How Can Lead Generation Easily Generate More Revenue for Your SaaS Business
There are plenty of ways to boost revenue, but lead generation is the thing to keep an eye out for in 2021. Read on to see why, and why you should make the most of it!
If you run a SaaS business, you’ve definitely heard the words lead generation from someone in your marketing department. It’s the art of finding potential customers who have yet to make the jump to using the products or service you offer. And when we say “art”, we really mean it – there’s a lot to it, and marketers who are good at it are true artists that can enlarge your customer base.
If you’re curious about lead generation, what it is, how it works, and why it’s so important for SaaS businesses, read on – you’ve come to the right place. Let’s kick things off with the basics.
Lead Generation Meaning – What is it?
At its core, lead generation is the process of identifying potential customers or leads, that could turn into customers for your service or products down the line.
There are two categories that you should know about – MQL and SQL.
Marketing qualified leads (MQL) you can generate, are categorized by your marketing team as promising, but not there just yet. They have obviously shown interest, but that’s about it – not anything more than that. A good marketing team should engage with these customers as an audience and try to feel out whether or not they’re prepared to make a purchase.
SQL, or sales qualified leads, have a higher interest level, and in many cases, are prepared for a direct sales push. If you want to play your cards right, you want to approach each lead individually, as this will show you where they are in the pipeline and what the best approach is to turn them into a customer.
The Importance of Lead Generation Companies Need to Know About
There is one critical word that should tell you why lead generation is so important – revenue. It’s that simple.
If you want to keep sales high, you need to continuously generate new potential customers. Sure, you probably have a steady stream of customers that are buying your services or products, but in many cases, that’s not enough. You need to advertise to your audience and recruit new people who are also interested in your brand. Generating leads is how marketers do it, whether that’s from Google’s search engine or any other platform.
It’s worth noting that lead generation is much more important for a small business and individual marketers. When you think about it, you’re using the most cost-effective way to advertise your brand to your customers. It’s not cheap, but as a good campaign that’ll generate potential customers is going to cost you quite a bit, it’s still significantly cheaper than conventional methods to advertise, like print ads, TV commercials, or billboards.
To add to this, this kind of marketing campaign also gives you one major benefit – targeting. You have a vast variety of criteria you can use to target your audience, such as gender, age, occupation, location, shopping behavior, interests, you name it. There is definitely no shortage of choices, and you’ll be boosting your ROI quite quickly.
““I’ve worked with WLDM for over two years for SEO, PPC, and Conversion Rate Optimization. The team has been great at meeting the needs of our direct to consumer e-commerce brand by helping us leverage a multi- channel marketing approach. The output, communication and value are excellent. ” Elizabeth Grojean
Things Are Going Digital
Well, things are already well on their way, but the thought process of customers has changed quite significantly in the past couple of years. No longer do potential customers go into stores to learn about a specific brand or company – they’ll instead Google your brand or visit your website.
In addition to this, you can advertise on social media, which contributes significantly to generating a new lead. You have platforms like Facebook or Twitter where potential customers can communicate with your brand and even get a good sense of your customer service, which is a critical aspect of every business. Then there’s also the fact that they can read what other customers (hopefully happy ones) have written as reviews or testimonials on Google. This makes it incredibly easy for people to get a good overview of your brand without ever having interacted with you in person.
But, it wasn’t always so easy. Decades ago, you could only browse through catalogs and brochures or even check out a magazine article about a brand, but there wasn’t much more that you could do to learn about a brand, except for paying the brand a visit.
It is the movement to a digital era that has been rapidly happening in the past decade, that provides a wealth of opportunities for any audience to learn about any company – all they have to do is Google it. And that, in turn, also provides a lot more chances for a lead to convert and make a purchase. While previously, it was the lead that needed to do all the work such as establish contact or drive to a store, nowadays all of that is done online with nothing more than a few clicks.
Of course, not everything is positive here – the so-called rise of digital marketing has also created fierce competition for just about any business. Try to think of three lead generation marketing forms – your competition has already thought of them and they’re hard at work, trying to convert your potential customers. Now, not only do you have to grab their attention, but you also need to keep them engaged in order for the competition not to swoop in and grab them from under your nose.
Lead Generation Isn’t a Choice – It’s a Requirement
While this might sound like too harsh of a conclusion, it is the truth. The quicker marketers realize it and start working towards generating more potential customers, the quicker they’ll be able to get ahead of the competition and grab those customers before they do it.
Lead generation is key to not just creating sales, but also increasing the number of organic customers and significantly boosting your ROI. And even though it might sound scary when you consider the competition you need to deal with, playing your cards right will allow you to offer your business and service to each and every customer, something that will, in turn, generate even more leads and get the ball rolling. Don’t sleep on it – you’re just giving your competitors more time.