How to generate leads for your small business
When starting a business, one of the biggest challenges that people face is finding customers. Now of course, more often than not, customers don’t just materialise out of nowhere. They usually first start as a lead.
For those who aren’t aware, a lead is defined as someone who has shown an interest in your business and provided you with their contact information.
When people first visit your website, most of them will not make a purchase. In fact, Hubspot puts that number to be as high as 99%.
That’s a lot of people. Most of your web traffic.
It might be the case that the 1% who do purchase from your site will allow you to run a pretty healthy business. But there is no need to miss out on the rest.
You can easily implement an effective lead generation strategy to capture some of the 99% and help them to return to your website and eventually make a purchase.
Below, I outline a simple strategy to generate and nurture leads to help you increase your sales.
First off, you need a way of capturing the contact information of website visitors. Unfortunately, just giving them access to your email address, phone number or enquiry form is not going to be persuasive enough for most.
You need to create a reason for people to give up their valuable contact information. And hide this behind a contact form.
What the reason is, is up to you. But it needs to provide value to your audience. People don’t tend to just give up their contact details unless they receive something in return.
A basic method of capturing a lead’s contact information is asking them to sign up to your newsletter. This might sound valuable to you, and I am sure it will provide some value to your leads as well. But realistically this is not enough encouragement.
You need to give them something more. If you are an ecommerce site, think discounts, free delivery or even a free product or sample.
If you are a service based business, think a free consultation, informational document or training session.
These are generally referred to as lead magnets. A lead magnet is essentially providing someone with value in order for them to give over their contact details. The more valuable a lead magnet, the more likely someone is to give over their contact information.
You might think this sounds like you are giving away too much but realistically the value of capturing someone’s contact information will outweigh a small giveaway or training session.
All you have to do is figure out what a lead is worth to you. Then you can identify how much you can invest in creating your lead magnet without losing money on a customer. This article by Pinpointe will help you figure that out.
Creating a low-cost lead magnet
At marketpreneurs, we are all about keeping the costs down. So, I wanted to go over a few tips on how to create some low-cost high value lead magnets. I have split them into two categories based on whether you are selling products or services.
Discounts or trials are fantastic ways of enticing people to give you their contact information. If they are on your site then it is likely they have a need for the type of product that you offer. However, they might still be researching the different solutions available, or are not quite at the purchasing stage.
What better way to increase their interest in your products than by giving them some money off or a free trial?
This is a super easy way to create real value for your audience. If you are worried that this will affect your sales margins then just increase your total product cost. At the end of the day, we are creating a perceived value. You will also be selling more products which is going to really help you bottom line.
To be honest with you, you can easily create a great lead magnet with little actual cost. All you need to do is spend some time to create an informational document or video that tells people something that they don’t already know.
You already have a great idea of what this is as you are selling them your services exactly for this reason.
Webinars are a really great way of doing this and, if done right, provide huge value to your audience. People also love webinars and they usually receive a higher lead conversion rate than other forms of lead capture.
Check out this blog for a simple guide to running great small business webinars.
After you have created that lead, you need to then convert them into a sale.
The best way to do this is by using an email automation tool, to create a multi-send email campaign that provides leads with more information about your business. The idea is to warm them up to the thought of purchasing from you.
If you do this correctly. You are going to see a large number of those leads become customers.
Using email automation software also allows you to streamline your sales funnel. Instead of wasting time on following up with every single lead individually, you can let the software do the work for you.
A great approach to this is to not go in with a hard sale as this might deter most people. Introduce them to your brand, your products and let them know why they should purchase from you as a business.
Doing this will not only help to convert leads into new customers but will increase the likelihood they will return.
Saving you time and making you money
By taking this simple approach to generating leads for your small business, you are going to see your bottom line drastically increase. You will also be able to save time when following up with these leads.
Running a small business is time consuming, especially when finding and converting customers. This approach outlines a way to significantly decrease the amount of time you have to spend when finding those all important customers.
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