Top lead generation challenges and how to overcome them
As of 2020, we know for a fact that buyer-behaviour has evolved. How goods and services are purchased worldwide is continuously shifting, and marketers need to find new ways to reach out and make a distinct impact. That’s when Lead Generation comes into the picture. Lead generation is a process of attracting and converting individuals showing interest in your products or services into customers. But the process isn’t as easy as it sounds. In research conducted by Rain Group and ITSMA (2010), they found that the most significant challenge companies faced when trying to generate leads is finding a strategy, tactic, or offer that gets potential leads’ attention. Of the 845 B2B firms polled, 42.1% said this was extremely or very challenging.
“When solving problems, dig at the roots instead of just hacking at the leaves.” – Anthony J. D’Angelo.
The first step to overcoming a challenge or a problem is identifying it; therefore, before you start your campaign, look at other firms in your industry and market segment and try to figure out the challenges they face when starting their lead generation campaign. This way, you can devise the optimal strategies to tackle these obstacles and achieve the best results.
Targeting the Right People
Most lead generation campaigns fail or don’t achieve the desired results because the people running the operations fail to target the potential client’s decision-makers.
Decision-makers are the people who have the authority to agree to make a financial purchase. Therefore targeting them correctly and grabbing their attention is critical. One way this can be made easier is by creating a buyer persona.
A buyer persona is an ideal fictional representation of your audience
The easiest way to do this is to talk to current clients and ask them about their problems when they started searching for your services and why they chose you.
Find out how they looked for service providers like yourself and inquire about the advantages of working with you.
After discussions with a handful of customers, you will start to realize that most of them faced similar challenges before you stepped in; you can use this data to target businesses where these problems are more susceptible to rising.
Creating a customer persona should also include their long, short, and medium-term goals and potential objections they might have to your service or services. The most significant factor when creating your buyer persona is their motivators.
What makes them want to buy or invest in your services, and what sets you apart from your competitors?
The more you know about your potential clients and the more accurate your buyer persona is, the more likely you are to get the attention of those so important decision-makers.
omething all firms will have in common is a lead generation budget. How you can optimize that budget efficiently and make the most of every single penny is something HQL Solutions specializes in. There is no one size fits all plan to decide your budget; it depends on your industry, firm size, target market, and ROI considerations.
For example, the software and design industry typically spend a massive amount on lead generation (an average of 15% of gross target revenue); industries with narrow profits usually spend 1-3% of their gross target revenues on lead generation.
The best way to be sure of your industry’s benchmarks is research; unfortunately, there is not much data on marketing and lead generation spending.
We could help you find published reports on marketing and lead generation expenditure relevant to your industry, to help you gain a better understanding of the expenditure of similar firms.
Another thing to consider is your firm’s position in the market; larger firms tend to spend less on lead generation as smaller firms need to build up their brand awareness and reputation. A firm with an average income of $200 million might generate a significant ROI from spending just 1% of revenue on lead generation. But a business with a revenue of $3 million will need to increase expenditure by quite a bit more than 1% because $30,000 will not produce many valuable leads.
The COVID-19 pandemic has directly increased online ads’ cost since a considerable amount of the population who views them is working from home and using the internet. Most businesses today rely on digital advertising to attract more traffic to their websites.
The silver lining is that competition and other firms in your industry might struggle to keep up with the cost; therefore, make sure to check Google Auction Insights reports to decide when is the best time to move forward with your ad spend. Lead generation can be an incredibly challenging task for any firm, no matter the size. However, here at HQL Solutions, we are here to tackle all your lead generation queries, so take the time to get in touch with us and watch your business grow with valuable leads.