As a B2B marketer, your job isn’t just to raise awareness. You’re also in charge of directing qualified leads to sales. If you aren’t doing this, your inbound marketing campaigns need to be improved. Lead generation is a top priority for marketers, according to HubSpot.
So, if you want to keep your competitive edge, you should do the same. Let’s define lead generation and discuss the best strategies to employ.
What is B2B Lead Generation?
B2B lead generation is a technique used by B2B marketers to organically drive prospective customers to their organization. This consists of various inbound marketing tactics that increase prospects’ visibility, awareness, and interest within a specific target audience. Social media posts, blog posts, and SEO are all examples of lead generation methods (search engine optimization).
Lead generation is the first step in the buyer’s journey, with the goal of guiding prospects through the funnel to the final sale.- campaigns begin by capturing leads (obtaining their name and contact information) and then funnelling them into the sales funnel (i.e., an email nurturing campaign).
The goal is to increase sales and revenue by generating more qualified leads.
B2B lead generation process
Learning how to generate leads is only one step in the process.
If you’re serious about increasing sales, you’ll need to invest heavily in lead generation. Processes bring marketing and sales teams together and provide reps with a tried-and-true framework to work within.
We all know that B2B lead generation refers to the process by which sales and marketing teams convert prospects into paying customers. But what exactly do these steps entail?
Find B2B leads:-
The first step in most B2B lead generation strategies is obtaining potential buyers’ contact information.
Contact information is frequently sourced internally, generated by a third-party lead generation firm, or purchased from a lead database (not advisable for B2B lead generation).
Contacting potential leads:-
Representatives contact leads via cold outreach, social media, or by responding to inquiries after compiling a list of high-quality leads.
Prospecting and qualifying high-quality leads:-
Representatives assess how likely leads are to buy while interacting with them.
They’ll do this by determining where leads are in the buying process. These stages are as follows
Awareness and Research:-
The customer is aware of a solution they require or a problem they are experiencing, and they are beginning to learn more about it.
They will consume content such as blogs, whitepapers, and case studies during the awareness stage.
The lead is aware of the precise service or product required. They will outline their specific requirements before conducting research and “opening up” to vendors.
To complete a purchase, the buyer will have multiple meetings and check-ins with other decision-makers while filtering through vendors that best suit their needs.
Reps will initiate nurturing campaigns or focus on getting the prospect to book a call or demo depending on the stage of the lead.
Close leads by making a sale:-
Success! After several meetings with various vendors, the prospect chooses you, and the deal is completed. They will now be assigned to customer success for onboarding.
What are the advantages of B2B lead generation:-
Implementing a B2B lead generation strategy is critical today because many prospects want to be in charge of their purchasing journey. Ads and traditional marketing will no longer be effective. Consumers nowadays conduct their own research to find solutions to their problems.
Finding ways to attract your target audience is critical if you want to drive more high-quality leads to your business. Lead generation strategies come into play here. Here are some of the advantages of B2B lead generation.
Build brand awareness:-
People prefer to shop with brands they recognize and trust. However, in order to reach this
level, you must first establish visibility and a positive reputation for your brand. Lead generation efforts frequently include tactics to assist with this. You can, for example, use your blog to establish thought leadership. When visitors regard you as an expert in your field, they regard you as more trustworthy.
You can do the same on social media by sharing insights and tips (rather than selling and promoting products) to build a following.
According to the Content Marketing Institute, content marketing is used by 80% of B2B marketers for lead generation. According to a HubSpot report, 13% of blogs are 13 times more likely to have a positive ROI.
Increase your sales:-
Building relationships with your target audience is central to B2B lead generation strategies. You begin by establishing your company as a reliable source of information. When prospects have gained your trust, they are more likely to consider your products or services when making a purchasing decision. This results in more sales opportunities and revenue for your company.
Benefits both the buyer and the seller:-
B2B lead generation benefits both parties. On the one hand, you’re increasing awareness and prospects for your company. Prospects, on the other hand, are receiving much-needed information about their problems and potential solutions. As a result, all of your lead generation campaigns should be designed with the prospects’ needs in mind.
Drive high quality leads:-
The difference between digital marketing and traditional advertising is that you have more control over who sees your content. You can target people based on their interests and needs by using SEO. You can pique the interest of prospects who are more likely to buy your product or service by incorporating topics and keywords into your content.
In the case of B2B, you’d concentrate on firmographics (company size, industry, the technology used, etc.) rather than demographics (age, marital status, income, etc.). Lead generation, when done correctly, can generate more high-quality leads. This is especially true when using marketing automation to generate leads.
Learn More About Your Target Market:-
You collect a lot of information about your target customers during campaigns. You can better understand their needs with this information, allowing you to improve your marketing message and content. For example, you can research your target audience’s questions and then focus on answering them on your blog, eBooks, social media, and other lead generation content.
It is less expensive than other forms of advertising:-
Advertising can quickly become a costly endeavour. Normally, you’d have to spend hundreds of thousands or even millions of dollars to get your ads in front of large audiences.
Even digital advertising can become costly. Partnering with big-name influencers can be expensive, and ad campaigns can be expensive when competing for high-competition keywords.
Your marketing efforts will be more cost-effective if you generate leads. You pay once for content creation (either in time or money), and it works for as long as it is published. According to statistics, content marketing costs 62% less than traditional marketing
Appeal to the target audience:-
People dislike being advertised to, which is why B2B lead generation efforts are so effective. Rather than selling, you provide value to potential customers. As a result, all of your promotion is done indirectly, giving the impression that the user made the decision to look at or purchase your product/service.
Outbound marketing is the polar opposite of lead generation. Outbound is constantly looking for leads to pursue, whereas lead gen is getting prospects to come to you. Because it does not rely on manual efforts, you can increase your sales exponentially. You only have a limited number of salespeople who can sell during working hours. Lead generation has the potential to generate thousands of leads in a single day, as well as thousands of sales by automating the sales process.
The significance of data in B2B lead generation:-
The data that sales and marketing teams have is critical to the success of B2B lead generation. B2B lead generation is impossible without high-quality data.
If SDRs have inaccurate or incomplete contact information for their B2B leads, they will be unable to cold call or send outbound emails. If demand generation marketers have imprecise data on their target accounts, creating and promoting content that converts becomes much more difficult.
Data is also critical in analytics and forecasting. It serves as the foundation for KPIs and benchmarks for individuals and teams, and it enables businesses to measure their output and results. The insights gained from analyzing B2B data can be priceless. Business leaders can quickly identify and correct any flaws in their B2B lead generation process. The most successful B2B companies are those that stay on top of their data and use it to make day-to-day decisions.
B2B lead generation is an essential part of your business’s growth, allowing you to engage with your targeted business audience. With this access to your target audience, you can turn them into potential leads and later into loyal customers, increasing your profits.