Lead Quality vs. Quantity: What is the Solution? 1,000Oleh Mykhaylovych
The old adage ‘quality is better than quantity’ is usually true when it comes to leads, though there are exceptions. However, before we get onto quality versus quantity, let’s take a step back and discuss how we define a lead. It’s pretty basic, but there are a few finer points we want to cover. A lead is a clue or a hint. It signifies the beginning of a relationship and consists of information which may be vague, not entirely correct, or not validated just yet. You may have the name of a person that’s likely to be the best contact for a certain business but will later turn out to be the person who will direct you toward the appropriate contact.
This is the beginning of the sales funnel. A lead is a contact that has not had a relationship with your company in the past. How do you create a high-quality lead generation strategy and maximize a prospective customer base? A lead generation campaign can start as easily as creating an opt-in page on your website. In this way, you can also track how long users spend on each page or article, what they click on most, and how they managed to find the page in the first place. If you have a sign-up form on your site, you can see how often people commit to providing their data.
This can be useful in ascertaining what kind of impact your high-quality content marketing campaign had on them. If more people are signing up for your newsletter after you introduce a certain type of blog post, or a new social media campaign or podcast on Facebook, for instance, you’ll know the time you spent on those elements is worthwhile. You can also utilize webinar registration forms, membership platforms, and sales pages. These are excellent methods to have in your toolbox for identifying and steering those potential clients your way.
If your leads aren’t good quality—say, you’ve purchased them from a third party, or people have received some sort of incentive to fill out your form and provide their contact information—then the conversion rate is significantly lower and the lead generation may simply not be worth it. You’ll want to ask yourself whether it’s worth your time and effort to gather these leads in the first place. In certain cases, it is certainly more fruitful to cast a wide net in order to sell your product with high-quality content marketing. When is this true? It’s kind of like weight loss.
If your overall goal is to lose weight (or make money), then you want to make sure you’re burning more calories than you’re taking in (or making more than you spend). When it comes to engaging prospects, remaining aware of where you’re spending time is critical to the success of your business. And when considering the problem of choosing lead quality or quantity, the solution is often whatever makes the most sense for you. Simplifying your methods of reaching out to potential customers and automating as much as you can help your business in the long run.
When it comes to how good your leads are and how many you’re getting, you want to run a tight ship. Don’t spend time on inefficient lead recruitment strategies. Remember that you want to entice your leads—whether high quality or low—into committing to the next step of a relationship with you. To do this, you want to create excitement around your brand. You’ll want to craft content in a way that keeps the reader wanting more. Take Russell Brunson, the entrepreneur at the helm of DotComSecrets.
At The Top Of His List Of Bullet Points For A Podcast Episode He Created Is:
How a potato gun launched a multi-million dollar business. Now, how could you resist giving that podcast a listen? It’s a funny, unexpected kernel of information that leaves you to want to read more. Keep your interactions with your leads this way—don’t get too many, but also don’t be afraid to write something unexpected. Stay professional, don’t be too enigmatic, but have a little fun when finding and converting leads. If you’re dragging while writing an email, the person on the other end probably isn’t having a lot of fun reading it.
Companies like Found and Fileboard amass information on potential audiences by studying who is out there. They look at age, gender, career, hobbies, companies this person already buys from and spending patterns. If you fully comprehend the kind of market you represent, the need you fulfill, and the type of consumer you’re most likely to be compatible with, you’ll be better able to take advantage of the most desirable clients, the ones with the most long-term spending potential. Often businesses will be able to create products that cater to a small section of an existing market.
Take The Running Shoe Market: A shoe company might create a shoe for those who primarily run in a minimalist shoe, but want a second shoe to change things up. A hot tub company might specialize in hot tubs for college students, with user-friendly, hip packages for cleaning the water that doesn’t involve all the complicated pH testing. A nutrition company might create a protein powder for people just out of college with gluten allergies who are also trying to lose weight.
A shoe company might create a shoe for those who primarily run in a minimalist shoe, but want a second shoe to change things up. A hot tub company might specialize in hot tubs for college students, with user-friendly, hip packages for cleaning the water that doesn’t involve all the complicated pH testing. A nutrition company might create a protein powder for people just out of college with gluten allergies who are also trying to lose weight.
What You Lose In Broad Appeal, You Might Gain In Specificity:
The people you’re targeting will be more likely to feel like you’ve created a product just for them. This helps you create a unique selling proposition, known as a USP, for that portion of the market. USPs are useful because they often mean that you’re running up against fewer competing brands and that you’re moving clients through the buying cycle more quickly. And USPs don’t only apply to B2C interactions; they can also apply to B2B.
Quality versus quantity is a topic often debated in the marketing world, and for good reason. Many marketing experts have found that creating a balance is important. Two years ago, a study done by BrightTALK showed that the majority of marketing professionals, nearly 70%, found quality most important when it came to generating leads. But if you think about this figure, that’s nearly one in three professionals who believed quantity was actually more critical.