Criteria of a Powerful B2B Lead Generation Engine
My team and I are always preaching the doctrine the consistent and predictable lead generation “engine.” The fact is this: Even the most creative branding and awareness-building program won’t produce the desired results unless you can efficiently work prospects through the system and produce revenue at the other end. But like everything else in marketing, you can’t improve what you don’t measure, and you need to continually evaluate your lead generation program to ensure that it meets seven important criteria:
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- You use conversion ratios to monitor results at every step of the process and you utilize this data to consistently produce greater results.
- The system produces a high percentage of qualified leads relative to raw inquires (this is a key conversion metric).
- You follow up all leads in a timely manner (within 12-24 hours), except those that are obviously unqualified.
- The inbound lead flow is balanced by territory, sales reps, and product line.
- You produce inquiries/leads at a reasonable average cost per lead.
- You capture all information generated from inquiries and follow-up efforts immediately (and preferably automatically) in a database system.
- You have a systemized nurturing (remarketing) process that converts a high percentage of today’s leads to future customers.
One of the great benefits of creating an efficient lead engine is that it will allow you to precisely measure your cost of new customer acquisition. When you know what it costs to bring in a new customer, you can then focus on lowering this cost while simultaneously increasing the average sale amount. By manipulating these two levers, you can vastly increase your company’s success.
Whatever your product or service, never underestimate the importance of a well-tuned lead generating engine. This is an area that can separate market leaders from the also-rans. Since three out of every four business-to-business marketing communications are for lead generation purposes, you should put focused and professional attention in an area that is so vital to your success.
By the way, we have a great e-book on how to generate qualified B2B leads. Feel free to download a complimentary copy.
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It is never too late to learn the lessons of measuring results. With no control or average to compare to how do companies improve their strategies and practices? On an even larger scale, in what do they base their budgets and resource planning? These seven criteria are great best practices for B2B lead generation.