Do you need to grow your business and increase your revenue as a business owner or entrepreneur?
As a business owner, generating leads is one of the most important aspects of growing your business.
Leads are potential customers, and not having them leads to a significant decrease in revenue.
Today’s crowded marketplace requires businesses to generate as many leads as possible to succeed.
Business owners nowadays consider lead generation the lifeblood of any business.
This article discusses the importance of B2B lead generation, its advantages, and how to benefit the most from its strategies.
Read on to learn more!
Why is lead generation important?
Why do we even bother ourselves to generate more leads after all?
Why is it even this important?
Try not to get over-excited about it!
Lead generation allows you to direct them into your product and service.
It means that no matter where your targeted audience is geographically located, you can attract them by understanding their particular needs and preferences.
Let’s have a quick overview of the recent statistics on lead generation.
Lead Generation Statistics
Lead generation is one of the inseparable paths for all businesses toward success.
But the main question is, how many leads do businesses generate using different lead generation strategies?
According to HubSpot, 50% of marketers believe lead generation is a top priority in their marketing campaigns.
In fact, the average number of leads generated for organizations is 1,877 per month.
Based on another piece of research from HubSpot, almost 9% of organizations pay $10 or less for each lead, while 4% spend $1000 or more. But the surprising part is that 18% of marketers are not even aware of the amount of money they pay for lead generation costs.
According to Ruler Analytics, 95% of marketers believe they know which channel generates the most leads. They claim that although social media is one of the top priorities in lead generation, organic search generates the most leads.
Generating leads can be categorized into two groups, which we will briefly review in the following paragraphs.
Inbound Lead Generation Statistics
It refers to B2C or B2B lead generation strategies that aim to communicate with prospects who have already initiated a relationship with them.
Inbound lead generation is more effective for organizations and helps brands improve their credibility and awareness.
Content marketing is one of the most common means of lead generation. Parse.ly says content generates inbound leads, especially for B2B lead generation.
According to Semrush, though content marketers claim they encounter many challenges, lead generation is their top struggle. In fact, 41% of marketers claim that lead qualification is their greatest challenge.
CMI also adds that podcasts, blog posts, and videos are the top three content types that have generated the most leads and awareness.
Email marketing is the second most common means of generating inbound leads. According to Campaign Monitor, the average open rate overall for marketing emails is 21.5%.
Based on a survey in Digital Commerce 360 in 2022, studying 1,015 online shoppers, 60% of them have claimed that they complete at least one monthly purchase after reading a marketing email from a brand.
Having more than 4.65 billion active social media users worldwide makes it one of the greatest B2C and B2B lead generation tools.
Though social media can be an excellent tool for generating more leads, experience is also practical.
According to Social Media Examiner, 72% of marketers with more than five years of experience say that social media has benefited their lead generation strategies. Only 42% of marketers with less than five years of experience have benefited.
In another survey in Social Media Examiner, it is evident that even though TikTok has already taken over the world, only 18% of marketers use it to generate leads.
According to research by Verse, sales teams usually complain about the low quality of the leads they receive from marketing teams;
- 44% of sales representatives are not happy with lead quality.
- 39% of sales teams believe the leads are not ready to buy yet.
- And 37% of sales representatives complain about the insufficient means of contacting leads.
Outbound Lead Generation Statistics
What does outbound lead generation mean?
Despite inbound lead generation, which means reaching out to people interested in your product or service, outbound lead generation means the marketer initiates the relationship with the targeted audience.
One of the most common examples of outbound lead generation is cold calling.
According to Business Wire via Zipwhip, 97% of people do not hesitate to hang up on cold calls promoting a brand. And organizations can resolve this issue by educating their sales representatives to make conversations more engaging and entertaining.
Importance of Lead Generation for Startups
Lead generation is like the lifeblood of your business.
It is what brings in potential revenue opportunities that keep your company thriving.
Some people debate whether it falls under marketing or sales, but it is both.
You must market your business to attract leads and then sell to those leads to turn them into paying customers.
A solid lead generation plan is vital for startups, especially those trying to establish themselves in a competitive market.
Knowing which outlets to utilize and how frequently to generate leads is key to converting them into revenue.
After all, it is the conversions that bring in the money and help your business grow.
Benefits of Using Lead Generation
Lead generation is not a one-step process. It is a process that helps businesses and brands build and grow visibility, credibility, trust, and interest in their potential leads.
Generally speaking, lead generation helps organizations drive traffic from high-quality prospects, leading to qualified customers.
Leads are the essential pillars of your business’s continuity.
Though lead generation has many benefits for businesses, we will review nine in the following paragraphs.
Grow Your Market
Every business starts by focusing on a tiny group of people, but is that the best you can do?
Lead generation helps you understand your prospects better. Understanding their needs and thoughts lets you see the engagements from people you did not think would have become your prospects more vividly.
This is your chance to expand your market and cover those people too.
Expand Your Following
Content creation helps you become a thought leader in your industry.
Online communication with people on social channels allows you to share your valuable knowledge and unique experiences to find your target audience.
It eventually creates a community of followers, thought leaders, and professionals who like following your brand.
This loyal community can gradually become your customers or, even better, your brand advocates.
Collect More Reviews From Your Customers
Prospects need proof to convert into customers.
The best proof and evidence you can provide is a review from your past customers.
Clients usually hate to fill out reviews, even though they may have enjoyed the quality of your product or service. Ask them for testimonials and reviews.
Using these reviews in your online channels, such as websites, emails, social media, etc., is the best way to persuade your prospects that you would be their best choice.
Improve Your Revenue
You can claim that you have generated the right leads if only the prospects cause a boost in your revenue.
There is always great potential for revenue growth if you focus entirely on the interests and pain points your prospects care about.
Create Business Potentials And Opportunities
B2B lead generation is a way to find potential prospects and work partners through lead generation strategies.
Finding a work partner who is not your competitor yet has the potential audience for your product or service is the dream.
You can co-host a webinar and share your audience, which is technically beneficial for both parties.
Enhance Lead Qualification
Though content creation is a great way to get traffic for your website, it may never convert into leads.
Sticking to lead generation strategies while creating content for all your social channels, such as your website, blog posts, emails, etc., keeps you more focused on the targeted audience.
This consistency helps you enhance lead qualification and achieve a better conversion and sales rate.
Gain Visibility And Awareness
Brand visibility and awareness are two important pillars to consider to grow your business.
Whether you own a new-born startup or an established organization behind the scenes, you must create valuable and worthy content for your audience to grab their attention.
Consistent and continuous content creation allows people to get more acquainted with your organization and remember your brand.
Cold Calls And Emails
Using outbound marketing techniques is one of the best ways to make people hear your brand’s name more often.
Outbound methods like cold calling and emailing will bring you leads that need to be nurtured to convert them into customers.
Automate Lead Management
Technological advancements and enhancements in AI tools have caused the creation of many new lead management tools to automate processes.
These tools include email marketing software applications, CRM, customer data platforms (CDP), etc., built to simplify the processes.
Implementing these tools ensures you have all the necessary equipment to improve your marketing and sales campaigns.
Over To You
As a business owner or marketer, you know that generating leads can be a time-consuming and often frustrating process.
You can get assistance from B2B lead generation agencies, such as AI bees, to help you.
Interested in improving your sales and growing your business with our AI tools for lead generation?
Contact us now to schedule a consultation with our team of experts. We'll guide you through the process to help you achieve your goals.
Frequently Asked Questions:
What is the most important thing about lead generation?
Lead generation is about building relationships with potential customers, like making new friends. It involves taking the time to understand their needs and interests and offering solutions that can help meet those needs.
Targeting the right audience is crucial in creating a welcoming environment where they feel valued and understood.
Ultimately lead generation is about connecting with people on a human level and building trust, loyalty, and meaningful relationships that can last a lifetime.
What problem does lead generation solve?
Lead generation solves the problem of finding new customers and growing a business by creating meaningful connections with people.
It is about identifying the needs and interests of potential customers and offering solutions that can help improve their lives.
This built trust and loyalty between the business owner and the customer, leading to repeat business and positive word-of-mouth referrals.