In the B2B market implementing an effective lead generation process is crucial to maintaining a pipeline of sales opportunities. However, many businesses fail to plan ahead to ensure they have enough fresh leads to maintain a healthy level of sales and profit.
The majority of B2B firms boast some form of lead generation, but just 9 percent of B2B marketers are effective in generating the leads they require, according to Demand Metric.
This figure is pretty disappointing, particularly when you consider the level of commitment and money that is invested in lead generation. So, what are the key signals that your lead generation programme requires some attention?
1) You haven’t identified how many leads are needed
As a B2B business it is important that you consider how your lead generation process aligns with your overall financial goals. First and foremost, you must determine exactly how many leads you require per month to meet or exceed your defined revenue target.
Far too often, businesses embark on a lead generation drive without considering their budget and ability to transform leads into concrete sales. Calculation is key. Evaluate your sales figures, analyse your typical conversion rates, then set a realistic target that is in tune with your performance levels.
Failing to identify the number of leads required will not only make it difficult to forecast your future sales, but it could lead to a decrease in the return on your investment.
2) Your conversion rate of leads is low
If you are failing to convert leads into opportunities then you may need to implement or re-evaluate your lead nurturing process. Market2Lead found that nurtured leads have a 23% shorter sales cycle than those without, so fine-tuning your approach to handling new leads is crucial to success.
Time is of the essence, make sure you establish contact quickly and supply them with the relevant communications and collateral. This is a prime opportunity for you to showcase your business capabilities, offerings and level of service.
Please note, it is important to recognise that your nurturing strategy may need adjusting depending on the nature of the sale. Some clients will want your products and services immediately, whereas others will require a drip feed of contact and collateral for them to develop their need for your offering.
3) Website traffic is static or decreasing
If your online traffic has plateaued or come to a complete standstill then there may be issues with the content you are distributing. If you do not have enough market reach, or are not attracting your ideal clientele, then website interaction will suffer as a result.
Consistency of updates, quality of content and a coordinated conversion path are just three key areas that can bring traffic to your website. Ensure your content is relevant to the key words your clientele use, optimised for SEO and includes relevant web links on all social media posts and emails.
Gone are the days where Google Analytics was the only method of gaining insights on your website. There are now plenty of useful tools out there to drill down exactly which companies are visiting your site and the reasons why. If you are keen to obtain valuable insights into your company website then take a look at nurturewebleads.com.
4) Your website has a high bounce rate
Consistent tracking, measurement and analysis is a must when you have a lead generation strategy in place. If your website has a high bounce rate then you need to determine why this is and why you aren’t keeping visitors engaged. Are you attracting the wrong type of visitors? Is your content uncompelling and not to the point?
When developing a B2B website you should always consider your buyers pain points and the ways in which your business can eradicate their problems. Ensure your homepage features relevant content that highlights why they should choose to work with you rather than a competitor. Showcase your best case studies, incorporate unique videos and ensure your copy is engaging yet to the point.
If a lead decides to leave your site without taking your desired action then you’ve wasted a golden opportunity. According to a report by Chartbeat, a whopping 55% of people spend fewer than 15 seconds on a website, so make sure the visitor feels it was worth their while.
5) You have an inconsistent volume of monthly leads
To keep a healthy level of leads coming your way it is vital that your marketing maintains its momentum. Businesses often succumb to cyclical marketing approaches, only distributing or updating content during quiet periods, rather than sticking to a structured and consistent marketing process.
This approach often results in an inconsistent volume of leads, which in turn jeopardises the quantity of leads you have at your disposal each month. Your marketing efforts need to be constantly maintained by your in-house resources or by an outsourced agency to ensure you always have new business in the pipeline.
If you are struggling to keep momentum with your lead generation then you could choose to partner with an outsourced agency to knock down the many barriers that hinder successful lead generation.
If you would like to discuss your lead generation programme further, or would value some additional support, then please get in touch with us today.