The vast majority of businesses fail within the first few years, and there are plenty of reasons why this could happen.
Think, for instance, a lack of planning or not doing market research.
But because we’re positive people…..
Instead of discussing the reasons why your business could fail, let’s focus on a major success factor that, if you get right, could help grow your business.
It’s called lead generation. But what exactly is it?
Understanding lead generation
Before we can define what lead generation is, let’s first understand what a lead is.
A lead is someone who has the potential of becoming a client.
Lead generation, therefore, refers to all actions that work towards building an interest in the company’s products or services.
Often this goes hand in hand with getting contact information from potential customers.
If lead generation is all about creating interest, then it makes sense to create a marketing experience that nurtures good customer relations and communication.
By now, you’re probably asking yourself, how do I do lead generation for my business?
Where do I even start?
5 Effective Methods of Lead Generation for Small Business
1. Contacting a customer directly
One way to generate leads is to contact people who show interest in your products.
You can find these through their online searches or if they walk into your store. Some of them may call in with a query about a particular product.
Keep in mind, however, that this strategy will only work if you are selling high-value products in low quantities.
If your business is focused more on pushing out quantity, then this strategy may not be ideal.
But how do you contact them?
Well, you can use email or social media, combined with retargeting.
2. Get on LinkedIn
When it comes to social media for business, there is no denying that LinkedIn is among the best platforms out there.
Why, you might ask?
Well, for one, LinkedIn users are 2X more likely to purchase than audiences on many other social media platforms.
What’s more, LinkedIn offers a great place to network with great industry leaders.
An effective way to generate leads on LinkedIn is to connect with your audience, engage with them, read and comment on posts and offer them something of value.
3. Customer referrals
You’ve likely come across this one. Customer referrals are nothing new and have been around for as long as businesses have existed.
If you offer a customer a product or service that they enjoy, then you can ask them to share their experience with their friends.
The great thing is that if you offer top-quality products or services, then customers are even more likely to refer your business without expecting anything in return.
You’d be surprised at just how effective referrals are at lead generation.
4. Online content and blog posts
Content marketing is one of the best lead generation tools you can have.
It offers plenty of benefits, including improved site SEO and getting more traffic through referrals.
You may even want to consider guest posting on business sites related to your industry but those that don’t compete directly with your business.
This way, you can send traffic back to your site for people who would be interested in your type of product.
5. Run giveaways
Do you want to get a large number of leads in a relatively short period?
If you answered yes, then you may just want to consider running a giveaway or contest.
How does it work?
You can offer prizes to your customers in exchange for sharing content, for a referral, or likes on your social media posts.
Why is this strategy so effective, you might wonder?
Well, because people love free stuff.
Final thoughts
Leads are the backbone of any organization. If your business cannot consistently generate leads, then it’s likely to battle sustainable growth or worse.
Granted, repeat customers may be responsible for the larger portion of your business revenue.
But think about it, where do loyal customers come from? You guessed it, Leads!
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