Quality or quantity?- What is the real cost of Lead Generation?
Broadley Speaking specialises in driving sustainable business development across the B2B sector.
Often there seems to be some inequality among B2B companies when it comes to generating business leads. Many waste money on unqualified leads or fail to properly nurture the qualified ones.
Many of those developing lead generation strategies believe that, by identifying a lead, you are a step away from selling. In reality there are usually multiple steps and touch points between identifying leads and successfully closing the sale.
The development of the sales funnel refers to the buying process that companies lead customers through when purchasing products. A sales funnel has several steps, which differ depending on the particular sales model. More information on this can be seen here: Purpose of Generating Business Leads
What is the Cost of Generating Leads?
1: CPL (cost per lead) can vary significantly across industrie.s 2: Custom questions like BANT or MANACT (see below) have the greatest impact on cost (45% increase in CPL)
How to successfully qualify a lead?
BANT is a common lead scoring technique of seeking to determine if a prospect has the Budget, Authority, Need and a Timeframe for making a decision to buy.
BANT has evolved into MANACT to incorporate other key challenges within the structure of the buying process.
MANACT now allows you to evaluate your prospect based on their Money, Authority, Need, Aspiration, Competition and Timeline. More information on this can be found here: Not all leads are created equal.
When the aim is achieving sustainable business development, providing the sales team with well-qualified leads that will allow them to work smarter, not harder is key.
Many companies continue to throw more money into generating volumes of leads; instead , they should invest in smart lead nurturing methods that have a higher success rate in converting to business. Quite often this comes down to a misconception about the level at which professional sales and brand advocacy can work and what it can achieve. Most views are skewed by every day, and previous experiences of regular telemarketing.
Having a full understanding of a prospect’s short and long-term views and how these will fit with the value proposition – as well as of the buyer’s MANACT- will maximise the chances of converting leads into business.
Are you looking to boost conversions rates, as well as your knowledge of effective B2B lead generation and nurturing practices? Then talk to Hilary directly on 0800 988 7253 on how our unique approach can help you reach your business development objectives.