Generating leads is an essential aspect when it comes down to marketing. Companies spend thousands of money to generate leads for themselves. It is a proven fact that without sufficient leads, no company can survive. Moreover, survival is already a humongous task, considering the thousands of companies in the market area. Therefore lead generation is of utmost necessity.
“You are out of business if you don’t have a prospect,” says Zig Zagler, the author.
There are two types of marketing: Inbound and Outbound marketing. Generating inbound leads where the customer comes to you for services is excellent, but outbound marketing is also necessary. At times it is better to hold the ship by yourself and work towards generating your leads.
WHAT IS OUTBOUND MARKETING?
Outbound marketing refers to a marketing procedure where a particular company sparks off a conversation and transmits its message to a specific set of the identified audience. It is entirely paradoxical to inbound marketing, where the customers look for you in times of their need. It depends on a particular business concerning which method of marketing they would like to adopt. It is also known as Interruption marketing.
Generally, there is a perception among the experts that outbound marketing is an annoying procedure for the customers, wherein the concerned company promotes its products via advertisements. There is massive confusion about defining the outbound market lead generation.
There are a few ways by which leads to outbound marketing to see their generation. They are as follows;
- Social Media Platforms: The promotion of goods and services on various social media platforms on the news feeds is a masterstroke. The significant population, including the youth, spend a lot of their time on social media platforms like Facebook, Instagram, Twitter, etc., catching their attention out there is comparatively easy.
- Telemarketing: Companies can resort to promote their goods and services by calling their prospective customers, for that matter.
- Print Media Advertisements: Such Advertisements, like newspapers and magazines, can target a large community. While reading newspapers or magazines, people do have a look at various marketing updates.
- Cold Calling: this is another trick to target potential customers. Salespersons can call up prospective people with whom they have never had a conversation and inform them about the company’s goods and services.
- Direct Mail: Accessing various people’s mail accounts and sending them promotional emails to garner their interest. Getting mail is not a tough job these days!
- Press Releases: arranging press conferences and letting them know about your products, services, and benefits. A press release acts a crucial role in transmitting the information to a large chunk of the population.
- TV/Radio Advertisements: Who does not watch TV? Projecting your company’s goods through advertisements via television is also a critical method you can use. Similarly with radios, contacting any famous radio station can help you propagate your products to the people who are regular hearers of the radio.
Using proper metrical solutions and conducting an in-depth analysis of the provided data will help you increase your lead generation in very many ways. But every outbound lead generation strategy has its own set of pros and cons that you need to take care. Let us discuss a few methods of generating leads via outbound marketing;
2. Word of mouth:
Word of mouth refers to vocal interaction with people. The company can employ various agents who can engage in conversations with prospective customers and turn them into confirmed customers. It is an informal forum where members of multiple friends and family contact you to share their experiences.
A company can use face-to-face conversations, phone calls, or video calls to convince people to consider their products. Finding satisfied customers and using promotional offers and discounts can act as effective magnets to make this procedure a success. However, there is no guarantee of how people will react to it.
Booking.com is a company that indulges in tour bookings, hotel bookings, and various rentals. They have a website through which people can make their concerned bookings. They have an offer which states that a person will get a discount of 25% if anyone of their referred individual makes a booking from this website.
It heavily makes the people indulge in word of mouth to convince their family members and others to take their suggested path.
- It is more credible, and one tends to believe their family members and close friends more than any corporate marketing announcements. They will lend them a severe ear, rather than just ignoring.
- It is no additional cost that you will need to bear for such a promotion. But you will have to give up some of your profits to meet the referral charges.
- One cannot have much control over the sent messages. Users can share their stories of frustrations and negative feelings. Moreover, social media is a dangerous tool because if someone gives a negative review, your business will have to take a hit.
- You cannot predict the results that you might get from word of mouth. It is impossible here, as against paid promotion where you have a prediction stated.
When you talk about the most cost-effective ways of generating leads via outbound marketing, you cannot miss out on cold emails. Moreover, this channel is also very familiar with the prospects, therefore making it accommodating them. As against calling, you can opt for a cold email at any time of the day.
Using cold email as a channel will facilitate your preparation of a list of prospects and identify hundreds of thousands of customers. The automation tools can be handy in easing your job, even if you have a small team.
It seems to generate a cold email and send it to prospective people, and the more challenging is its proper execution. You might send a mail to a customer, and they might not even bother to check it. Therefore you will have to ensure that your email is catchy and engaging, which pushes a person to open your email.
A sales management software company named Ambition was successful in generating 73 leads from 572 cold emails. A company Justin McGill generated additional revenue of 30k per month due to leads by cold email.
- You can target a large number of prospective customers at a minimal cost.
- Automation tools will propel your efforts to greater heights.
- Cold emails can generate an ROI based on your product/service’s price point.
- It is not time efficient. It can consume a lot of time in the generation of emails and proper execution of the same.
- Any discrepancy in your mail setup can ruin the whole process. Your mail can end up in the prospect’s spam box. Thus it will be an utter failure.
- If you do not adhere to CAN-SPAM (United States) and GDPR (Europe) laws, you can land into massive trouble.
This image is a graphical representation of the channels in terms of their effectiveness.
3.INSIDE SALES :
Inside sales involve the usage of emails, telephone, and the internet to connect with prospective customers and sell goods and services. It is a humongous task to hire, train, and manage sales. It takes months to almost a year to build an efficient sales execution team. However, experts say that, the smaller the group, the quicker the results.
Let us take the example of marketing software automation company Eloqua. With the help of The Bridge Group, a sales development consulting firm, they successfully built a sales team and hit their target within three months of operation.
- Inside sales are seeing a growth of more than 15x than that of outside sales.
- This type of sales marketing effort is quite efficient. Your sales rep can get to work at any time with everything they need, be it in the office or their remote places. Calling immediate meetings is also efficient in this scenario.
- Closing larger deals can be a point of trouble as the sales team is generally immobile.
- The sales team does not have any notion of meeting their clients in person.
- Outside sales carry a lot more respect and prestige compared to inside sales.
In the beginning, we have mentioned how important a tool social media is in generating leads. We are going to discuss this aspect in detail. You can easily use social media platforms like Facebook, Instagram, Twitter, etc., to contact your prospective customers and send them marketing messages.
You can create an account on the prospective social media platforms and scale your marketing campaigns to a newer level.
You will find many businesses such as Myntra, Bewakoof, etc., that use social media marketing to promote their products, leading to great success for them. Even local firms resort to social media to propel their business prospects. They indulge in creating social media pages, creating blog posts, and give their product a limelight.
- It is the cheapest way to conduct marketing. Often you will not even have to spend a penny.
- It enables you to reach your target demographic without any hassles. It is much quicker and efficient.
- It assists in the efficient transport of information to your prospective customers. Thus your customers will know the product details and prices without any difficulty.
- It is a virtual platform for dealing with people. Here, you will not be able to meet your prospects face-to-face.
- Too many social media options can disengage your focus and get you confused.
5.LEAD gENERATION SOURCE:
The above graph shows the effectiveness of direct mails compared to other mediums.
This way of marketing involves sending direct mails to your prospective customers through some mail-delivering agency. This process of generating leads is one of a dilemma. It is a challenging medium of marketing that one can have a hard grip on. Due to its high cost for conducting tests compared to other mediums, this is not so efficient.
Moreover, it lacks efficient analytics, data, and information that a company can get from other sources. However, the competition in the field of direct mailing is lesser than that of different streams. Your customer’s inboxes will be full of messages, but very few messages will be as relevant as yours.
Do you know why? Because who wouldn’t love to get a physical mail in their name. In the arena of online mailing, your mail will lose in a crowd, whereas in here, your mail will find a place for itself.
Beauty companies such as Ulta beauty used direct mail options for their existing customers to let them know of the benefits, offers, coupons, and discounts. It made the customers keen on getting back to Ulta beauty when they needed some beauty products.
- It has a high delivery rate, and people will open your mail and give it a read.
- This arena has lesser competition in lead generation compared to other methods.
- It has a higher value, as the customer feels important.
- It is an expensive method as sending physical mails to distinct people can consume a lot of money against digital marketing methods.
- Measuring the ROI of campaigns is challenging.
6.TRADE SHOWS AND EXHIBITION :
It can be an enigmatic idea for the business of the same industry. Such companies can come together on the same platform and organize an exhibition of their products. This way, they can help promote other companies as well get a push in return. Thus, it will lead to an all-around achievement.
Trade shows have a higher level of effectiveness for a specific business. Sporting your product live in a trade show or exhibition amidst a vast population can be a boon. People get to see your products and know about their features and efficiency. It can give them a push into buying your products.
The various trade shows on flowers, handicrafts, furniture, clothing, etc., are perfect examples of this lead generation method. Every year a city gets such trade shows and exhibitions, where people visit in flocks and buy goods from there.
- An exciting way of garnering new prospects.
- You can get opportunities for striking a larger deal that can help you reap benefits.
- Feedback from customers can be crucial for your business’ development.
- It is costly to organize or to be a part of some trade show/exhibition.
- You need a group of experienced professionals to get some return out of the massive flock of companies around.
Events can be a fascinating way of garnering a massive chunk of the population in one go. Parties, picnics, lunch, etc., will help you meet many people, among whom you can get your target customers.
A large part of the event’s success depends on your planning. A complex event can suck away all the enthusiasm of the people. So keeping an event simple, energetic, and entertaining is the key. Many artists organize such events, where they get to sell their art. Even companies do it for their products.
- Face to face interaction can lead to personalized relationships,
- Opportunity to partner with local businesses.
- You can gather the details of your customers for future purposes.
- It is not at all cost-efficient.
- Location plays a huge role. It can either make it a success or ruin it.
This graph is a vehement representation of the customer lifestyle.
One of the most reliable methods of generating leads is elementary to implement paid advertisements. You can set up a campaign and choose your favourable platform for promoting your products. All you have to do is pay for generating traffic. You can also hire an advertisement company to formulate an alluring advertisement for your product.
The most challenging job here is to make the advertisement profitable. Therefore one has to be very careful while making decisions. You can find numerous examples among companies like Swiggy, Zomato, Uber, Ola, etc., which engage a lot in paid promotions. You will get to see their ads on television and various social media websites.
- Depending on your platform, you can get profitable campaigns to implement.
- You get to charts and graphs of analysis, predicting the possible outcomes. Then you can take decisions accordingly.
- Your customers can have ad blockers to block your paid promotion. Moreover, they can ignore.
- Trust issues among customers can get your campaign to go downhill.
- It involves the right amount that you need to spend.
Above are some of the most efficient methods of generating leads through outbound marketing. You need to be very particular about how you will implement the strategies. Moreover, you have to be very sure about the pros and cons before vouching for action. The company’s goal should be the primary criteria for choosing any method and hoping that you reach newer heights; good luck!