Why You Need Digital Lead Generation: 3 Reasons
There is unbelievable power in operating your company with rapid growth in mind. One of the best ways to fuel that growth is marketing through the web. Unfortunately when it comes to digital marketing there are too many EXPLOSIVE, TREMENDOUS, SILVER BULLET growth purveyors out there that can easily distract us from tried and trusted methods to achieve predictable growth.
Please note that the all caps and obnoxious styling earlier on was added for effect, they make me cringe every time I see them as well.
What is Digital Lead Generation?
To start, by digital lead generation I am referring to running online advertising campaigns to attract sales leads. It is important to also note that digital lead generation utilizes traditional direct marketing tactics but with an online focus. A good digital lead gen campaign should drive immediate results as well as a means to nurture decision makers as they evaluate their options.
To succeed with digital strategy you must understand:
Your Online Competitors
I say online because these specific competitors can vary from who you view as your typical competition. We hear everyday how because my company does X, or because I specialize in Y that I have no real competition. We consider anyone who a customer may choose over us a competitor. We also consider any of our competitors who are advertising their business online as online competitors to ensure we differentiate our business, and our clients business by how they are positioning themselves across search and social media.
Target Customer Behaviour
You must also analyze your target customers to understand where they spend time online, how they expect to be spoken to, the criteria they use to make a purchase decision, how long they typically spend researching a solution before they are ready to talk to someone and finally what they are doing throughout their research process to come to that decision.
Lastly, as with all marketing you absolutely must know many sales leads it will take to generate one net new customer, and what that customer is worth to you; both in terms of average revenues and profit. Without understanding these numbers you simply will not able to make decisions around what you can afford to spend to obtain one new lead, and therefore the strategy that makes the most sense.
Alright already, I promised 3 reasons why digital lead generation is the future of your business – so here we go!
1. Gone are the days of shotgun advertising, and gut feel decision making
As you may know, the biggest benefit of digital marketing is that we are able to ascertain what messaging, channel and overall lead generation process works by relying on nearly real time data. This is the major shift from putting an ad in the paper, or running a TV or radio commercial where the real impact of each is consistently grey area.
With digital marketing, outcomes are clearly tracked. The entire process becomes an ongoing series of experiment which contribute to establishing a clear understanding of what works to drive new business.
2. If we can predictably turn a profit, growth becomes second nature
We all know there is no such thing as unlimited funds. But, if we can turn our success into a math problem we can comfortably predict how long it will take us to reach a positive ROl. Once we hit that ROI, we are playing with the house’s money so to say and it’s time to get rolling!
Being able to understand how each aspect of your campaign supports your overall marketing success allows you to make strategic decisions on how you can best allocate budget to get the best return on your money invested.
For example, if we know Facebook is great for generating initial interest – but these people tend to take longer to buy anything then we better darn make sure that our Search or LinkedIn or whatever other advertising channels we are using are focused on driving quick to close opportunities.
An excellent way to keep your finger on the pulse of your traffic is to implement a live chat feature. In our experience this has been extremely powerful to better understand potential gaps in our campaigns, and a means to get early indicators of how engaged visitors from specific aspects of our campaigns are.
3. If we don’t change, our competitors will eat our lunch
If you aren’t already on this path of marketing sophistication – the fact is your competitors likely are. The future is now, we need to shape up to effectively compete and start spending your time in dollars where you can build your brand and measure ROI.
Hopefully, with these tips, you’ll become the best you can be; well, at least in terms of digital marketing. See what I did there 😉
Director, Client Marketing
Dan is the Director of Client Marketing @ Neumarkets. Toronto's Digital Marketing agency. His team helps clients develop & scale their digital marketing ROI by optimizing search, paid social, remarketing and email marketing campaigns.