With cold calling and mailing looking the things of the past and some smart lead generation techniques like customer profiling from ML, news, social media, forums, etc making a way, what should aspiring entrepreneur consider as their lead generation strategy?
Pls clear if my understanding of the current situation is correct or not?
Appreciate your take on my question. Can you guys give more inputs on how to maximise the use of LinkedIn for prospect building? Thanks
go to forums where your ideal customers hangout---join groups on LinkedIn where your ideal customers hangout
I find most of my customers through connections on LinkedIn
Hi Sharique. It depends on which end of the B2B market you are pursuing for your business. What I'd call the lower end is more like B2C in that you'd be involved with mass marketing/targeting. Then techniques you listed make sense. However, the main B2B market that I think about tends to have anywhere from a handful to say 25 clients per year in business models. For small numbers of target clients, it's important to network (LinkedIn, events, and other networking methods) and have open conversations with potential customers. As you do this, make honest assessments as to whether the client has a compelling need for what you offer (you'll know as you won't have to do more than a little education before your clients' eyes light up). If there is simply a little demand or need, or it's a nice to have for that kind of clients, then you haven't targeted your market segment sufficiently. Ask your prospective client for ideas of kinds of companies that would have a strong need (compelling) for your offer, and network your way into more meetings. It's like drilling in the sand for oil... keep poking your way around until you find it truly flows. Does that help? Is that what you were asking?
Wow Sharique, I think you are greatly mistaken that cold calling and direct mail are ineffective. Don't get me wrong, researching your customers before you contact them is essential, and some of that research can occur online in the places you suggest. But lead generation is not something any of us are going to be able to teach you in a discussion forum.
Whatever tactics you decide to try, your strategy should be informed by your research. Here are some common basic questions you should know the answers to before you spend a dime on tactics. 1) Where do your customers buy your product now? 2) What is the decision process they go through when considering products like yours? a) who decides, b) how long is the decision cycle c) how often are they looking for alternatives? 3) What are the common complaints from customers who buy products like yours? 4) Who do your customers trust as experts?
The answers to where your customers look now and whom they trust informs whether you should choose advertising in various formats, not some guess. And as with every tactic you attempt, test and measure. Don't guess. Your lead generation means nothing if you also don't learn how to convert leads to customers. I could hand you a list of 100,000 people who might buy your product, but if you don't know how to persuade them to actually make the purchase, having names, addresses, or even being in front of them is without value to your company.
My suggestion is that you start from the other end and learn how to effectively persuade and convert a lead to become a customer. Once you have that process refined to the best possible funnel, then you can start worrying about where to find more leads. Don't burn your leads by having an ineffective conversion path and waste time trying to acquire leads you can't convert effectively.
How can I startup a business online
Here's a fun trick I've tried with a couple B2B clients.
Start with a "Named Account" Strategy.
Come up with about 200 ideal companies you want to land.
Identify what areas of the company will be most valuable for you to contact.
Build facebook ads with a few different value props and content pieces, then create ad sets for each of the named accounts.
Make sure the goal for the campaign is awareness, not traffic. Your goal is not to generate a lot of traffic, but to get in front of as many eyeballs as possible.
Monitor these campaigns to see who interacts with your content the most.
This works best when you have a video. If that's the case, then the goal should be video views. If your product is relevant, your views should only cost a couple cents each.
Once you identify which companies have watched your video the most, follow up with whatever cold outreach you want. (email, call, linkedin, etc.)