Lead Generation Part II: What Kinds of Leads Work Best?

Illustration of internet marketing over black background with red light and blur effect. Lead conversion concept.

Now that you’re convinced you need leads, what kinds of leads work best?

The most obvious answer to this question, are those with the highest potential to convert from a lead to a customer. Customer referrals readily offer this. They are phenomenal. However, there are usually not enough available to reach new customer acquisition goals.

When searching for additional lead sources, one should look both externally and internally.  Internal sources for leads are very often overlooked. Yet, they can have the highest conversion rate because the candidates have already shown interest through action. For example, they’ve browsed the website or clicked on an online ad.  Old customers are similarly viable due to past interaction. If circumstances dictated a decline in them doing business with you, things may have changed. Desirable external and internal lead sources are as follows:

 

Lead Source Chart

 

The best leads have a catalyst!

A lead catalyst means there is a change that has taken place with the customer that presents an opportunity for your organization. It may be an industry expansion or disruption, new regulation, manufacturing breakdown or new competitor vulnerability. The optimal lead mix is 60% hard leads and 40% soft leads. The advantage of hard leads is the direction is specific and the time to close is faster.  Soft leads are exploratory in nature. They represent growth opportunities and tend to be larger in scope. See examples of the spectrum of leads below.

 

Lead Spectrum - Soft vs. Hard

 

Lead expectations must be properly managed for successful outcomes. Keep in mind the following:

  •   No lead is guaranteed
  •   The best lead is one where you offer a unique solution & the customer has a ready project
  •   Most leads require several steps of involvement before the actual potential can be gauged
  •   Leads often lead to other leads
  •   With a lead, timing is everything
  •   Lead generation is not the same as prospecting, leads have an associated catalyst
  •   Leads do increase hit rates and reduce sales cycles
  •   Lead tracking and lead quality assessments are critical parts of a Lead Generation Program

Happy hunting!

Industrial Prosperity 365 Consulting: A New Kind of Marketing Firm

Industrial Prosperity 365 Consulting is a newly formed marketing consulting firm that focuses on the industrial market. It is tailored specifically to manufacturers, technical suppliers, distributors, OEMs and EPCs – helping them become stronger, faster and more effective marketers. Industrial Prosperity 365’s mission is to maximize the Marketing ROI for organizations, understanding that Marketing is a significant investment made to ensure future viability and prosperity. Services include Market Strategy, International Marketing, Sales Strategy, Sales & Market Analysis Training, Marketing Communications Planning and Marketing Communications Activities.

“Many industrial companies are hard hit by a myriad of market and internal pressures that limit the flexibility needed to keep the competitive advantage. The industrial challenge is to find Strategic Marketing solutions that recognize and account for set parameters around capital-intensive production, safety concerns, globalization, an aging workforce and changing regulation,” says Vernadine Merrick, President of Industrial Prosperity 365. “What sets us apart from other marketing firms is our understanding that product technical data and industry knowledge are critical factors when building a comprehensive and effective market strategy. We also believe market communications value is maximized when the messaging is intricately tied to a sound market strategy. Industrial Prosperity 365 is committed to building a client marketing roadmap that gets
results.”

For more information on Industrial Prosperity 365 Consulting, visit us at www.industrialprosperity365.com. Please send to info@industrialprosperity365.com any questions.