You must understand that all businesses don’t need to generate Leads.
Before starting to generate leads for your business, whether it is a B2B business or a B2C business. It is not at all important to generate leads for all businessess.
Today, I will explain how you need to check which business category you fall into, and also I will discuss in detail with some examples to make sure that you do not waste Time and Money in generating leads if your business does not need it.
I’ll take both B2C and B2B businesses here with 2 cases each –
First, let us understand what is B2C Business and B2B Business –
B2C Business– It is where a business sells a product/service directly to a customer. A Large Scale Market where the priority is in Brand Awareness.
B2B Business– It is where a sales transaction takes place between two businesses. A Niche-driven market where the priority lies in Lead Generation.
Now let us discuss in detail the two cases of low-end products and services and for high-end products and services.
It is not necessary to generate leads when your business is selling something at a low price. This is because they do not require time at all to decide if they want to buy it or not.
The decisions made by the customer are impulsive.
Example – When you buy vegetables from a vendor or buy some chocolates from a store or even buy a small pen from stationary.
When you are selling a high-end product/service which is costly, it is really important to generate leads.
Why? Because people will be investing their hard-earned and saved money in buying something they trust.
They want everything to be perfect. In short, they want value for every penny.
So the seller needs to generate leads, give minute details about your product/service, and then close the sale with a constant follow-up.
Example – When you go to buy a new car from a showroom, you ask the in and out of a car. Not just a car, you visit multiple showroom brands, and then after few days or even months, you make a decision.
Yes, you definitely need to generate leads in this case.
Example – Your business provides a Digital Marketing service of content creation. Which is usually lower priced than high-end B2B products. You still need to make the customer aware of all the details about your service.
Here you do not need Lead generation.
Example – Your company provides complex software development services that will help the brand. But the customer wants to know the in and out of it.
So here, you need to bring in your team, explain the complexity of the service you provide in detail to the CEO of the company. This procedure takes time and is usually done in a meeting.
Lead Generation is easy. What is difficult is the sales and the conversion process.
You can easily get contacts of the companies by using tools, 2nd-degree contacts, and more…
So in short,
You do not need to generate Leads via Digital Marketing to sell a high-end B2C product/service or low-end B2B product.
You need to generate leads while selling a high-end B2C product/service or low-end B2B product.
If you are confused on how to generate leads for your business if it falls under one of the categories, you need to understand what is Marketing Funnel.
So Let us see what are Marketing Funnels.
Funnels are extremely important for an individual or business before they go on a selling/spamming freak.
90% of the target audience are really not interested in what you sell.
What Funnels do is, tell us our target audience – the one with whom we have a high chance of selling our products or services.
Funnel, as the name suggests looks the same as a funnel. It filters down our potential customers. Look at the picture given below.
If you want to check out what does Attention, Interest, Desire And Action mean, check out this article.
I have explained in detail how A funnel works and have also explained the AIDA Formula.
You will get a lot of people who will do window shopping with your products or services. They will just come, look and go away.
Funnels will help you in tracking down the people who are the most interested in your products or services.
Consider this example:
Lead generated in a day – 100
Leads who are highly interested in your products or services – 10 (10% of leads generated in a day)
Leads who become customers after follow up – 1 (10% of highly interested people)
Instead of targeting all the 100 people and bugging them who are not interested, why not follow up with the 10 people who are really interested in your products or services?
This will save you Time and Money.
This is why funnels are important.
Today I will tell you how I generate leads for my business. I am a Blogger and an Affiliate Marketer.
I need the traffic to my website + sales from the Affiliate products that I sell.
What I use is a Lead Magnet. Now, what is a lead magnet?
A Lead Magnet is simply a free thing. Something that you give you your subscriber in return for their data.
Data as in their Name and Email ID
Consider this example –
You go to a shop to buy a detergent powder. Let us say you like to buy a detergent powder named “X” as you go to the counter to pay, the seller says that there’s a new detergent in the market called “Y” which is giving 1 liter of 100% coconut oil for free with the detergent.
Won’t you buy that?
Won’t you be triggered to try the new product at the same time just because some company is giving you something more than the value for money?
I definitely will. It is in the future if I decide to continue with the detergent “Y”.
Same way, when you give something more than expected to a new lead. The probability of people buying your product or service increases.
What I do is, tell them to visit my website or an article and in return, I provide them with a list of free Digital marketing tools.
Whether they convert into my customers is a thing to worry about later.
But this way, you get to know, who all are interested in your product or service. This is the 1st part of the funnel.
“Provide more value to your customers” – Deepak Kanakaraju (Inspired By My Digital Mentor)
So go out there and think about a lead magnet that will attract the people out there. Let me know if you have already.
Do comment if you have any kind of questions. I’ll be happy to answer them. 😊