Biz fundamentals (3 of 5) Lead Generation

Introduction:

In this discussio
I will give you principles and guidelines for the lead generation process. What I want to ask of you in return is for you to go over these principles more than once to decide on the implications they have on your business, and write them down. This information will cause you to think about how you should position yourself when conducting a lead generation campaign.

I should add that a dominating factor in this part of the series is business to business lead generation vs. business to consumer; nonetheless I know this will be invaluable to anyone looking to develop qualified leads for their business.

Please understand that demand generation is a very broad subject. We just don't have the time to dig deeper into the content. What we do have time for, is for me to explain a few fundamentals and guidelines that will be invaluable to your business.

Principle # 1 Patience in Business Equals Funding

As we get into the details of lead generation it's important that you give yourself 3-5 years, to see positive cash flow in your venture. You should either have funding, know a source of funding (that you can qualify for) or have a part-time business while working at a full time career, to fund your business. Unless, you are an exception to the rule, you can not run a business without adequate funding. If you decide on one of the first two options my opinion is that you should wait until you can execute an effective lead generation campaign before you take on the risk. You'll know it's effective from not only the number of qualified leads you receive, but by the number of customers you convert.

Principle # 2 The Bigger Picture:

As you are going through my series of discussions on business fundamentals it's important that you stay connected to the bigger picture; in which lead generation plays a key role.

Consider the bigger picture to be the following:

The responsibility of business leaders is to start, grow and sustain a community (i.e. education, lead generation, customer acquisition, and customer retention). Everything else is commentary: information technology, finance, operations, tech support, customer service etc... all are there to support the growth and sustainability of your community.

The next critical step:

I assume that if you are going over this part in my business fundamentals series that you've gone over your offering and have developed a value proposition. If you have done the work then you are now ready to take your next step; which is: preparing, setting up, and executing a lead generation campaign.

Principle # 3 The definition of marketing:

Marketing can be defined as any activity that supports the sale or the movement of products and services. Lead generation through definition becomes a very important concept in the marketing process; as a catalyst in the acquisition of customers.

Principle # 4 The motivation of lead generation:

As we begin our marketing activities, more specifically around lead generation its important that we keep in mind as we are in contact with potential customers that it's human nature to display and to pick up from others the underlining motivations. Just as we have been a witness to the motivations of used car salesmen, it's just as important that you are aware things you may do, or say that may be in contrast to being a true professional, through subtleties, i.e. body language, in the tone of voice or in presentations or parts of speech, also in action. Your underlining motivation at this stage is to arrive at a conversation with a qualified prospect in order to understand more of the perceived needs and/or wants and not to sell. If our intention or motivation is to sell at the first opportunity we get, we will seem rushed and manipulative in our initial conversations.

Principle # 5 The call to innovate:

I would also ask that you work to re-create yourself in light of an influencing factor that has developed along side social media. The factor is that prospects want to do business with organizations that are perceived to be a resource, beyond the products or services they sell. Professionals want consistent value even before they make the purchase; with the business relationship beginning as soon as your marketing material is evaluated (i.e. websites, blogs, podcasts, articles, press releases etc...). The more of a resource you can be to them as part of your lead generation activity the better off you will be.

Principle # 6 ...about pricing:

In business to business prospecting the price of your offering is always going to be an issue to think through when generating leads. The higher the price your product or service is the more complex the sale is going to be, meaning it will move from a simple transactional sale (where you are selling an inexpensive product to one person) to a complex sale (where you have to locate champions/coaches, influencers, and decision makers, before your product can ever be sold). If you are attempting to educate prospects on a half million dollar item or service, peoples' jobs are going be dependent on them being as thorough as possible with you and with taking you and your offering through the appropriate channels.

Principle # 7 Posturing:

In any marketing campaign your mindset should include:

1. Make your success predictable
2. Take a systematic approach
3. Document what works
4. Create a scalable business practice or business process

If you are starting your business then it helps to understand that your business model or established processes will change. Lead generation will be one of those processes that you will work to fine tune over time.

Principle # 8 The fundamentals:

Psychographic variables are any attributes relating to personality, values, attitudes, interests, or lifestyles.

What is the personality type that will most likely show interest and purchase your product or service?

Provide a description of the personality type or temperament they will need to have.

Examples:

1.) Are they nurturing?
2.) Are they thrill seekers?
3.) Do they value commitment?
4.) Do they value money?
5.) Do they value pleasure?
6.) Do they love power?
7.) Do they love the pursuit of wealth?
8.) Are they culture centric?
9.) Are they religion centric?

etc...

Each characteristic speaks volumes on what they will and will not purchase. After you've thought this through, make sure that your marketing message is consistent with those psychographics.

On an individual consumer level demographics refer to population characteristics including: race, age, income, disabilities, mobility (in terms of travel time to work or number of vehicles available), educational attainment, home ownership, employment status, and even location.

Following is a list of demographics related to organizations that you should include in a lead generation campaign. You should locate and have access to a data base of thousands organizations with the following information:

1.) Industry
2.) Company name
3.) Employee size
4.) Annual revenue
5.) Title of Champion/Coach
6.) Title of Decision Maker
7.) Contact informatio

It's important to understand that you attract a certain psychographic (personality) by your language and/or messaging; you will attract the demographic (general characteristic) by the direction you take in your campaign.

For example:

If I'm attempting to sell health products; perhaps I found out from my business research that it's women over 45 that work hard to preserve their health, for this reaso
I may want to target women who are over 45 years of age. Based on this identifiable informatio
I may want to advertise with a magazine that caters to this demographic and psychographic. On the same note in a business to business environment if competitors are gaining traction in the market by going after a very specific demographic and psychographic, I may just want to imitate them.

If you are not sure of the type of demographic that would be most attracted to your offering you may want to research a competitor to see who their clients are (press releases, blogs, websites) or just call as a potential customer and ask who their clients are.

Many marketing professionals in start up environments wing it when it comes to this area and waste financial and human capital attempting to get it right. I believe a professional should never start a business without knowing how to target and generate sales ready leads for the business.

It's challenging to aim for a target audience and to be consistent at execution. Whatever you decide in your execution stay with it for at least 6-12 months before you begin heavily evaluating. This will provide enough information or a foundation for a projected ROI. And again I should remind you: give yourself 3-5 years, to have positive cash flow in your venture. You should either have funding, know a source for funding (that you can qualify for) or have a part-time business while working at a full time career, to fund your business.

A lead generation campaign can be one of the most time consuming tasks you are obligated to do. This is why it's so important to have multiple lead generation activities going on at the same time. You can go years with out finding the ideal client profile and as a consequence loose your shirt, in the process. Just remember to be patient and work hard to get in front of your chosen audience. Timing is everything in business and working hard enough to be in front of the right people at the right time is key to your success.

Principle #9 The Ramp Up

Unless you are an exception to the rule with every lead generation activity expect a ramp up. One month you'll have less leads the next month you may have more. Over time if you keep at it you'll get more and better results.

Principle #10 Lead Generation In Action

Now, that you have an idea of the type of information you need: we can finally take a look at: how to execute a lead generation campaign.

You first need to decide what medium you are going to use for
generating leads:

1. Website
2. Public Relations
3. Lead Nurturing
4. Branding
5. Phone Calls
6. Emails
7. Events
8. Direct Mail
9. Networking/Referrals
10. Social Media

Here are some thoughts regarding these:

1.) You can become financially successful by mastery.

2.) The bigger the business you desire the more lead generation activities you need to invest in.

3.) In the beginning, evaluate and allow your talents and abilities to drive this business decision.

4.) Look over the list just mentioned and create a study on each one to understand the implications it will have on your business.

5.) Make sure you commit tracking your ROI on each lead generation activity you pursue.

6.) Set yourself a time frame in which you can begin using other mediums for lead generation.

7.) Do not waste your time on lead generation activities that have no return or a low return on investment.

8.) Find a mentor who is achieving the type of success you desire to have, and pay attention to how he/she is generating leads.

As you should know timing is everything, so choose to be in front of your prospects when they are ready to purchase your products or services. The underlining theme here is exposure. The more professionals know about you and your offering the easier it will be to get business.