Lead generation: it’s just like the construction of a new building, right?
Please bear with me, as I explain!
There are some scenarios where a pay-per-lead model can and does work. But equally, particularly in business to business environments, there are many cases where pay-per-lead is counter-productive.
Old-fashioned and unnecessary #
Few businesses would want commission-only telemarketers tasked with generating as many leads as possible, using outdated, pushy sales techniques.
However, some organisations believe that commission-only is the only way to go. Renumeration structures, such as insistence on a pure pay per lead or a commission-only cost structure, are usually driven by the behaviour of lead gen service buyers.
I’m keen to avoid New Era’s reputation being tarnished by the image of the call centre manager, standing on a desk, waving the £50 note to be won by the lucky soul who generates a lead.
Pushy, outdated lead generation techniques are not my bag, but alas, they are still used and damage the reputation of lead gen as an activity.
This often results in the adoption of underhand practices – twisting a story to get a positive result.
An accountant told me a few years ago about a lead he bought from a telemarketing agency. The MD’s greeting to him was:
“Oh, so you are the guy who can halve my tax bill”
Oh really?! A halved tax bill is what had been promised to spring a meeting.
The way forward #
The proper value of data, the proper value of a business enquiry and the proper value of a business lead must be determined before undertaking any substantial project.
Often these important factors aren’t considered to make sure a project will be viable.
Here’s where the construction project analogy comes in….
Would anyone expect to pay for a house-build, in one lump, upon completion?
It’s unlikely.
Payments are usually staged throughout the build process. Raw materials and the labour of specialist, skilled tradespeople need paying for upon a series of staged completions.
So, it would follow that now is the time to move away from being insanely focused solely on the results to being insanely focused on the process, as well as the results.
The cycles #
The buying cycle: marketing to lead generation to sales, is long and protracted – just like the construction cycle of a new building.
For the purposes of brevity, here is a simplification of the lead gen cycle:
- Collation and the purchase of data – after time has been spent researching the industrial/ commercial sector to be approached.
- Email marketing – included is the creation and scheduling of content.
- Engagement with the people who have shown an interest in the product or service. The enquiries stage.
- Actively following up the enquiries to the moment when they are ready to engage with New Era’s client and hear more about the solutions available.
- They are now a lead and ready to meet – the appointment stage
- If all works out well, a sale is made and an initial stranger becomes a customer.
Full reporting is made throughout the process.
Clients have ownership #
New Era’s client has ownership of data and is encouraged to connect on LinkedIn with all people either opening the introductory email, clicking on their profile or making an enquiry.
Does this process have some value, alongside the actual results?
I think it does.
Real value #
Lead quality vs. lead quantity, cultural fit and brand reputation are just some of the considerations when approaching lead generation.
“It’s not just about being better. It’s about being different. You need to give people a reason to choose your business.” – Tom Abbott.
Quote source: https://www.goodreads.com/
Thank you for reading.
