3 Tips for B2B companies to improve their lead management programs

How to identify and manage the most efficient methods of generating leads

The most successful small businesses know how to identify and manage the most efficient methods of generating leads. Generally speaking, there are two main categories of lead generation tactics: outbound lead generation (where you reach out to the prospective customers via phone solicitation, direct mail, paid advertising, and email marketing) and inbound lead generation (where the customer finds you via Search Engine Optimization, social media, and PPC).

Deciding on the right lead generation strategy

Different methods (or combination of methods) might provide the best opportunity for new business leads, depending on your circumstances. Deciding on the right lead generation strategy depends on what you’re selling and how your customers get information that leads to a sale.

Here are a few key concepts to keep in mind when deciding your lead generation strategy:

• Tip 1 - Not all customers are on social media, and not all social media channels are equally valuable.

Before you invest time and resources in social media marketing, you should determine whether or not your prospective customers are actually engaged in social media during their decision to make a purchase. Will your customer actually see your social media posts, and if they do, will it have an impact on their decision to buy from you?

Business to Consumer (B2C) companies are typically more successful on social media than are Business to Business (B2B) product sales, but there can be a place for social media in B2B lead generation as well – for example, many companies use Twitter to do research on prospective suppliers, and many high-level decision makers use LinkedIn for networking and to check references.

To be successful with social media lead generation, you need to know your customer in detail. Find out which target audience is really active on each social media channel (Twitter, Facebook, LinkedIn, etc.) and decide accordingly.

• Tip 2 - Customers might not be actively searching for your product.

When people need to buy food, they go to the grocery store. When people need to hire a consultant or buy business insurance or implement a complex new IT system, it’s not so simple – there’s not always a single 'place' to look for information about these high-value B2B sales.

Word of mouth and referrals are hugely important in the B2B sales world, and to help amplify the effect, you can do lead generation activities to build relationships with prospective customers via your blog, or by testing your market online with keyword searches.

Not finding hits or searches on your business or industry key terms? This may indicate your efforts would be more effective with outbound lead generation strategies. You might need to go directly to the customers and introduce yourself and explain the value that you offer.

• Tip 3 - Diversify your media portfolio: paid, earned, and owned.

There are lots of options for lead generation tactics, which can be broadly categorized as 'paid media','earned media' and 'owned media.' With 'paid media,' companies can buy mailing lists for direct mail or get paid exposure via an online Pay Per Click campaign.

• With 'earned media,' your company might hire a PR firm to get publicity for your new product launch, thus building your credibility and getting inquiries from new customers.
• 'Owned media' is a relatively new and fast-growing concept, where a company invests money and time in setting up a social media presence, website content, and directly building and engaging an audience.

When paying another company to put your content in front of their audience ('paid media') you tend to get faster lead generation results but with a shorter lifespan of value; customers might respond to your ad, but it might be a one-time opportunity – they might not remember you longer than your ad is running. But with 'owned media,' if you create enough engaging fresh, high quality content over time via your website and social media engagement, you 'own' your customer’s attention.

'Paid media' gets results right away, but 'owned media' can be a stronger long-term foundation if you’re willing to invest the time and effort along the way.

Choosing a good blend of lead generation methods – a 'diversified portfolio' of lead generation techniques – is usually the best strategy for success. No one type of effort or one single ad will act as a silver bullet to help your company achieve its sales goals. Buy some lists to get some fast acting lead generation, and add some effective outbound methods such as a website and some social media engagement to balance the short-term and the long-term sales goals.

Image/Copyright: Shutterstock

Thanks to Gregg Schwartz for sharing his advice and opinions in this post. Gregg is the Director of Sales and Marketing at Strategic Sales & Marketing, an industry-founding lead generation company based in Connecticut, USA. Gregg leads his company’s social media and blogging efforts and consults with clients on content marketing and blogging strategies.