The process of generating new leads is an integral part of any successful marketing campaign. Several common misunderstandings concerning lead generation can cause unsuccessful efforts and lost time and money. In this blog, we’ll talk about 5 common misconceptions.
Quantity over Quality
This is a debatable misconception of lead generation. It’s really dependant on the company’s marketing automation and nurture set-up. If you have a robust, high-functioning nurture process in place, ToFu leads are the right fit for you. They are more economical and sustainable meaning you can generate them in the thousands, so long as there is enough data to accommodate the demand. On the contrary, if you are a startup or a growing company, new to lead generation, then ToFu lead gen is not for you. It doesn’t matter how many leads you generate, the propensity of conversion will always be the same. Therefore, investing more initially in leads that are better qualified would make for a more effective use of your budget.
Quantity is essential for expanding your database in quick succession, but if you’re not yet set up to handle the influx of opted-in leads, without the effective nurturing in their fragile state, they are more likely to become invaluable than those who have had a higher level of engagement and qualification before reaching your Sales team to reach out and convert them.
Quantity, i.e, ToFu leads take much longer to convert, so if you are looking for quick wins, your budget is better spent with appointment setting or other stronger quality methods.
One-Size-Fits-All Approach
A cookie cutter approach to lead generation is a common mistake Marketing departments fall into. What worked for your colleagues in another region, or your competitors won’t necessarily work for your business needs as well. In order to generate leads, many companies employ the same tried-and-tested methods regardless of the sector or customer base being targeted. Understanding that your customers may slightly differ from other companies, you must adapt your approach to suit them. What resonates well with one audience, doesn’t translate directly to yours. Enterprises need to study their market thoroughly and craft an approach designed specifically for them.
For example, research from Spiceworks Ziff Davis shows that IT buyers consume up to 17 pieces of content before making an informed B2B purchase. Thus, marketing plays such as content syndication are great for this audience. However, if you are targeting Sales professionals, they can be very tunnel-visioned in their work and don’t see the value in reading about the latest Sales-Enablement tools and how to troubleshoot them. Does your software help them close more revenue? Is it going to increase their commission? That’s the key information they desire. Perhaps a demo of the platform and how it will increase their pipeline is a better strategy.
Lead Generation Is Only for Sales Teams
Some businesses believe that lead generation is solely the responsibility of their sales team. While Sales will definitely have a hand in what their ideal customer profile looks like, based on their expertise of their services and solutions, they are extremely busy trying to close these prospects. Lead generation, albeit small, is an integral element in the Sales cycle. It requires a lot of interaction, planning, highlighting and mitigating potential risks and execution.
Due to the many moving parts, lead generation should involve multiple departments, including marketing, customer service, and even product development. A collaborative approach to lead generation can help to generate more accurate leads and improve the overall prospect to customer experience. Keeping your departments aligned will allow your campaigns to run effortlessly.
Similarly, if lead generation was just the responsibility of the Marketing team, the leads could end up in the hands of somewhat overzealous Sales reps that are intent on closing for meetings, booking demos and sending contracts. Without the right nurture and guidance first, this is a sure way to burn through your efforts.
Lead Generation is a One-Time Activity
Many companies operate under the misconception that lead generation is a one-time task that may be executed and forgotten afterwards. The production of leads must to be an ongoing process that entails regular monitoring and nurturing. In order to guarantee that their goals are being met and that they are generating leads that are of high quality, businesses should routinely evaluate and modify their lead generation techniques.
Imagine this, in a current climate where companies are letting go of staff rapidly, the leads you generated last quarter no longer work at these key accounts and are no longer relevant to your business needs.
Lead Generation Is Expensive
Lastly, some companies assume that generating leads is a high-priced venture that needs a big investment. Social media marketing, email marketing, and content marketing are just a few of the many low-cost lead generation tactics available.
Lead generation can be perceived as expensive if the investment wasn’t right for you. If there is no tangible ROI, it can seem like you’ve spent a lot of money on something that was of no value. The impression that something is expensive comes from the lack of perceived value.
Summary
In summary, there are many common misconceptions about lead generation that can lead to ineffective campaigns and wasted resources. Businesses should focus on generating high-quality leads, develop a targeted approach, involve multiple departments, view lead generation as an ongoing process, and consider cost-effective strategies. By addressing these misconceptions, businesses can generate more qualified leads and achieve their growth targets more effectively.
Interested in generating leads from a net new audience? Contact us to see how we can help you achieve your Marketing goals.
