Proper lead generation is critical, especially in highly competitive B2B industries in Australia, NZ and APAC, but a lot of firms find it hard to position themselves for success.
However, every challenge presents an opportunity for growth.
In this article, we explore the reasons why firms struggle with lead generation and what options they have to overcome these challenges.
The Lack of Adequate Strategies
One of the most common issues with lead generation is the lack of creative strategies to bring in new prospects for the company. However, this shouldn’t be an issue no matter how niche an industry is.
There are still plenty of mediums to explore and a lot of prior campaigns from different companies to draw inspiration from.
Companies that commonly face this problem might not have the specialization necessary for lead generation, and that’s perfectly fine.
Instead of trying to hire a creative team, there are many lead generation outsourcing partners that they could work with.
Sometimes, there could be effective marketing strategies in place, but firms might still struggle with getting leads. If this is the case, there could be a mismatch between the material and the audience.
An undefined audience will result in campaigns that target a broad array for prospects, which is terribly inefficient.
Defining the audience is one of the foundational building blocks of lead generation because it helps marketing teams narrow down to the ideal customers. Teams don’t have to waste resources trying to convert audiences with no interest in the product, so they can both save time and effort.
There are different kinds of leads, but what matters are qualified leads that come with additional data so that marketing can work wonders. Lead generation relies on high-quality data not only to ensure that prospects can be contacted but also for personalization.
High-quality data is used to study the prospect and make critical decisions on how to understand and approach them.
Without good data, personalization becomes difficult, and campaigns become inefficient. However, good data is either expensive or hard to obtain, but it’s worth the effort.
The Lack of Personalization
Back in the day, promotions could be directed at the mass market and still have prospects coming in, but that doesn’t work anymore. A general CTA on generic sales emails won’t cut through the chatter that prospects see every day, and the lack of personalization is not unacceptable.
Prospects want to feel catered to, and this doesn’t mean creating custom solutions that are just for them (but if a firm can, then it should), sometimes all it takes is a message that is specially crafted for them.
This could be a message that resonates with their industry, free resources that can help with a particular problem that they are facing, or even a personal note from a sales manager, the effects are powerful.
According to HubSpot, more than 20 percent of marketers say personalization has the ability to improve email engagements, and they go on to say that it is one of the biggest challenges of ABM.
Aligning the message with personalization can have a dramatic impact on firms’ lead generation, but it won’t be easy in the beginning. The goal is to keep trying regardless.
One of the biggest struggles that companies have with lead generation is keeping up with campaigns and inquiries on different mediums. As more campaigns are added, and more inquiries come through, it becomes increasingly difficult for a marketer to stay on top of things.
This is where automation comes into play.
Automation removes the human element out of repetitive tasks and can save a company a lot of valuable time and resources. Online campaigns can be set to automatically follow-up leads if they’re unresponsive, chatbots can be deployed to answer basic queries on a company website, and it can help a company with measuring marketing metrics.
While on the subject of metrics, another challenge that many companies face is finding the right metrics to measure the success of the campaigns. Metrics allow a company to be flexible with their marketing campaigns and save money on ones that don’t work.
Lead generation in Singapore can quickly get expensive, and without proper feedback, companies might be spending a lot of money on a losing strategy. Proper metrics allow firms to A/B test, check success rates, and more importantly, learn about customer behavior.
There is no one-size-fits-all approach to metrics, as different industries and companies have different goals and objectives. Looking for the right metrics to use, such as sessions, minimized bounce rates, etc., is dependent on what the companies goals are.
Furthermore, if the lack of metrics could spell trouble for a marketing team, using the wrong ones pose a significant threat as well.
Finally, one of the biggest reasons that firms struggle is the lack of expertise in lead generation.
Firms have the option to work with lead generation experts that specialize in fields such as appointment setting to maximize their specialization.
In this way, firms can concentrate on their specialization, creating a superior product (or service), save money on having to train a marketing team, and benefit from real lead generation experts.
By identifying unique challenges, firms can adapt their current strategies or outsource their lead generation to shoot for maximum growth.