Purpose of Lead Generation
Broadley Speaking specialises in driving sustainable business development working with companies selling complex products and services. We have found that quality lead generation is key from the very beginning to maximise ROI from B2B sales and marketing campaigns.
What is Lead Generation?
Lead generation describes the process of stimulating interest in a product or service for the purpose of developing a sales pipeline.
Recently the buying process has changed, and this has meant the need to develop new B2B sales and marketing strategies to reach potential buyers. Instead of mass generic advertising campaigns or bulk emailing, there needs to be a focus on finding innovative ways to analyse potential buyers and the buying group dynamic; then, a new strategy to maintain a continuous relationship with each and every buyer.
After creating a well-qualified lead, this would then lead into a sales funnel. The development of the sales funnel refers to the buying process that companies take their prospect’s through when purchasing products. A sales funnel consists of several steps, which differ depending on the particular sales model; one common sales process has seven phases including:
- Awareness Phase – In which the buyer becomes aware of the existence of a solution.
- Interest Phase – In which the buyer demonstrates interest in a product by conducting product research.
- Consideration Phase – in which the buyer or buyers companies examine competitors’ solutions as they inch toward a final buying decision.
- Intent Phase – In which a final decision is reached and negotiation begins.
- Evaluation Phase – In which the buyers are aware that your product or service could fulfil their need, and they are trying to determine whether you are the best fit.
- Purchase Phase – In which goods or services are purchased.
The buying process is changing; adapt your marketing.
With the buying process changing, it is important to note that your marketing efforts don’t end once a new lead comes into your system – what we call Top of the Funnel (TOFU) marketing. Many companies do a good job at generating leads; the problem is that most new leads are not yet ready to buy. This is usually due to the complex nature of the purchasing decision-making frame work within high value acquisitions.
Understand that creating a well-qualified lead is key to increase the ROI in your sales funnel, but to also spend time in lead nurturing during the Middle of the Funnel (MOFU) process. This process is to build relationships and trust—earning the prospect’s business once they are finally ready to buy.
B2B Sales and Marketing has moved beyond simply discussing TOFU. In order to have a holistic strategy, MOFU marketing should appear in all the strategic discussions to make sure that you have a good process for turning leads into sales. If you want to fully understand how Broadley Speaking lead generation is different and want to find more creative ways to get in front of the customer and break through the noise, watch this short video where Brooke Pinkney explains our B2B sales and marketing method or read our dedicated Lead Generation page.
