Let’s dive a little bit into some of the challenges that you are going to face when marketing and how you can overcome them so that your lead generation funnel is smooth.
1. The Rule of One
The rule of one states that you should market one single product, to one buyer, and you should offer them one single promise.
Now understand that at the time your product or service might be solving many problems that your prospective customer might be going through. It is important that you focus on a single benefit that your product or service gets to offer.
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Ensure that you have fully mastered your product inside and out. At the same time make sure that:
- You know your clients so damn well.
- You know what they will respond to
- What will seem most valuable to them
- The state that they are in
- How your product will help their lives and then sell them that one offer.
It is also important for you to package this single offer in a manner that is irresistible that they simply cannot say no.
2. Know Your Target Audience
It is also very important to know that one person whom you are selling to. If you want to be successful in marketing your product online and driving massive sales into your business.
I cannot emphasize enough on the importance of you knowing the one person whom you are talking to…
Who is your ideal client?
- Who are are they?
- How old are they?
- Are they male or female or even transgender
- Where do they live?
- What do they do in their day to day activity
- What matters most to them
- Are they married or single, or divorced
- What are their interests
- Are they a leader
- Do they run their business or work for someone
- What are they earning right now
- What car are they driving
- What phone are they using is it an iPhone or android.
- What challenges are they facing right now, in their work at home
- How will your product help them
- What media do they watch or consume is it show max or Netflix.
This is just a brief to help you get to know your clients much better.
You need to know this one person, not a billion people, no, just one. Get to know them like the back of their finger. Later on, you can create a lookalike audience to someone who looks like them and even market to them and see how that goes…
When you know this person inside out. it will be much easier for you to craft your product in a manner that you know they are most likely to buy almost within a heartbeat.
3. Keeping Track of Your Lead Gen Efforts
This is probably one challenge that most businesses face. How do you measure what working and what’s not working. That way you get to focus your efforts towards more of what is working and dumb what’s not working.
The only way that you can improve on something is when you can measure how it performs.
Also, the beauty of this is that you get to stop wasting money on what’s not working and instead redirect it towards what working enabling you to make massive sales.
Let us look at some of the performance metrics that you should be rationalized so that you can measure your lead generation efforts and make well-informed decisions:
1. Click Through Rate (CTR)
The click-through rate simply indicates how your audience has completed your call to action.
CTR gives you an indication of how your customers are moving down the lead generation funnel.
Here is how you can measure the click-through rate of your campaign:
CTR= Total number of sales generated/ Total number of web visitors * 100
In any place that you have placed a call to action button that you want your audience to take. Be in on your website, google, in your emails, landing pages. You must ensure that you can measure the click through rates.
2. Conversion Rate
The conversion rate shows you the number many web visitors you can convert to take a desirable action. This could be them:
- Giving you their email address
- Subscribing to your mailing list
- Downloading your content or
- Buying your product or service.
Here is how you can measure the conversion rate:
Conversion rate = Total number of sales generated / number of new web visitors * 100
The conversion rate will show you the process it takes to convert a new web visitor into a lead. You can then give their details to the sales team so that they can close them to become a customer.
3. Time for Conversion
Time for conversions tells you the amount of time that it takes for you to turn web visitors into a qualified lead. That means that at this point, you know that this particular lead is ready to buy your product or service.
Here is how you can measure:
Total Time Spent by All web Visitors / Total Number of Leads generated.
When you track the time that it takes to convert a visitor into a lead then into a paying client.
Then you will be able to know how long your sales cycle should take before you can see a sale.
4. Cost Per Click and Cost Per Mile.
The beauty of running campaigns on digital platforms such as Google and facebook, is that you are able to know how much it costs you for each campaign.
Cost per click, simply means that for every person who will click on your advertising you will get to pay a certain amount for it. Whereas the cost per mile means that you get to pay for a particular number of impressions that are one thousand impressions.
Here is how you can measure:
CPC = Advertising Cost / Clicks
CPM = Cost / (Impressions/1000)
When your cost per click and cost per mile are low, then that means that the campaign is working in your favor and which ones aren’t.
If the campaign is generating you leads that are being turned into customers then by all means. You should increase the budget on the money spent in advertising.
5. Cost Per Lead
This is the average money that you will spend for you to get a new lead or a new customer.
Here is how you can measure:
The total amount of Money that is Spent on Capturing Leads / Total Number of Leads Captured
6. Return on Investment (ROI)
Finally, we get to measure your returns on investment, which is the most important metric. ROI shows you how much you invested and the profit that you are going to get from the whole investment made.
Here is the formula:
ROI (%) = Return (Profit) – Investment (Expense) / Investment (Expense) X 100
ROI (%) = Net Return / Investment (Expense) x 100
If the campaigns that you are running have a positive return on investment, that means that it able to generate profits. You allow it to run for a while. If the ROI is negative, and the business is generating losses from the campaign.Then you turn it off and redirect the money on the campaigns that is working.
Having all of this in mind, it’s important that you constantly fine-tune your lead generation actions and invest more money and time to the strategies and with the highest ROI
Final Thoughts on Lead Generation
At this particular point:
- You have a deeper understanding of what lead generation
- How to generate leads online.
- The lead generation funnel.
- Different types of content to use in your funnel.
- How to measure your marketing efforts.
Now its time for you to implement at least one or two things. If you are a beginner then the whole guide might seem overwhelming. I would recommend that you start small and then grow as you grow in the whole knowledge of how to create the best strategy of your business.
This guide to show you the most important steps that you need to take first to kick start the process of generating leads. It is much better to get started.
You could also invest in working with an agency TP MEDIA Marketing. We know all the inside and out of how to create a perfect strategy that will work for your business.
- The first step that we take is creating a website that will convert visitors into customers immediately.
- We will then create tones of content that are meant to nature your web visitor.
- Next, we will focus our efforts on understanding your target audience and most importantly ensuring that we are driving traffic to your website.
Keeping your web visitors engaged and establishing a trust connection between your brand and them.
Within no time you will start seeing high quality leads being presented to your sales teams so that they convert them into customers.