win by the total number of opportunities.

4. Length Of Sales Cycle

You measure the length of sales cycle in months, which is why this is the only factor you wouldn’t want to increase. It is also often referred to as an Average Sales Cycle Length.

How Do You Increase Your Sales Velocity?

Now that we know how tracking works, let’s recognize how we can increase and improve it. 

The prime factor that affects your sales velocity is lead generation. The lesser time a lead spends in the pipeline, the higher its chances of making a deal with you. 

But how do you find the best leads? 

A lead is a person who is interested in your brand or the services you offer. Leads are the most important aspect for sales velocity. But how do we find said leads? That is where lead generation comes into play. 

The process of finding potential customers is called lead generation. It is also a method of funnelling in your potential buyers.

Now that we know what lead generation is, does it play an integral part for your business?

The obvious answer is that lead generation is extremely important for the growth of your business. LeadMi can help by generating quality leads that have a higher chance of converting. 

An extremely efficient way is to add more opportunities to your pipeline. While maintaining a healthy pipeline should be your prime focus, learning about your prospective buyers/companies could always give you an upperhand.

Data – driven sales can also give you that much needed edge. Why? The sales velocity is inversely proportional to the sales cycle value. This and many other methods can give your sales velocity that much needed push. 

To learn more, read our blog on What Is Lead Generation And How Is It Useful For Your Business?

***

Blog Cover Photo by Jungwoo Hong on Unsplash