What is lead generation marketing and how can you benefit from it?

The key to running a business successfully in this highly competitive business world is dependent on the ability to generate revenues. To be able to generate revenues, you need to generate leads. This leads to the effective use of your lead generation marketing strategy.

While you can use many marketing tools such as SEO, email marketing, and others, lead generation has its importance. It is highly becoming the most favorite tool to get your brand recognized by the general audience.

Here is what you need to know about lead generation to benefit from it.

What is lead generation?

“Lead” in lead generation is any person who shows an interest in your brand or your offers. A lead can also be someone who simply falls into the category of your ideal customer. A lead interacts with your brand in different ways such as reading about your products, downloading your guides or anything else.

Lead generation is the process of identifying, attracting, and converting the general audience into prospects or leads. Through proper channeling and marketing, you can convert a lead into a customer. You can use different channels such as social media, email, your website, and others to run your lead generation marketing campaign and generate leads.

Types of lead generation

Based on the channels used, lead generation is of two types i.e. outbound lead generation and inbound lead generation.

Outbound lead generation

Outbound leads are contacts that you can buy or avail from third party sources. Leads generated by channels such as cold calling, advertisements, or trade shows are also called outbound leads and this process is called outbound lead generation.

Inbound lead generation

Inbound lead generation is how you can keep up with marketing trends. This method of lead generation uses inbound resources such as social media, videos, posts, blogs, websites, or sign up forms to generate leads.

Both types focus on attracting people or potential customers to your business and products.

Why use lead generation marketing?

You should use lead generation marketing because it provides the following benefits.

• Lead generation marketing is great to generate brand awareness so that customers think of you when they need products or services you are offering.
• Statistics show that lead generation has the potential to convert leads into customers which means increased sales and ROI.
• Using lead generation, you can collect important information about customers that you can use for your future marketing endeavours.
• Lead generation marketing offers affordable pricing plans and is cheaper than other marketing methods such as email marketing or content marketing.

How do you benefit from lead generation marketing?

Lead generation is all about collecting every information that you need about the prospects to convert them into customers later on. 

Here is how you can identify leads and convince them to buy your products.

Utilize locked content 

Otherwise known as gated content, locked content is different from blog posts or landing pages. Readers have to fill a form to get access to the locked content. When they access content, they can read the quality content that you have created for them and you get the information to target them for brand awareness.

Offer discounts on products

By offering coupon codes or discounts on different products, you can attract short term and long term leads. This means that you can keep offering them discounted quality products until they become loyal to you.

Make use of lead magnets

Lead magnets are funnels that can lead your target audience to fill a form or buy a product. It can be highlighted content, call to action scenarios, lead generation pop-ups, or gated content. Only the users interested in your products will fill a form.

Retarget

Once you have collected valuable information through lead generation marketing strategies, you can use this information to retarget the audience. You can use the same techniques again or form a new retargeting strategy to attract customers who came in contact with you.

This way, not only can you sell more products and increase revenues, you can categorize your target audience based on their age, interests, and more. Later on, you can add more people to the list using the information collected earlier and target them through email marketing or SMS marketing.