Over the last few years, sales strategies have drastically changed. From cold calling to LinkedIn prospecting, there is a “no one size fits all” approach to marketing.
But, 50% of business leaders consider lead generation a top priority for their marketing campaigns.
Despite this, many seem hesitant to integrate lead generation into their business. For some, it’s simply a lack of knowledge; for others, it’s wanting to remain with tried and tested methods that have been working for years. However, there seems to be some discourse on the effectiveness of lead generation, with the term often shrouded by misconceptions.
As a result, lead generation is often misunderstood and utilised in the wrong way. Here are some popular myths surrounding lead generation:
Myth 1: All Leads are Good Leads
The quality of your leads can either make or break your business’ ROI.
Unfortunately, all leads may not necessarily be good leads. In the same breath, more prospects do not equal more revenue. Here, leads represent an opportunity but never a guarantee; it takes time to generate a winning lead.
Equally, it’s not sustainable to have an over-saturated leads campaign. In fact, that can do more harm to your business than good. It’s important to differentiate between a lead that is relevant to your campaign, to the one that isn’t. Regardless of the approach, sales are only made with qualified leads.
At the same time, it’s crucial to utilise leads your business already has rather than trying to obtain new ones, as your business may be losing out on a game-changing opportunity. As the saying goes: a bird in the hand is worth two in the bush.
Myth 2: Lead Generation Companies Aren’t Worth It
The term “outsourced” seems to be enveloped in negativity, but that certainly is never the case.
We may be biased, but lead generation companies are valuable assets with your prospecting campaigns. After all, they are the experts in generating the right leads that win work.
Lead generation companies have the means and experience to develop precise targeting campaigns, saving time and allowing you the freedom to focus on other projects. They are masters of customisation, adapting your campaigns, and can dedicate enough time to calling, emailing, and Linkedin to the individual prospect. In fact, 44% of businesses struggle to find the time to follow up on leads, which is why outsourcing a lead generation company can be incredibly beneficial for your campaigns.
Generally, in-house teams are used as a “one size fits all” for business and lead generation, whilst preparing and delivering pitches. Even if the pitches are good, they may not necessarily have the time to maximise the leads coming through. Using six people, for example, cutting between jobs is the most agile and efficient way of using time wisely as you can compartmentalise the attributes of each person to achieve a well-thought-out, repeatable and efficient process.
Whilst they incur a small cost, lead generation companies produce invaluable results.
Myth 3: Social Media is Not Effective
When used right, social media can be a powerful tool for lead generation. Many business leaders have avoided utilising social media as part of their prospecting campaigns, yet, 68% of businesses have said that social media has helped them to generate more leads.
With 4.76 billion people using social media, your sourcing pools are infinite, allowing you to pursue more opportunities. It’s no lie that social media has high rates of engagement, so dismissing its versatility and usefulness in lead generation would be essentially throwing away business opportunities.
Myth 4: Cold Calling is Dead
Whilst marketing methods have evolved over the years, cold calling has remained a stable figure in prospect outreach. As previously mentioned, it’s the backbone of B2B and B2C sales.
With the rise of social media campaigns, it is easy to see why many would argue that cold calling is essentially “dead”. However, according to a survey by RAIN Group, cold calling is the second most popular way to contact potential leads following email outreach. Over the years, cold calling has evolved to be more personable and engaged with the prospect rather than reading the same lines from a script, and still are highly successful in finding those quality leads.
Lead generation is nothing to be cautious of with B2B marketing. In fact, it might even be the best fit for your company. Sometimes, taking a leap of faith into the unknown can help your business flourish.
Gee Stencel | They/Them
Strategic Operations Manager