Australia is known for being a large and culturally-diverse nation that is filled with numerous business advantages for growth-driven businesses. A stable financial system, low unemployment rates, and robust exports are some of the characteristics that make Australia the first option for businessmen to start a company.
If you’re planning to start a company in Australia, here is a guide on how lead generation can help add revenue to your business and push it forward.
Lead Generation in the Startup Setting
Customers serve as your brand’s lifeblood, most importantly if you’re a startup business. Gaining leads is very much like building a bridge. Customers who don’t know about your brand are on the other side of the river. You have to create a pathway to connect with them, present your products and services as solutions to their problems, and eventually help them make a purchase.
Startup companies, being young in the market, are businesses that grow fast, disrupt the market, solve a problem, and operate under extreme conditions of uncertainty. No matter the location or company/ business size, all startups have the aim to prove a business. Generating revenue and establishing brand trust are two of the biggest challenges startups face when penetrating a market, which is why lead generation is important to startup businesses.
Lead generation, however, can be very challenging for any startup company. Establishing your business in a new location, in Australia in this case, is hard given that you have limited resources such as inadequate money, time, and manpower to operate; no reputation built up by referrals, social proof, or testimonials; and no experience with regards to strategies that work best on certain situations.
Some of the ways brands generate leads are through online content, blog posts, live events, coupons, or job applications. These are called lead generation campaigns, or the strategies used to attract potential customers and guide them in their buyer’s journey.
Lead Generation Funnels represent the journey your leads go through before becoming a customer. It helps you understand what your potential customers are thinking about and doing at every stage of the buyer’s journey. The insights you gain allow you to choose the right marketing channel activities, craft relevant messaging, and ultimately turn your prospects into actual buyers.
Top of the Funnel (TOFU)– This part focuses on building awareness and establishing trust. Since this involves your first interaction with your visitor, it’s important to give an impression that you are a reliable and authoritative source.
Middle of the Funnel (MOFU) – In the funnel’s middle stage, your visitors have already realized that there’s a need to address their problems or issues. With this, they are starting to explore options that might provide a solution. In order to push them forward to the conversion path, you should be able to offer suitable solutions and provide something valuable.
Bottom of the Funnel (BOFU) – Leads who have reached the bottom part of the funnel are called prospects. It’s the stage where they’re considering purchasing so you should focus on selling. You also need to reassure them that doing business with you is the right choice. You can do this by giving them product demos, sharing case studies, and providing product comparisons.
Aside from adding up the chances of conversions, the lead generation funnel enables you to guide your leads to a purchase and optimize the customer experience.
How does it work?
The lead generation process is composed of two main things: First is attracting traffic to your website, followed by convincing them to share contact information with you. The more visitors you attract and convert, the more paying customers you’ll have.
You may have an excellent product and an updated and appealing website, but these won’t drive customers to your website. The right way to drive traffic to your website consists only of two simple factors: A good strategy and consistency. By choosing the right tools and strategies, you can start attracting prospects to your site. Here are some of the methods businesses use to generate leads:
Customer Relationship Management (CRM)
Customer Relationship Manager (CRM) represents a collection of processes, techniques, and tools businesses use to nurture, acquire, and retain customers and manage their relationships with the business.
The CRM software makes the lead generation process easier by assisting the sales and marketing team gather and track data on leads and nurture them with the proper techniques.
Investing in paid media helps advertisers make limitless optimizations and reach their target audience when they need their solutions most.
Online Service Provider – A lead generation service provider manages campaigns to identify and qualify leads for businesses. They assist an organization in establishing initial communication, building brand interest, assisting with follow-up campaigns, and other lead nurturing methods to obtain the best possible conversion rate.
Search Engine Optimization – Search Engine Optimization (SEO) is the editing and adjusting of various aspects of your site so it shows up in search engines when someone searches for something that’s related to your brand.
It’s one of the most effective methods to widen your customer base, increase revenue and sales, and keep your business relevant. SEO and lead generation function as a power duo- the more your page appears on the first page of the search results, the more you are visible to prospects.
All of the methods mentioned above are effective in generating extra traffic for your startup company. Take note that the higher the traffic there is, the more chances you have to convert them into leads; and eventually turn these leads into customers.
What about Outsourcing Lead Generation?
The burden of generating leads is placed in the hands of specialists or third parties. By bringing in an external company to assist in driving leads to your sales team, your company can direct the focus and efforts on developing better products or services, handling after-sales services, refining your processes, minimizing distractions, and working closely on core competencies.
- It can increase your brand exposure
For your startup to thrive in the market, customers should know and trust who you are and what you offer. Even if your customers are doing product research, brand awareness is still a huge factor that gives you an edge and helps build customer loyalty to your brand. Outsourcing lead generation helps put the right message out where you need it like making phone calls, placing ads, and email marketing to get prospects to notice your brand.
- You’ll be able to talk to those who matter
Not all your efforts in cold-calling are successful- sometimes, it’s hard work rewarded by low returns, which can be frustrating. It saves time, energy, and effort to reach out to those who already discuss your brand instead of connecting with many different people. Having a skilled lead outsourcing generation team will help you find prospects who are already prepped to make a purchase.
- Get deals done
With lead generation out of their workload, your sales team is able to focus more on market research, client satisfaction, closing deals, and nurturing lasting relationships with your existing customers. Your marketing team will also enjoy the perks since they can concentrate more on building a strong brand presence in your target niche.
Engaging in the business industry itself is risky, but realizing the next challenge-finding customers-is not an easy hurdle to tackle especially if you’re a startup. Markets can be very competitive in highly-progressive countries like Australia. How you would rise amidst the vast number of businesses, given that you’re a newbie, can be challenging.
What’s the point of running your business if you have no one to sell them to, anyway? That’s why it matters that you’re armed with the right strategies and knowledge in lead generation to work on your market success.
Remember that although leads can be hard to attract, they are also the reason behind big sales and smiles. Hopefully, this guide will help you implement ideas on how to generate leads and revenue for your startup company.