27th Apr, 2022
, , Designation
- There are new rules to the B2B lead generation game. What has worked in the past no longer works now.
- The tricky operational challenge is finding the right mix of strategies for lead generation. Here are 5 strategies that hold the promise of success
B2B lead generation is tricky and there is a lot of difference between theory and practice. There are new rules for generating quality leads and organisations need to keep up for predictable revenue growth. The b2b demand generation agency, which an organization selects should combine multiple tactics for building more powerful, integrated and successful sales lead generation techniques. However, the difficult part is selecting the best mix of new and old lead generation techniques that can deliver real results.
The Typical B2B Challenge
Most demand generation agencies understand that B2B lead generation is a lot different than its B2C counterpart. B2C sales cycles are much shorter as compared to B2B sales. The B2B target audience doesnât make impulse decisions â they are informed customers who carefully evaluate products or services before investing money. As compared to B2C, the B2B market is narrower where every purchase decision is made after a thorough evaluation. B2B audience need to be convinced and engaged at every turn to make the purchase.
An integrated lead generation strategy is needed to create value.
Enterprises that take lead generation seriously should coalesce around an integrated lead generation strategy. An intense lead generation strategy is a mix of things that need to be intelligently layered across sales and marketing functions. The trick is to set up an intense and connected lead gen framework that turns prospects into paying customers.
But what do these steps entail?
There are many parts to setting up a successful lead generation process. And it needs to orchestrated in an order.
Here is a deep dive into practical and best methods to set B2B lead generation up for success:
Set up a lead prospecting strategy:
The B2B lead generation game has been changed drastically. Enterprises now begin their lead generation initiatives from customer standpoint and move backwards to reach them. A B2B database enables a fast efficient route map to do this. Therefore, enterprises should thoroughly reassess their database management strategies and align it with the buyer, product, and industry.
Enterprises should start with a reliable source of data which properly segments contacts and accounts. Doing this can help them improve focus on the needs of target audience, build brand identity, personalize services, and nurture sales pipeline.
The right database helps enterprises in targeting programs towards directly at prospects who are willing to buy from the organization. It should throw light on past purchase data, identify demographic and firmographic criteria. To get a complete picture of prospects, organizations should standardize common data elements, replace appending information, remove duplicate records, and eliminate invalid accounts from the database.
Define the Total Addressable Market (TAM):
The Total Addressable Market stands for the total available market or total revenue opportunity of a product or service. Defining TAM helps an organization in evaluating the total efforts that will undergo in sales prospecting. It also helps organizations to prioritize specific products, segments, andÂ business opportunities. There are three prominent methods to calculate TAM:
- Top Down: This method resembles an inverted pyramid that narrows down segment at the bottom. This analysis is heavily based on industry research and reports for getting the estimates.
- Bottom Up: This is a more reliable TAM estimation method which relies on market research. The method leverages reliable data on the current market pricing and usability of a product. This method relies on data from research and surveys.
- Value Theory: This method primarily focuses on value delivered to a customer. It also estimates how much value can be added. This method is particularly utilised for or cross-selling certain products or introducing new products in the market.
Leverage Intent Data: Â
Customers are increasingly looking for products online before making purchases, and they usually don’t need help from salespeople. They gather as much information about the product to ensure an informed decision on what is best suited for their needs. Intent data is the sales intelligence that covers all the buying signals. It gives valuable opportunities to pitch products before the right audience.
Gartner is predicting thatÂ over 70% of B2B enterprisesÂ will leverage intent data for generating leads in 2022.
Harness Digital Marketing:
Digital marketing provides the shortest routemap for lead generation. The digital marketing techniques for lead generation generally involves content creation for brand awareness. Some of the leads generated can be unqualified, so they need to be filtered out after evaluation.
The sales panel conducts an in-depth analysis of the leads on multiple touchpoints. They use extensive qualification and lead scoring methods to ensure that the lead gen engine is yielding productive results. They determine the sales effectiveness of leads by awarding points to leads. Lead scoring ensures that the organizations are not missing out on quality leads and it keeps the lead generation processes on track.
In the next stage, marketers use sales funnels to nurture qualified leads in a straight line towards closures. The next level of content is prepared considering the needs, and interest shown by the prospects.
Take Telesales to the Next Level:
This is common misbelief that digital channels are the only ways forward for sales prospecting. A Telesales strategy can be an effective contributor of leads. However, it needs to be executed in a systematic and planned manner.
There are various benefits that come along with Telesales. It helps in creating direct response that can be helpful for obtaining new clients, progressing leads, selling to existing leads, and closing sales. It can generate reliable client and market data as every call provides unique information related to clients.
Denave helps many enterprises, large and small to become effective in Telesales. To find out more about our Telesales process and increase your sales by 3X, book a quick consultation with us.
The days of lead generation being a simple process are gone. Today, itâs more important than ever for b2b demand generation agenciesÂ to carefully select the mix of techniques that will work best for them and then put in the hard work required to make those techniques successful. By combining tried and true methods with newer approaches, organisations can create a powerful lead generation engine that drives predictable revenue growth.