What are the good ways to generate quality B2B leads?
There are a lot of b2b lead generation strategies like PPC, inbound marketing, cold emailing, etc.
But you shouldn’t use any of them before you’ll prepare the homework I’ll tell you below. This is mandatory if you want to generate high-quality leads.
So where you should start?
Always start with segmentation!
#1 – Segmentation
Your market consists of unique segments. Each segment has unique:
- Factors which can influence on purchasing decision
To figure out your segments, start with these 2 questions:
- Who can be a potential buyer of my products (your target audience)?
- Why are they buying products or services like mine? What kind of problems or tasks do they want to solve?
Most companies and marketers miss this step and try to create a “fit-for-all” offer but if you don’t have a Coca-Cola’s budget, this is the quickest way to lose money.
#2 – ICP (ideal customer profile)
Customer profile (or avatar) always comes after the segmentation because the ICP is an “impersonation” of your segment.
Here you can see another mistake a lot of companies make when they try to mix all their customers and create universal customer profile which leads to “fit-for-all” offers.
You should use customer profile to figure out unique needs of target segment, create USP for this segment and figure out the channels and tools you can use to reach your target auditory.
As well, ICP can help you to figure out important points for marketing qualification (MQL) so you’ll be able to analyze the quality of leads from every marketing campaign you’ll run.
You know already a segment and why this segment buys your products. Now choose your top-10 customers (look at their LTV) from these segment and fill such template:
You’ll be able to figure out whom exactly you should target, as well, the ROI of your marketing campaigns will be much higher.
#3 – Market and competitor analysis
I won’t say the obvious things, only will figure out the most important point to analyze:
- Market segments trends
- Dynamics of demand
- Pricing and assortment policy of competitors
- Sales model of competitors
- Competitors marketing tools and channels
- Competitors service
- Competitors USP
- SWOT analysis
#4 – USP (unique selling proposition)
For most companies, USP is just a beautiful slogan which actually doesn’t respond the question: “Why anybody should buy this product?”
I should mention that the offer to each unique market segment should have separate USP.
Only after you’ll finish these 4 steps, you’ll be able to craft the first marketing plan.
That is actually the fifth step.
#5 – Marketing plan.
You’ve figured out what market segments have the highest priority for your business.
You know whom you should prospect (ICP). You know their needs, requirements, doubts, and objections. You know exact benefits they’ll gain by buying from you. You’ve figured out your USP.
You know what channels and tools use your competitors for lead generation. You know where your leads hang out.
Now you can focus your marketing efforts and budget on those tools and channels which will work for you with a higher probability.
If you’ve never deal with marketing plans, use this simple method by Noah Kagan, called quant-based marketing.
Here it is.
1. Pick your objective
This can be revenue or subscribers or traffic, etc. If you start with the destination, planning the route will be much easier.
2. Figuring out your multiple
Look at your average daily data and calculate necessary multiplier.
For example, your data is:
Year-end Target: 10 000 subscribers
Current subscribers: 1 200 subscribers
Average daily growth for past 3 months: 15 subscribers
Days left: 265
To achieve your goal of 10 000 subscribers, your daily email growth should be 34 subscribers. That is a 2.26x increase from your current 15.
3. Budget your traffic
To increase your number of email subscribers (or buyers, etc…) you have two major options:
a) Increase your conversion rate
b) Drive more traffic to your site
Let’s imagine your current email conversion is 2.5%. To hit your target, you should increase your email conversions to 5.67%, or your new visitors to 1360 (which means your daily traffic should be 2 267 visitors).
4. Quantum-based marketing
Now open a new spreadsheet and create 2 lists: improving conversions and growing traffic. List every idea that might help you with both. Sort them by the planned % of improvement and ease of implementation.
Spend 80% of your time on 20% of the effective activities and leave 20% of your time for experiments.
6. Daily targets and weekly reviews
Every day, track your target goal. Every week, review your marketing activities so you’ll be able to eliminate the ineffective ones.