Broadley Speaking | Purpose of Lead Generation

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What is the Purpose of Lead Generation?

March 9th, 2015 by

Purpose of Lead Generation

Broadley Speaking specialises in driving sustainable business development. Whilst working with companies selling products and services that could be described as large complex sales, we have found that quality lead generation is key from the very beginning. Feedback from our clients is that a quality lead generation approach is key to maximize their ROI from lead generation campaigns.

What is Lead Generation?

Lead generation describes the process of stimulating and capturing interest in a product or service for the purpose of developing a sales pipeline.

Recently the buying process has changed, and this has meant the need to develop and adapt new ways to reach potential buyers. Instead of reaching new buyers with mass generic advertising campaigns or bulk emailing, there needs to be a focus on finding innovative ways to analyse potential buyers and the buying group dynamic and develop a new, overarching strategy to maintain a continuous relationship with each and every buyer and specifier.

After creating a well-qualified lead, this would then lead into a sales funnel. The development of the sales funnel (also known as a revenue funnel or sales process) refers to the buying process that companies take their prospect’s through when purchasing products. A sales funnel is divided into several steps, which differ depending on the particular sales model. One common sales process is divided into seven phases including:

Awareness Phase – In which the buyer becomes aware of the existence of a solution.

Interest Phase – In which the buyer demonstrates interest in a product by conducting product research.

Consideration Phase – in which the buyer or buyers companies examine competitors’ solutions as they inch toward a final buying decision.

Intent Phase – In which a final decision is reached and negotiation begins.

Evaluation Phase – In which the buyers are aware that your product or service could fulfil their need, and they are trying to determine whether you are the best fit.

Purchase Phase – In which goods or services are purchased.

Sales funnel

With the buying process changing, it is important to note that your marketing efforts don’t end once a new lead comes into your system – what we call Top of the Funnel (TOFU) marketing. Many companies do a good job at generating leads, but the problem is that most new leads are not yet ready to buy. This is usually due to the complex nature of the purchasing decision-making frame work within high value acquisitions.

Understand that creating a well-qualified lead is key to increase the ROI in your sales funnel, but to also spend time in lead nurturing during the Middle of the Funnel (MOFU) process. This process is to build relationships and trust—earning the prospect’s business once they are finally ready to buy.

Lead generation has moved beyond simply discussing TOFU. In order to have a holistic strategy, MOFU marketing must be included in all the strategic discussions to make sure that you have a good process for turning leads into sales.

Want to read more about Lead Generation take a look at our following blogs;

Not all lead generation processes are created equal

Quality Not Quantity – What is the real cost of Lead Generation 

If you want to fully understand how Broadley Speaking is different and want to find more creative ways to get in front of the customer and break through the noise, call Hilary directly on 0800 988 7253

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