Lead Generation: Quality over Quantity, or Quantity over Quality?
Lead generation should focus first on creating quality leads, rather than a high quantity. Gain more info than an email address, find out sales trigger pages and activity and offer visitors more to gain trust.
By now you know some of the best lead magnet examples, tools, and secrets to building an impressive lead magnet and now it’s time to start building your list. Are you focused on the number of new leads or whether your leads are targeting potential customers?
Well imagine this: you’re having a great week, your new lead magnet is bring in tons of contact details from ‘interested customers’. You’ve passed them onto your sales team who are all set to get to work on them and you’re expecting lots of closed deals.
But, when did you stop to consider a few things about all these new ‘interested customers’?
- How, exactly did you get their details?
- Were they aware of your brand prior to the visit that prompted them to leave their details?
- Did their visit suggest window shopping or real interest?
- Have you received multiple site visits from any of those new leads, already?
- Does the new leads data include any existing customers?
You need to be aware of more than just a potential customer’s contact details before they should be considered ready for an approach from your sales team. After all, with auto-fill so readily available, handing out contact details is easy and doesn’t necessarily, by itself, signal a potential customer.
Indeed, it’s a common suggestion that more leads translates into more sales. Figures from Marketing Metrics show that that the probability of selling your product or service to a new customer is just 5-20%.
Your Lead Generation Strategy Matters
It’s all well and good advertising a PDF filled with well-designed content. If the PDF is free and the content looks nice, of course most people who visit the page will sign up for it. But, that doesn’t mean they’re interested in your products or service, it just means they’re interested in the quick freebie!
That’s a good example highlighting that quantity is NOT always more important than quality, when it comes to lead generation.
In order for you to be able to asses if a new lead is genuinely interested in your product and close to making a purchase, you need to do more than deliver a lead magnet.
You need to offer your leads added value when they visit your site and read about your product or service. Encourage those new leads to revisit your site for updates and relevant information. That way, it’s the potential customer who is initiating the relationship with your brand, rather than you trying to engage with them only to close a sale
However, while inbound marketing strategies do work, it’s also important to know which of your website pages is a potential trigger point for a new – or returning – customer, to make a purchase. Then, you can work on directing potential customers to those trigger pages. And, once they do visit those pages, that’s a good time to pass their details to your sales team.
Forget the Common Lead Generation Myth that Quantity Beats Quality…
…and focus on building a list of potential customers, or ‘quality leads’. Remember, a ‘lead’ is someone who is your potential customer. And that’s the type of lead generation you need to focus on.
Let’s look at what a quality lead is:
- It’s not just contact information. It’s a collection of relevant information and activity from an interested, potential customer.
- Having a lead who’s information and data points are real and match up.
- Existing customers are also a quality lead – if you treat them well.
How do you behave when you’re thinking of making a new purchase? Of course, there are times when you’ll just dive in and make a purchase. But, in the majority of cases you’ll do research and decide if the brand you’re looking at is reliable, trustworthy and can give you what you need.
So, just because you signed up with your email address, doesn’t mean you’re ready to make a purchase right then. And this is how many shoppers feel and behave.
Case in point, data from HubSpot shows that while 61% of marketers contact all of their leads, only 27% of those will actually be ready for a sales call.
Consider What Your Audience Wants
Even though Performance Marketer hasn’t been around that long, we’ve managed to grow our list to 20,000 people, and in one of our other businesses we’ve cracked the 100,000 mark.
This means there are 107,881 people who are interested in what we’re doing and what we’re selling.
So how did we build up such a large, engaged email list and how can you replicate what we did?
It’s quite simple actually, when you boil it down to its basics.
Potential customers aren’t just going to give away their email addresses for free these days. Instead, you want to offer them something in return – a goodwill gesture if you will.
This is called a “lead magnet”, where you exchange a juicy piece of content for an email address. But this highly-valuable piece of content really needs to resonate with the kind of customers you want on your list.
For example, if you want to create a list of outdoor gear lovers, offering a lead magnet with 10 best dresses for summer isn’t going to attract the right people.
At Performance Marketer, we offer a lead magnet that highlights 114 niche membership site ideas. With Drop Ship Lifestyle, we give away a document with 187 e-commerce niche ideas.
But you don’t just have to give away a list. Think about what kind of content your ideal audience devours (Visual? Video? Text-based?) and consider the best way to deliver information in your industry.
Here are some lead magnet ideas that we’re big fans of:
- Package up a series of videos
- Create a mini-course that’s delivered by email when people sign up
- Offer a free webinar replay
- Put together a short e-book
- Create a swipe file of important checklists and worksheets
The possibilities for your next lead magnet are endless.
Over-Delivering Versus Overwhelming with Your Lead Magnet
Have you ever accidentally overwhelmed your customers instead of delivering value? Many make this mistake with their lead magnets, even we’ve fallen into this trap before. You’re excited to get new leads and the natural instinct is to over-deliver on the value you’re giving them, for free, so your new leads like you.
But there’s another way to make your new leads happy. Here’s a short video from Anton that explains why and how:
Go Back to Basics with Your Lead Generation Strategy
Once you’ve accepted that more isn’t better and banished that common myth from your mind, you can re-visit your lead generation strategy with building quality leads at the forefront of it. Research which social media platforms are best suited to your target market.
Then, use their preferred platform as part of a strategy to nurture and keep them interested in your brand, even if it’s just to use you as a reference point. You’re building trust and if those potential leads trust your content, advice and style they’re more likely to trust your product or service when they’re at the point of considering a purchase.
By taking the time to offer this to all your visitors, you’re more likely to create quality leads who will become customers or clients. Then, even if your lead generation numbers aren’t the highest, your sales conversion rates should benefit from a more targeted and considered strategy.
How do you look at your leads? What do you do with your high quality and low quality leads? Let us know in the comments!
Also, feel free to share this fresh look at one of the biggest lead generation myths on social media!
And if you haven’t liked our Facebook page yet, what are you waiting for? It’s an easy way to keep up with all the new marketing tactics we’re sharing.