Not all businesses require a lead generation strategy to create successful marketing programs but those businesses are rare. Instead, most businesses need a strategy to not only create conversions over time but follow up with visitors who left the conversion funnel sometime during the purchase process (especially through cart abandonment), remarket to visitors who left without making a purchase, and build a relationship with customers that keeps them coming back. And that’s a lead generation strategy, whether you ever heard that term or not.
Whether you’re a B2B (business to business) firm generating leads through social media or a B2C (business to consumer) e-commerce site generating sales through your website, a sound lead generation strategy expands your opportunities to make a sale.
Lead Generation Strategy
Lead generation commonly refers to a strategy for converting prospects into customers. In B2B, where long sales cycles dominate, optimal lead generation strategies determine the difference between success and failure. In B2C markets, we see lead generation for large purchases such as buying a home, car, or life insurance. In the pre-digital age, we didn’t think too much about lead generation strategies in retail because folks visiting your store were anonymous unless you used a store loyalty card. Even in that case, stores didn’t use the cards to effectively market to customers by, for instance, sending coupons for products purchased during earlier visits.
A lead generation strategy attempts to take all the folks leaving your funnel in the image below, and encourage them to flow through the bottom of the funnel to convert. Optimizing your funnel by as little as 1%, can increase your leads by 50% — which has a huge impact on your bottom line.
In the digital world, all that’s changed. Now we have tools to interact with visitors to our website and connections made on social platforms with the notion of converting them in a subsequent visit.