How to Save Your Lead Generation Budget
Lead generation is a vital aspect of every business, but that doesn’t mean that you have to spend tons of money to see results. We have broken down some steps that you can incorporate to help you save your lead generation budget while still seeing positive sales figures.
Master the Quick Response
Waiting to contact your prospects is a detrimental practice. Even an extra 30 minutes of waiting can result in losing a prospective lead to a competitor. Instead of giving your competitors the edge, focus on mastering a quick response so that you can capitalize on the prospects. Incorporating an immediate response in your lead generation strategy not only increases the chances of you beating out the competition, but increases the likelihood of getting in contact with the prospective lead on the first attempt. This benefit helps you decrease the amount of time and money spent on overall outreach. If you cannot get in contact with the prospect on the first attempt, you still have an advantage too as you will have attempted contact first and will, therefore, remain top-of-mind. If these tips aren’t enough to encourage you to look into optimizing your response time then consider how a 5 minute versus 30 minute contact time has a 100 times higher chance of making contact with the prospect.
Utilize All Outreach Platforms
Relying on only one outreach platform can seriously hurt your chances of making contact with a prospective lead. Instead of keeping all of your eggs in one basket, try to maximize your budget via outreach across all platforms including phone, email and social media. Considering that these platforms are all minor expenses, it makes sense to incorporate several different outreach mediums. This diversity will increase your chances of connecting with your unique prospects as they may or may not be accessible across the same platforms. In addition, you will be able to better maintain relationships if you have a visible presence on more than one medium. Although there is some initial effort required to expand your outreach efforts, in the end you will be able to notice what works and what doesn’t, which will help you reduce your lead generation spending.
Follow-Up Until Conversion
Even after mastering the quick response you still need to focus on outreach because the prospect may not be ready to complete the lead generation process quite yet. In order to ensure that the prospective lead comes back to you when they are ready to purchase, you need to focus on developing a thorough follow-up strategy. Following up with your prospects is an important aspect of a great outreach strategy, but many companies still don’t do it. You can therefore stand out from the competition and stay in the prospect’s mind by incorporating a frequent follow-up schedule. Since you have several outreach platforms to utilize, you can target the prospective lead on the platforms in which they are active and attentive. Scheduling a follow-up strategy that doesn’t overwhelm the prospective lead is important as well. By determining the best follow-up mechanisms for your various prospects you can can help streamline the lead generation process and reduce the amount of money spent on unsystematic outreach.
Overall, it is important to note the above strategies so that you do not miss out on prosperous, qualified leads. Focusing on the above three steps can improve and strengthen your lead generation strategy so you can notice a decrease in spending and an increase in results.