Tell me if this sounds familiar: “Why isn’t the phone ringing off the hook?”
You’ve exhausted your personal networks. Now what?
After all, you’re working incredibly hard on making your business the best that it can possibly be. But what if your business growth just isn’t a reflection of your enormous dedication?
This lead generation thing seems confusing, expensive and difficult. But it doesn’t have to be!
Let’s start with the basics.
A lead is a “person who has indicated interest in your company’s product or service in some way, shape, or form.” – Hubspot
A lead could be an email subscriber, a webinar registrant, a phone prospect or even someone who’s filled out a survey. Leads come in many forms but the one thing they have in common is that they have expressed their interest in what you have to offer.
Lead generation then is the process of attracting and converting strangers and prospects into leads.
In this post, you will learn how to determine what’s working and what isn’t in your lead generation process and why your success largely depends on your understanding of your audience.
You will also discover the power of lead magnets and effective landing pages in not only getting leads but getting the right kind of leads. These are highly targeted leads who are ready to buy from you as soon as it’s time for you to make your pitch.
It’s important to note that there is no universal strategy or ‘secret’ for getting leads. It depends on your industry, the type of business you’re running, your audience and a myriad other factors. All of these different factors will help you to determine where and how you should be approaching your leads.
That said, the flowchart below will give you a good overview of the customer journey from stranger to lead to a loyal customer, no matter what industry you’re in.
And the 4 steps we’ll cover within this post are ones that you need to focus on no matter what your strategy will end up looking like.
Let’s get started with where most lead generation strategies go wrong – not understanding the numbers.
Step 1: Know what’s working and tweak what isn’t.
In order to make sure you’re getting the right kind of leads and that you’re getting them in the right way, you need to begin by identifying your overall goal. Knowing the end result will help you determine how much a lead is potentially worth to your business and how many leads you need to convert in order to hit your revenue targets.
This will also help you to identify whether you really do have a ‘lead generation’ problem or whether your customers might be getting stuck somewhere else along the sales funnel.
Let’s say that your ultimate goal is to get $10,000 in sales per month. Your product is a coaching program sold at $500 per person, meaning that you need 20 people to sign up per month in order to hit your goal.
Your conversion rate is around 10%, so working backward from that, you know you need around 200 new leads per month to convert 20 people. Knowing these 200 leads have the potential to generate $10,000 of sales, you’re happy to spend around $2,000 on getting these leads which is $10 per lead.
You’ve identified that your audience is hanging out primarily on Facebook and your business has a good presence on the platform. By taking that rough $2,000 figure and distributing it as evenly as possible throughout the month, you calculate that you’re happy to invest $65 per day into ads on Facebook while aiming for around 7 leads per day.
7 leads per day at $65 = 210 leads per month at $1950 (based on a 30-day month)
10% of 210 is 21 conversions at $500 making your total sales for the month $10,500.
Breaking things down this way is how you should always begin in mapping out your lead generation process.
The reason for this is so that you can spend your money wisely and know exactly what’s happening at each stage of the process.
Where most business owners go wrong in the lead generation process and their overall sales funnel creation is that they do not know their numbers. They might keep putting money into paid ads to get more leads when in fact it’s their conversion rate that’s the problem. Or their conversion rate is fine but they’re losing out on repeat business because they’re focusing too much on getting new customers.
The numbers I mentioned above are just scratching the surface of what you need to measure in order to determine what’s working and what isn’t. You also need to track things like how many people engaged with a post or ad on social media, how many people visited your website, how many of your visitors signed up to your email list and how many of those people actually opened the email and clicked on your offer within it.
With so many moving parts, it can be hard to keep track of what’s going on where. So how can you keep it simple?
Start by understanding who your audience is.
Step 2: Know what your potential customers want and need and what they do not want or need.
Which would you rather have, 100 high-quality, targeted leads ready to buy from you or 1000 leads who may or may not have an interest in what your business is all about? It’s a no brainer right? Of course you would rather have the higher quality leads.
And yet, there are still lots of businesses out there focusing on quantity over quality. Unfortunately, that’s the easiest way to spend money unnecessarily on getting and keeping the wrong kind of leads.
You can avoid this vicious cycle by helping to determine who your perfect leads are and how you can use this information to create a profitable lead generation process.
The easiest way to find this out is of course to survey your existing customers using tools like the Facebook Poll (free) or Qualaroo (paid).
But whether or not that’s the case, you need to create and understand your customer avatar (or buyer persona). These will represent the makeup of your ideal audience members and will drive everything you do in your lead generation process.
Think about 3 different fictional people which would be the perfect target audience members for your product or service.
Begin by writing down their name, age, marital and parental status, geographic location, and profession.
Then go deeper and write down their goals and values as well as their challenges and pain points.
Identify where they hang out online and what they like doing in their spare time. You want to be as specific as possible with this so instead of just saying they like to read, you might say that they like to read lifestyle and motivation books like Eat Pray Love.
Finally, you also want to write down any objections each of your avatars might have to the sale when the time comes.
So your customer avatar might look like this one below from Digital Marketer:
You can also leverage the power of online forums or sites like Quora and Google Analytics to help you out.
Quora is where your potential customers are looking for answers to their problems. While Google Analytics is great for seeing who your existing website visitors are and what they’re interacting with on your website.
After this exercise, you should have a great idea of who your customers are and what they want from you which will help you with the next step of the lead generation process. This step will be all about creating a killer offer that’s specifically designed for the needs of your audience.
Step 3: Develop a lead magnet your audience can’t WAIT to get their hands on.
A lead magnet is anything you give away in exchange for getting a person’s email or other contact information. Types of lead magnets include eBooks, eCourses, webinars, checklists/cheat sheets, consultations, contests and just about everything in between.
Your lead magnet should help solve a problem your audience is struggling to solve and it should also align with the paid product or service you will ultimately be selling to them.
You’ve probably come across Facebook ads like this one from Foundr:
This is an ad that would work really well on millennial women with an interest in fashion and a desire to start their own business online. When you click play on this ad it talks about how in her 20s Gretta Van Riel built 4 multi-million dollar eCommerce businesses leveraging the power of influencer marketing.
And if delivered to the right audience, this free eCommerce training is an effective lead magnet because it will ultimately lead those who attend the training to purchase a paid offer which will walk them through the intricacies of setting up a profitable eCommerce store. The paid offer is closely related to the free lead magnet (the free training) the person has already expressed interest in.
This means that the leads are more likely to turn into paying customers because they’re already interested in the product when they attend the free training. This is a really important concept to grasp when it comes to your lead magnet. It needs to be super-specific to your ideal customer and the product or service that you are offering.
Below is a flow chart of what happens after someone clicks on an ad like this:
After clicking on the ad, you would be taken to a landing page (which we’ll talk about in the next step). For this ad, in particular, the landing page looks like this:
After you scroll down and fill in your name and email, Foundr would then automatically send you their lead magnet – in this case, a free training. You would then open the email and attend the training.
Then the nurture sequence begins. A nurture sequence is just a series of emails where subscribers find out more about the company, their team, their mission, and ultimately their products and services. These emails are designed to ‘nurture’ the lead and get them to know, like and trust the business in order to make them more likely to buy later on.
But no amount of nurturing will do the trick if your audience doesn’t connect with your lead magnet and if that lead magnet doesn’t connect to your paid product.
Foundr could have probably gotten just as many leads if they had run an ad which would be giving away a chance to win $100 in cash for the first 100 people to sign up. But the chance is that the majority of those people would never buy the paid product because it’s completely irrelevant to the lead magnet.
A lead magnet has to be valuable, but it has to be the right kind of valuable.
So make sure you take your time with understanding your audience’s needs and wants and design a lead magnet that they can’t wait to get their hands on. And ideally, one that’s so helpful that they can’t wait to buy from you!
The next crucial step then is to design an amazing landing page.
Step 4: Create an effective landing page.
Landing pages are just simple, standalone web pages that someone comes to (or ‘lands’ on) that are designed with one specific purpose in mind. This is in contrast to other pages like your website homepage or a blog post, which might have some social media buttons, a menu bar, your photo, and your bio just to name a few. There’s WAY too much going on there, and this will likely distract from the main reason you’re sending someone to a landing page – to get your amazing lead magnet.
As an example, let’s take a look at an amazing landing page from Beth Kirby below:
Here are a few takeaways from this example:
- Tap into your audience’s pain points: The copy starts off by saying: “Stories, live, hashtags, highlights… oh my! Instagram overwhelm is real.” Someone struggling to wrap their head around all the different features on Instagram would be instantly hooked.
- Keep it short but effective: You have to find the sweet spot between not enough and too much copy (the text on the page). If you don’t tell people what’s in it for them if they subscribe, then they’ll likely leave. And if you give them too much information you’ll risk turning them off. Find the right balance.
- No exit strategy: Notice how there’s no menu bar or any way to really navigate away from the page? And Beth’s logo is visible but not clickable meaning there’s no way to escape and that’s exactly how a good landing page should look.
- One call to action: One big, colourful button which, once clicked, will pop up with a form to fill out to receive the freebie – that’s all you need.
- On brand: Although landing page platforms like Leadpages.net will give you templates, that are proven to convert it’s really important to customise them to find your brand’s look and feel. Although your landing page is separate from your website, it should have the same recognisable branding. This is something Beth did really well here by including her logo, and using the same fonts and colours as her website.
Summary – In this post you learned:
Step 1: How to layout your lead generation strategy by understanding what a lead is worth to you, and also how many leads you need to get in order to hit your revenue goals.
Step 2: That the success of your lead generation process largely depends on your understanding of your audience.
Step 3: How to create a lead magnet that will attract the right kind of leads who will be ready to buy from you when the time comes.
Step 4: Finally, you learned how to create a landing page that’s optimised for converting visitors into leads.
All of these steps are incredibly crucial to your success in attracting and retaining high quality leads in your business.
So now it’s time for you to create the perfect lead magnet for your ideal audience and promote it on your blog, social media, to your email list and even using paid advertising techniques.
And if you feel that you’re still needing a bit of extra help with these steps then make sure to get in touch with us at Lumiverse and we’d be happy to help!