Case Study: How to Improve Lead Generation Results
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The number of small and medium businesses was roughly 332.99 million by the year 2021 in the whole world, according to a statistic published by Statista. It is said that around 20% of startups fail by the end of their first year. This percentage increases to 50% by the end of the fifth year, and in ten years, 80% of such small businesses go down. Before you despair, you need to understand why exactly your business may not be performing as well as you expected. In some cases, failing businesses just need better insights to gain that edge in the market. Worry not! Because this article will dive into the world of managing small businesses.
There could be several challenges that your business is facing. Lead generation is an important aspect of any business, as it helps to bring in new customers and boost revenue. However, the results are extremely prone to the conditions of the industry and the target audience. In the following case study, we will structurally analyze how a company with low profitability was able to boost its lead conversion.
THE CASE STUDY:
The company in question is a business-to-business software services provider. Their primary product is a project management software suite. They had been struggling to generate leads for their products, despite having a solid product offering and a well-designed website. After conducting a thorough analysis of its lead generation efforts, the company identified several areas where it could improve.
Issue 1: The first area of improvement was their website. The company realized that its website was not effectively communicating the benefits of its products to potential customers. They also noticed that their website was not optimized for search engines, which made it difficult for potential customers to find their products through search engines such as google or safari.
To address these issues, the company architectured the website to put across the benefits of its products better. They also employed better search engine optimization (SEO), which helped their website rise in the ranks of web results.
Issue 2: The second area of improvement was their lead generation process. The company realized that its current lead generation process had low efficiency in capturing potential customers' contacts. They also noticed that the lead generation process was ill-designed and couldn’t nurture the existing leads properly.
To tackle this problem, the company implemented a new lead generation process that included a quick lead capture survey on the website. Compounding this, they included nurture campaigns via email. This was a good way to engage and educate customers about the services that the company had to offer. Using the best online translation services ensured that they tapped foreign markets as well. This way, they improved their reach.
Issue 3: The third area of improvement was their strategy for content marketing. The company realized it was not effectively using content on its websites to generate leads. The blog was also not up-to-date with trends.
To fix this, the company began publishing fresh, trending content regularly.
As a result of these improvements, the company was able to significantly increase its lead generation results, the website traffic and conversion rate.
In short, this case study highlights the severity of conducting an exhaustive analysis of your lead generation efforts and identifying pain points which can be cured.
To condense our learnings, we must follow the process below for good lead generation results.
1. Use social media to create leads: Social media platforms like LinkedIn, Twitter, and Facebook can be used to generate leads by connecting with potential customers, promoting content and events, and running targeted advertising campaigns.
You can also use online platforms to get access to get good online services. If you are a student, you can buy an essay on sale to boost your academics, and if you are an entrepreneur, you can get assistance with your lead generation from online experts. Social media can help you reach industry professionals who can help you out.
2. Optimize your landing pages: Make sure your landing pages are optimized for conversions by including clear clarion calls, eliminating distractions and simplifying the process of filling out surveys, so people don’t quit midway.
3. Utilize referral marketing: Encourage current customers to refer people in their circles. This can be done by incentivizing them with offers. Companies like Zomato, Gpay etc. use this.
4. Trade resources for information: Lead magnets like e-books, webinars, checklists and other resources. They can be used to collect contact information from potential customers in exchange for valuable educational resources.
5. Retarget previous visitors: It allows you to show ads to people who have visited your website but haven’t opted for your product. This is a powerful way to generate leads from people who have already expressed interest in your service. Now you know why you see the same ad everywhere when you visit a website once.
6. Create an illusion of urgency: Use time-bound offers or scarcity to create a sense of urgency that encourages customers to quickly take up your product.
7. Rank your leads using a rubric: Lead scoring is a method of ranking leads based on their engagement and probability of conversion. This ensures that you don’t miss your hottest leads.
8. Reach out to influencers: Partner with industry influencers who will help you tap into their audience and generate leads. A top list at yahoo of several translation services will be useful while reaching out to foreign influencers.
9. Test, tweak, repeat: Regularly test different strategies to see which ones work best for your business.
By incorporating these tips into your lead generation strategy, you can increase, by manifold, the chances of attracting and converting potential customers into paying ones. Remember that lead generation is an evolving process, and you must continuously test and try out new methods building on your existing strategy. This way, you will know what works for your company.
Author’s Bio - Ruby Butz
Ruby Butz is an aspiring entrepreneur. Over the years she’s spent in business, she has garnered several key insights that are invaluable to companies. A typical day in her life is spent as a consultant for major ventures. In her free time, she writes articles for budding entrepreneurs to learn from.