Lead Generation
Lead generation is the art of generating qualified leads for marketing purposes.
It can be a powerful tool for growing a businesses.
What is lead generation?
Lead generation is the process of acquiring meaningful and qualified leads for your business. Leads come from various sources such as advertisements, the internet, or even word of mouth. A customer with the intent to buy is the driving force of any business. One of the most significant benefits is that it doesn’t take time out of your schedule, but instead provides qualified leads to you for pennies on the dollar, minimizing the leg work that a business owner has to do to acquire new customers. Lead Generation figures prominently in modern marketing because it produces conversion rates that are much higher, given that the customers are seeking your service and already looking to spend. There is no more effective way to close the loop on your selling process than with a custom-tailored lead generation strategy designed by the experts at Moneta Strategies.
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Why lead generation is important
Most businesses know that lead generation is one of the most effective ways to grow their business. This is because leads are prospects who have some level of interest in your product or service, so they’re more likely to convert into customers than cold prospects. According to recent data, generating high-quality leads is the number one priority for 61 percent of all B2B marketers today. In other words, more than half of the responsibility of a business owner is to acquire qualified leads in order to sustain the business. Experienced business owners know that lead generation is the best way to exceed the competition and generate more income. Businesses that can learn to master lead generation will quickly rise to success, while those who neglect to utilize this tool will suffer. A strategy to improve customer relations is so important for businesses to climb above the competition because it allows them to grow beyond their current resources, specify their audience and connect with paying customers directly.
How does lead generation work?
One of the most important things for any startup business is growing. How do you plan to grow your company? All companies need customers in order to survive. Without revenue, a business cannot sustain itself, which will lead to a slow death by attrition. For many small businesses, growth is challenging enough without having to put in extra leg work to acquire new customers. Without growth a business cannot continue into the future, but how does one achieve this? Growth comes from getting new customers or clients, and if you are fortunate enough, referrals. But what about those who aren’t so lucky? Those are the people looking for new potential clients, otherwise known as leads. What are some ways that you can generate leads? There are various ways of doing so, some better than others. Different lead generation methods will work better for different businesses, depending on whether they are service-based, or own a storefront. Lead generation can be achieved in many different ways, including mailing list subscriptions, advertisements (including online ads), referrals from previous clients, word-of-mouth advertising campaigns, search engine optimization, or social media. Optimizing websites and GMBs to reflect each other accurately is one of the most effective ways to increase revenue, and it can be done for free by those willing to learn how.
Internet Marketing Strategies that work
Some of the best ways to generate leads with Google are through Google SEO, organic searches, and GMB optimization. Google’s Search Engine Optimization (SEO) is designed to improve your site ranking in search engine rankings–the higher you rank on Google for certain keywords, the more traffic will come to your pages. However, every website has its own strengths and weaknesses–it’s not just about trying different tactics until something works. A technical audit performed by Moneta Strategies throughout all aspects of your site will help highlight gaps that could be costing you traffic or hurting performance and guide your decisions on what adjustments make sense first. Every page should be checked for relevant keywords and content, website core vital performance, link building and siloing, and more.
Lead generation can be an effective way for companies to attract new business opportunities by establishing a local footprint and becoming easily accessible to people on the very digital avenues they are using to find different services. Whether for your services or products, generating leads can help provide you with qualified prospects that might be interested in hearing about your offer. Lead generation is cost-efficient and great for local businesses because it means that people who would be interested in your company but could never find your company without the internet can now be reached with very easy and affordable means based on their interests and search history. If done right, this process should increase repeat customers and create long-lasting business connections, rather than just selling one product to a person once or twice.
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How does Lead Generation help small businesses?
Lead Generation is the most viable solution for small businesses because it simplifies one of the major challenges that entrepreneurs across all industries face: attracting and converting prospects into customers. Lead generation solves this problem by establishing a local area of service for a business where customers are capable of finding and coming to them. Leveraging a platform where millions of people are actively looking for specific services is the most effective method a business can perform without spending additional money to advertise. And when a company has an incredible product or service to offer, prospective customers will be thankful for help in finding them. Lead generation is part of the sales process. It provides qualified leads to sales professionals for a company which then allows them to work on making an actual sale. By generating more leads, the opportunity to increase a business’ revenue grows with each lead.
How much do lead generation companies charge?
Lead generation companies charge a monthly fee for their service. They also typically charge rates per lead, which vary depending on the quantity and quality of leads sent or sold to clients. Lead Generation costs can start at $1-$200 per campaign; however, there may be additional fees based on call volume and other factors. The hourly rate can range from $100 – $800. As with other services offered by marketing agencies, prices may vary based on the size and scope of the company – small businesses can expect to spend less than large enterprises.
One of the biggest problems with most current lead generation models is with how little regard business owners are treated by the heavy-hitting lead generation companies. With their current model, a business will pay anywhere from $10 to upwards of $150 per lead, depending on the industry. Most companies will sell that same individual lead to 6 or more companies at once, forcing businesses to compete with each other for a lead that they all paid for, but may never get. It is a very shady business model, which is why Moneta Strategies strives to break the status quo and redesign the lead generation process as a whole. Our lead generation strategies custom-tailored to small businesses are tried, tested, and proven to work through consistent repeat cross-testing, data analysis, and high attention to detail. Moneta Strategies provides exclusive leads to one business per website. Our Rank & Bank lead generation package is the most assured way for a business owner to reduce competition and prosper from leads exclusively for their business.
How do you reduce cost per lead?
Businesses can reduce the cost per lead by focusing on items such as evaluating and upgrading their marketing strategies, acquiring and utilizing data from advertising platforms, eliminating low-performing forms of social media ads, analyzing the ROI of different ad channels, and modifying your lead generation process. Any business in search of new clientele understands that acquiring a lead for the lowest possible price is one effective way to maximize ROI. The number one thing you can do to reduce the cost per lead of your business is to get in motion, proliferate and create awareness. Having a high-performance website with strong core vitals that ranks well and is visible among many search queries makes it easier for businesses to engage with anyone on a laptop or phone. It’s important for small business owners to carefully consider the risks of their marketing strategies. You should optimize for profitability before volume or other factors that might burn your budgets unnecessarily.
Google provides information about exactly what to expect when running advertisements on their platform. For every dollar you spend, you can expect a certain amount of clicks. However, a click is not a conversion. It could be an accidental click or a customer. There’s no way to tell what you will actually get, but they will estimate for you. While it’s not a bad avenue at all, it can certainly be difficult to incorporate for small businesses that need more assurance from their marketing investments. That is why Moneta Strategies is here to help. We can compare the data in a very simple way, provide analysis, and create a strategy that puts your hard-earned advertising money into the avenues it needs to be in that will ensure your return rates are maximized. If you’re going to spend money to advertise, it’s better to be precise with your aim. Below is an example of a customer’s ad spend using Google, vs a year using Moneta Strategies Rank & Bank lead generation strategies.
(Please keep in mind, this is an individual unique client case study as of 2019, and all numbers, stats, and volumes vary individually. Some information may have been updated from Google)
By analyzing the data above on the left, at the time of this case study, a monthly ad spend of $1,500 with Google ensures 750 clicks, with the average cost per click between 2-3 dollars at a 3.17% conversion rate. Out of 100 clicks, roughly 3 will call. However, these are simply estimates based on averages, and the truth is, there is no such thing as average customers. The actual amount of converted business varies drastically from industry to industry, and budget to budget. It’s not always as accurate as people would like to have.
On the right, a client reassessed his marketing strategy and devoted the same $1,500 monthly ad spend to a Moneta Strategies lead generation plan using calibrated tactics that reduce the cost per lead, minimize competition and drastically improve chances that paying customers will find his business. The client was able to nearly triple his yearly revenue as call volume increased. As stated, this is a unique case study. However, it is obvious how generating high-quality, intent to buy leads for a business can have significant impacts on its trajectory and sustainability.
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