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What is Lead Generation
Inbound Marketing Vs Outbound Marketing
Why a Marketing Blog is Key to Inbound Lead Generation
Inbound Marketing for B2B Companies
Combing Outbound Lead Generation With The Inbound Methodology
Pulling Leads Through Your Funnel With Lead Nurturing
Inbound Vs Outbound Lead Generation Tactics
Digitally Enabled Lead Capturing
Why Inbound Leads Convert Into Sales Better Than Outbound Leads
What Makes the Best Marketing Strategies?
Advanced Inbound Lead Prospecting Practices
Inbound Content Marketing
What Makes the Best Lead Generator?
The Requirement for a Sales Leads Platform
B2B Marketing Automation Platforms
ABM vs Traditional Marketing Approaches
What is Lead Generation
What is a Lead
A lead is somebody who expressed an interest in your product or service. Most, but not all leads, identify themselves to you by filling out a form on your website. Normally, they provide at least a name, email and phone number, although over time, depending on your offer, they may provide a wealth of explicit information to you. When prospects are in the market and looking at your offer, they are trying answer the following questions:
Key Questions in the Buyer’s Mind
What’s included in your offering?
What does it cost?
How does it compare to competitors?
Who else is using your offering — and do they like it?
The internet changed the buyer–seller relationship. Now, the information buyers use to make a purchase decision is just a click away.
Have You Adapted?
Inbound Lead Generation vs Outbound Lead Generation
Inbound lead generation means the customer found you, normally due to a content offer
Outbound lead generation means you found them, usually at a much higher cost and difficulty level
Who Is In Charge Of The Sales Conversation
Your buyer is accustomed to being in chargeof thesales conversation.
Are you ready to act as a guide and help them achieve their goals?
Inbound marketing and lead generation can go together like peanut butter and jelly. In fact, both inbound and outbound lead gen strategies generate leads that businesses need to be successful. Inbound marketing focuses on attracting customers who are already looking for a business like yours through content marketing and SEO while outbound lead generation targets cold prospects by using direct mail, telemarketing, email blasts, etc. In this article we'll take a closer look at each approach and why they make such a dynamic duo toward generating leads for your company.
What is Inbound Marketing?
In short, inbound marketing uses content to attract an audience that's already searching online. In other words, the business provides potential customers with information they're searching for so when they're ready to buy, they'll come to you. In essence, inbound marketing generates leads by providing useful information to readers instead of aggressively promoting your brand and services like outbound lead generation strategies do. In other words, it's about creating quality content that people want to share while linking back to your business' website at appropriate times.
One of the most popular forms of inbound marketing is blogging; especially for startups looking for quick wins. In fact, HubSpot reported that companies using blogs generate 67% more leads per month than those who don't! That's huge! Using targeted keywords, writing amazing blog posts (that provide real value) and linking back home (within your site) will help attract visitors interested in what you're selling while simultaneously pushing SEO rankings up resulting in higher conversion rates.
Comparing Inbound Marketing vs Outbound Marketing
As the name implies Inbound Marketing focuses on pulling in customers by producing targeted content that attracts your ideal prospects. Inbound marketing is about getting found online through search engines, social media and other websites where potential customers may be hanging out.
Once you identify your target market it's important to create helpful content that provides that audience with an incentive or reward for taking a specific action, such as visiting your website or providing their contact information. In Inbound lead generation , Inbound marketers often use SEO, paid search engine advertising, email marketing, blogging and copywriting to increase brand awareness and generate interest from prospective customers
In comparison Outbound Marketing refers to reaching customers through channels such as TV, radio or direct mail. In this type of lead generation, which is largely based on interrupting a prospect, marketers use techniques like cold calling, email blasting and generating ads.
Great Inbound Marketers are also successful Outbound marketers because they know that having great content is important to all forms of lead generation. If you can't drive visitors to your site using Inbound Marketing methods, you'll have a hard time making Inbound work for you.
In Inbound marketing, efforts are concentrated on attracting qualified leads so the focus is on creating high quality information that answers customer questions, provides interesting statistics or backs up claims with examples or illustrations. What's more, Inbound marketers believe in giving their customers something for free in order to establish trust and credibility, which makes them extremely valuable when selling a product or service later on. This can include white papers, flip books, calculators, configurators, Best Practice guides, webinars, checklist, and many other types of content.
Why a Marketing Blog is Key to Inbound Lead Generation
A blog is by far the best marketing tool for lead generation . Why? Because blogs are where your audience hangs out online. If potential customers are on social media websites or other social networking sites, they're not actively looking to make a purchase. However, if they're on LinkedIn or Twitter reading articles and commenting on their favorite blogs, they're passively seeking information that will help them solve a problem or meet a need.
Blogging Helps with SEO
Furthermore, blogging is great for search engine optimization (SEO). Why? Because Google ranks websites and blog posts based upon the number of links to those pages as well as how many people are linking to that page and sharing that link across social media. So not only will you build traffic from your blog, but you'll bolster your search rankings which will again drive more traffic back to your site.
Blog Comments Can Also Help Drive More Traffic
Blogging and social media go hand and hand because it's social media that drives traffic to blog posts. Why? Because a Facebook page, the Twitter feed and LinkedIn not only provide platforms for sharing post links, but they offer a way for you to interact with your audience and get ideas.
When people comment on your blog posts, reply back! Why? Because that's an opportunity to start a conversation and showcase your knowledge of the industry while building trust and credibility. If someone takes the time to post a question or leave a thoughtful comment, they a demonstrating a high degree of engagement, which a signalling factor to Google that is a high quality blog.
Blogging is an Ideal Place for Your Call To Actions or CTAs
When you blog, if you want your blog to generate leads which ultimately lead to sales, each blog needs to be written with a clear Call to Action (CTA) that leads to a landing page, where someone can download a related piece of content. This is the iron triangle of the Inbound Bound Methodology - Blog - CTA - Landing Page - Form - Thank You Page - Content Delivery followed by a well executed follow-up plan.
The Inbound Marketing and Sales methodology has proven to be highly successful for B2B companies, but how do Inbound marketers use Inbound Marketing to generate high quality leads at a lower cost and which close at higher rates than outbound lead generation?
First, B2B Marketers Understand Their Offer
Inbound marketers must first understand their value proposition and how it benefits companies. In the Inbound methodology, Inbound marketers first develop a content strategy to attract high quality traffic. In Inbound Marketing for B2B companies , Inbound marketers first identify the business pain points of potential customers so they may best target them with appropriate content.
Development of Highly Relevant Content
In order to generate leads that convert, Inbound Marketers must then implement a lead nurturing plan that sends targeted content over time to continue building trust and authority with potential customers before asking for contact information. In addition, Inbound Marketers use tools such as landing pages and dynamic forms which allow them to progressively profile Inbound Contacts. As contacts consume additional content, whether it be more downloadable content such as ebooks or a white paper, online calculators or reading more blogs, marketers are able to intelligently use a system like Hubspot's Enterprise Marketing Platform to finely tune their message to each individual customer, effectively creating a customer segment of one with extensive demographic information available about that person. All of this content creation and consumption by leads is part of an ongoing relationship building exercise.
Combing Outbound Lead Generation With The Inbound Methodology
Mastering the art and science of combing outbound Lead Generation with inbound lead generation is no easy feat. True Lead Gen Marketers take it one step further, by building a process that seamlessly flows from Lead to Opportunity to Quota, all while maintaining solid Lead Quality via Lead Scoring.
Use Outbound Lead Generation for Top-of-the-Funnel Results
This approach begins with outbound lead generation techniques, such as direct mail campaigns or telemarketing. These are great ways to generate both quantity and quality leads quickly in order for Sales reps to have the highest potential of success during their top-of-funnel conversations.
Leverage Inbound Marketing to Pull Outbound Leads Through Your Funnel
After initial qualification occurs in the Outbound lead generation department, these outbound generated high quality leads are then passed on to Inbound marketers where they can shine even more by continuing with further nurturing strategies that will transform them into an even higher quality of Lead by Lead scoring, Lead nurturing and Lead moderation.
Top-notch Lead Scoring Means Top Quality Leads
A great Lead Score will provide Sales with the information they need to make fast decisions about Lead quality. A low score means that your Lead is still very much in its infancy—approaching this Lead with the same nurturing strategies as you would a highly scored Lead may result in them becoming disengaged or clicking away entirely.
Handle High Volume Outbound Traffic with Ease using Hubspot's Enterprise Marketing Platform
An outbound lead generation process for B2B companies must be executed efficiently on an easy-to-use platform like Hubspot's Enterprise Marketing Platform , which contains features specifically designed to deliver content, score leads and close leads into customers.
Pulling Leads Through Your Funnel With Lead Nurturing
With an inbound lead generation process in place, the next step is lead nurturing. Implementing a system for Lead Nurturing can be done on your website with personalized blogs, but also when prospects are shopping around using e-mail lead nurturing email sequences and lead scoring to ensure that Marketing only delivers content relevant to each individual customer.
Behavioral Based E-Mail Lead Nurturing Sequences
One of the great strengths of the Inbound Marketing Methodology using the Hubspot CRM Suite is the ability to respond to customer behavior. For instance, you create a series of lead nurturing emails that are sent out only if a lead receives and opens an email versus receives an email and does not open it. Getting these sequences right requires a Hubspot Inbound Marketer that is both a master at using the complete Hubspot marketing system as well as understanding what data the system is providing and interpreting it correctly.
High E-Mail Deliverability Rates Depend On Many Factors
Each time you send an email, it goes through a number of different servers and depending on the sending reputation, each server may or may not allow your e-mail to continue onto the next. There are many factors that can affect deliverability rates:
How well you've segmented your contacts into lists (or groups)
When and why those people were added as contacts (lead scoring)
If subscribers have opted into receiving emails from you (double opt-in required for good deliverability)
The moral here is that if you use Lead Nurturing, but still create un-engaging content, don't segment and/or do not utilize email suppression list, you're unlikely to get your lead to open your email and take the action you hoped they would take, typically to click a button to go to a landing page or to book a meeting or call you.
Inbound lead generation tactics, such as blogging and social media marketing, are becoming more popular due to their cost-effectiveness. However, outbound lead generation tactics often require a larger budget but can be measurable in terms of ROI which can make your decision a little easier when considering a company's size and resources.
Common Lead Generation Tactics
Though the number and variety of available lead generation tactics is limited only by our imagination, the most common approaches include:
Inbound lead generation is a tool that enables marketers to capture leads from all over the internet. When people are searching for specific products or services online, they will often leave their contact information, such as email address and name, at the end of blog posts or on landing pages created by digitally enabled companies. Companies can then send targeted ads or emails about other products and services based on keywords used in searches, which can lead to more sales.
There are many different ways you can capture leads via digital means:
- Landing Pages - Bloggers & Search Engines - Social Media - Emails & Pop Ups - Webinars
Landing Pages are usually used as a destination for visitors that come through ads or specific links. This page is often distinct from the rest of the website it is on, with its own SEO strategy and branding behind it. Ads usually lead to this page in order to get people to leave their contact information so marketers can follow up with them.
Blogs & Search Engines are an excellent way for people to leave their contact information by filling out a form at the end of well written articles that are helpful to readers. If search engines identify these posts as being relevant to topics related to your product or service which could be good keywords for marketing campaigns , they can lead to a lot of traffic. This is a great way to attract new leads and grow your online presence.
Social Media is another place where marketers can connect with people through their brand pages or profiles on digital platforms such as Facebook, Twitter, Instagram, Google+, Pinterest, Snapchat and others. Social media has become a great way for businesses to get in touch with their customers because these connections are often publicly listed online which allows the customer's contact information to be visible from that site. If you have been engaging or informative enough with your followers on social media then it might be beneficial to reach out and make an offer.
Email & Pop Ups are extremely popular and useful for marketers because it allows them to send their products or services to a wide variety of people. Most emails allow marketers to place custom links in their message which could lead to landing pages, calls to action and surveys depending on what you are trying to achieve with your email. Pop ups basically do the same thing as a landing page but capture data before users get into their account or close out of it.
Webinars are also convenient tools for marketers because they give them the chance to use video recording technology in order to present content that would be helpful for viewers. Webinar attendee contact information can be directly integrate into Hubspot, thus allowing you to create smart list of just those webinar attendees. These list can be used for customer segmentation purposes and audience targeting to increase your ad-spend ROI.
Why Inbound Leads Convert Into Sales Better Than Outbound Leads
In today's world, generating good quality leads is only half the battle – lead nurturing, lead scoring and lead distribution are the other components of lead management that complete the cycle (and increase your profits).
Inbound Leads Know More About You
Inbound leads have already made the effort to investigate solutions to their problems. They've already begun the education cycle about your product or service. In short, they've begun to develop 'trust' in your brand. That's also how they become a quality lead.
Trust is Essential to the Inbound Lead Generation Process
Why is trust essential? Because it motivates the lead to take action.
And, if you've got a quality lead taking an action – be it to request additional information or buy your product – then you know you have his 'buy-in'. You know he trusts you enough to want to learn more about your solution.
Differentiating Inbound And Outbound Leads
Inbound leads are developed through website traffic. It is this lead that has the highest chances of conversion into sales, simply because these are qualified appointments that have been nurtured.
From Strangers to Supporters
Think about how hard it would be for someone who knows nothing about your business to make a purchase? Someone who has never heard of your brand before will likely go back and forget all about you after they click away from your website. But if they gotten something valuable from your website, something that is truly valuable and useful to them, in the now, they will have a much higher propensity to come back to you and reach out.
Organic Leads Tend to Convert at the Highest Rates of All
A lead generated through organic lead generation (i.e. someone finding your website by themselves, not as the result of an outbound campaign) is considered to be the most valuable lead available because it is very likely that they are prepared to make a quick decision. The lead has already done extensive research on your company and this lead has the highest chances of clicking the 'buy' button once he is educated about your product.
Inbound Leads are Generated from Someone Who is a Skilled Buyer
Organic lead generation methods, such as SEO (Search Engine Optimization) and content marketing, target people who have already demonstrated a propensity to make a purchase. In fact, these lead-generating tactics look for those prospects who have already demonstrated that they've done their research – after all, lead generation isn't much use if you're targeting someone who isn't looking for what you offer!
Companies With Inbound Leads Tend To Grow Faster Than Those Without Them
In other words, marketers can measure lead-generated revenue as an important metric in the lead generation process. In fact, lead-generating tactics are used by the most successful companies in today's world because lead generation is one of the best ways to predict future growth.
A Lead is Your Earliest Stage of Customer Acquisition
If you generate leads through content marketing or SEO, then these individuals will turn into customers faster than if they were acquired through outbound lead generation techniques (such as cold calling). This means that lead management software is more important than ever before. For example; what would be considered a better lead: an enquiry from someone who has searched for content on your company's website or an enquiry who was found via paid search? Good lead management software, such as that available from Hubspot, ensure all the leads are in the system and being sent personalized content. They can be done by sending them lead nurturing emails with additional content offers, coupons or consultation offers. With the advanced Hubspot Ads Add-On tool, you can also retarget warm leads with additional relevant information on most of the major social media networks.
Inbound lead generation strategies are those that target the company website or blog to attract highly-qualified prospects, e.g., lead nurturing and lead scoring. Inbound marketing is a technique of drawing visitors to your website using educational content created by marketers for people who have a particular problem they're searching for a solution to online. Common inbound lead generation practices include SEO, article marketing, webinars, videos, blogging and social media marketing. Lead management is essential** **to convert leads into customers; lead management makes sure that leads are nurtured through the sales process until there's an opportunity for the lead to buy the product or service you offer.
Marketing Strategies That Work Well With Inbound Leads:
Videos(including YouTube videos)
Social media marketing
Regardless of the strategy or strategies you choose to use in your marketing campaigns, measurement is a must to see if each lead generation strategy is working. Measure lead generation by counting how many visitors you have to your lead-generating landing pages and how many of these people convert into leads.
How To Measure The Success Rate Your Marketing Strategies
The number of visitors that come to lead generation landing pages (including the total page views)
The number of conversions on lead generation landing pages (i.e., the amount of website visitors who become leads)
Lead conversion rate (%) - this is calculated by dividing the number of lead conversions/visits by the number of lead generation page visits/page views and multiplying this figure by 100 to get a percentage.
Customer Conversion Rate: This varies depending upon how you want to measure it. I usually take the total customers produced in a period/number of leads generated in a period.
Customer lead value = lead generation revenue / lead acquisition cost
For a basic lead generation strategy, it can be helpful to think of four distinct stages:
Lead generation - the initial step in the lead generation process that involves finding and targeting people who could potentially become your customers; this is when you collect information such as names, job titles and companies they work for.
Lead qualification (also called lead scoring) - based on your lead's behavior (or micro-moments), you can assign each one a score which helps determine how likely they are to buy from you; these actions could include visiting certain parts or pages of your site, downloading content or making purchases through your eCommerce store. By looking at their online activity and applying business logic in order to predict if they're likely to buy, you can prioritize your leads appropriately. Not only will this lead nurturing strategy help you target the right content to the right people at the right time, but it'll also ensure that your more qualified leads are passed on to sales more quickly.
Lead conversion - this is where you convert your leads into paying customers; ideally, each of these stages should be tracked through unique landing pages (or sub-pages) which send visitors who complete certain actions (such as downloading a whitepaper) to more relevant site content or drive them to sign up for updates about your product.
Post-conversion nurturing - this involves creating follow-up emails or inbound marketing campaigns that continue engaging with your lead after they've converted; these messages should build trust with your leads and let them know you'll still be in touch even if they haven't yet made a purchase. You can then use this relationship to cross-sell, upsell or even ask for referrals in the future.
Why Marketing is Very Competitive
Marketing is defined as a collective set of activities designed to create awareness and interest in a service, brand, person, company or product. The goal behind marketing is typically to drive profitable customer action that leads to increased revenue (either by selling directly or through indirect channels) and ultimately long-term loyalty to one's business. Marketers compete because consumers have access to more information than ever before. As such, marketers must adapt their strategies accordingly at every stage of the lead generation process.
Inbound Lead Generation is More Productive as a Marketing Strategy
Inbound lead generation is more than twice as effective as outbound marketing; it's also 40% more cost-effective. This is why marketers and sales teams alike are turning towards inbound lead generation - not only does it help bring through a higher volume of quality leads at a lower cost, but it also gives people with less experience and knowledge of sales and marketing the opportunity to do well.
Here's an idea of what I mean: if your business wants to generate 100 leads this month (i.e., drive 100 website visitors to your lead landing page), there are two main ways you can go about doing this:
1) Outbound Lead Generation - buying 100 leads from an online list provider (i.e., you pay for them)
2) Inbound Lead Generation - attracting 100 real website visitors to your lead landing page through content marketing, SEO and/or paid ads (i.e., free method that costs no money but takes time & effort to implement successfully).
If the outbound lead generator gives you 100 (at 10 dollars a piece) highly targeted business-to-business (B2B) leads with a 1% close rate (about what we see on average for these types of leads), it'll cost you $1,000; but if you choose inbound lead generation, they'll be much more likely to convert at a 20% clip and only take four months on average before closing for the typical B2B sales cycle. That's months faster compared to traditional methods.
Inbound lead generation is lead generation in which leads are generated through content marketing.
Make Content Useful and Relevant
Lead generation based on content marketing means investing time and energy into creating useful, relevant content that your target audience will want to read, use and share - like white papers, guides and webinars. Through Content Marketing, lead generation websites can become well-known as a source of information about their market category or industry. Inbound Content Marketing lead generation is one aspect of Inbound Business Development tools that businesses can employ to develop new business from the Internet with the least amount of friction.
Content marketing attracts qualified leads who are already passionate about a service or product being offered so they have the urge to seek the brand out for their needs. It is lead generation at its finest which eliminates wasted ad dollars as well as wasted lead generation time from general broadcast advertising where people may be interested but not desperately seeking a solution.
A solid content plan can lead to more leads and sales, but without the right strategy behind it, lead generation efforts can be wasted.
Leads are generated everywhere; on websites, blogs, social media channels, whitepapers and ebooks. Having a company blog is essential for lead generation because it provides fresh content that keeps your lead gen strategy moving forward. A good blog with helpful information is the first step toward lead generation success. Also include information about how blogging increases search engine optimization (SEO).
Inbound Marketing = Blogging + SEO + Social Media Channels + Content Creation
This process generates leads by creating informative, educational content that pulls people toward content marketing, blogging, seo, smm, social media channels
Content Marketing = Blogging + SEO + Social Media Channels + Content Creation
What makes inbound lead generation successful is understanding that you are creating content for your prospects. The information they are searching for must be included in your lead gen strategy to generate the lead and turn them into a paying customer.
Make sure to post on social media channels as much as possible because this increases traffic and SEO rankings which leads to more leads and sales over time.
Social media, blogging and SEO are a powerful combination that can lead to more leads and sales over time. With the right message, tools and knowledge it is possible for any business to generate leads online.
The main thing to remember when creating lead generator content is ease of use. People don't want to spend hours going through information they won't find useful or relevant which means you must make it as simple as possible for them to access what they need with as little effort as possible from your end. If you can accomplish this, making lead generation successful will be much easier.
Techniques for Developing Lead Magnets
In order to be successful you must create relevant content that is easy for your target audience to find and use as well as share with their friends. In turn, these actions will help promote your business at no additional cost to you as a company or as a consumer looking for said services/products. More free promotion within the right circles without advertising costs is something every business wants but may come only with the proper planning and knowledge on how best to implement this strategy into an already existing campaign or launch it alone if it fits better into a new digital marketing campaign.
The best lead magnets can fit into a variety of categories and will be different from one business to another. They must be relevant, easy to find on your website and helpful enough that the potential customer sees value in downloading it as well as sharing it with friends via social media channels you're promoting on. Lead magnets can be anything from an ebook or software download, a free trial offer for a paid service/product or even a discounted offering for first time customers.
Lead generators are more successful if they contain valuable information about the product or service being offered as well as easy access points for mobile compatibility
Inbound lead generation is one way businesses attract prospects online through informative content marketing. Blogging, social media postings and search engine optimization (SEO) help generate leads that are already primed to buy.
FREE is one of the Most Powerful Lead Magnets
FREE offers are one of the most powerful lead magnets you can use online because not only is money free if they act, any sort of time commitment will be free for them as well. If your service is worth less than $100 per month and takes more than 10 minutes to explain or process it could be a good idea to create a free trial offer and let the prospect decide whether or not it's worth paying for. This method costs you nothing and is beneficial towards building trust with your prospects because they will feel like you value them enough to give back something instead of taking from them without any sort of question as to whether or not it's worth their time, money and effort.
FREE eBooks Are Powerful Lead Magnets
Free ebooks are one of the best lead magnets online because they provide information that is helpful for consumers wanting more knowledge about a specific topic. They also encourage sharing which means more traffic and potential leads returned to the business offering this information for free. The ebook can contain anything from advanced techniques and processes on how to achieve a certain end goal to simple how-to information designed to give the reader a better understanding of a product or service/how it works.
Lead Magnets & Lead Gen Tools Require Creativity
The best lead magnets and tools require creativity but if you already have a message in place, a stronger brand awareness and an online presence people want to find out more about then this will not only attract them into your sales funnel faster but keep them there for even longer periods of time. Remember, once they land on your website they're already interested so you only have one shot at making the sale. Make sure whatever offer you put in front of them is something that can't be found anywhere else and solves problems they may be experiencing right now.
In order to implement lead generation campaigns, a company first needs leads.
However, lead generation activities can be time-consuming and laborious as they involve a lot of lead qualification and lead nurturing. In addition, lead generation has its share of beginning and end points with some leads becoming customers or simply not following up on their interest.
Overall, lead generation is often more expensive than dealing with existing clients due to the overhead cost of finding new ones.
As such, lead management tools that help automate lead capture and lead qualification processes can greatly reduce costs and improve efficiency at all levels within an organization – from sales teams to marketing managers.
A Sales Leads Management platform does just this: it helps organize company data into single repositories so contact information and lead statuses can be shared between departments. This enables sales teams to work more efficiently, marketing managers to improve lead nurturing, and the company as a whole to successfully implement lead generation campaigns.
A lead management platform, also referred to as a lead generation software system, is an application that manages leads within an organization. Lead management platforms are tools for lead capture, lead nurturing activities and lead qualification. Furthermore, lead management platforms are used to track lead status and to demonstrate the effectiveness of marketing campaigns.
Key functional requirements for lead management platforms include:
Seamless integration with dozens of other applications
Customizable report types
Robust search functionality
Online collaboration capabilities
Extensive customer support program.
The most effective lead generation platform on the market is Hubspot's marketing automation suite because it provides all of the features mentioned above. It provides an integrated marketing and sales management platform. Its lead management features help companies identify and track new sales opportunities on a continuous basis. Hubspot's lead scoring helps prioritize lead follow up. It has lead nurturing capabilities that make lead follow up much easier.
Overall, Hubspot is an all-in-one marketing platform offering lead management tools to capture leads, qualify them according to predefined criteria, and track their progress through the sales funnel with predictive lead scoring. Once a lead becomes a customer, Hubspot enables companies to automate email campaigns specific to each customer's purchasing behavior.
Nowadays lead generation is more complex than ever. There are many more ways to generate leads, but the traditional lead generation channels are not enough on their own anymore.
The first problem of lead generation strategies focusing on a single method is that they are prone to lead exhaustion. This means that leads will be exhausted quickly which makes lead generations efforts inefficient and time-consuming. It is therefore no surprise that number of companies using multiple lead generation methods has increased during the last years (Hubspot, 2018). One of these approaches is called Account Based Marketing (ABM) and can help you to avoid lead starvation.
Account based marketing is different compared to traditional lead gen techniques because it targets different members of the buying committee with targeted marketing messages. Hubspot provides ABM capabilities like lead scoring, lead nurturing and lead routing (Hubspot, 2018).
Account based marketing is more likely to result in sales success because of the multi channel approach that is used. The main difference between lead generation and account based marketing is targeting. With lead generation you can use lead lists containing thousands of leads, but with ABM you need to create a list with less than 100 contacts so personalization through deep understanding of your target customers can be performed. This way your sales team will not waste time on unqualified leads who are not willing to buy at the moment.
Challenges of the ABM Approach
For lead generation strategies to be successful they need to combine lead generation activities with account based marketing. This way lead generation approaches will become more efficient and lead generations efforts can be converted into revenue more easily. There are two main challenges of the ABM approach:
Expensive lead scoring process
The lead scoring process is considered as a time consuming activity, because it requires a lot of work even if there are tools available which help you with this process. If companies do not have the resources or money for implementing an expensive lead management system then this might result in lack of time to execute a lead gen strategy effectively (Hubspot, 2018). In order to overcome these problems marketers should focus on creating sustainable lead generation strategies. Including lead generation with lead nurturing and lead routing is the way to do it.
The Account Based Marketing approach will not only help you with lead generation activities but also provide your sales team with a new perspective on lead management. Instead of thinking about leads as an unlimited resource account based marketing focuses on top-tier targets so more energy can be put into lead scoring, lead nurturing and lead routing processes which are necessary for effective lead management (Hubspot, 2018)
Account Based Marketing is becoming more popular among businesses who try to generate targeted leads without the need of purchasing lists of contacts from lead providers. The multi-channel approach helps companies expand their reach by targeting business contacts that are already familiar with their brand or company through personalization techniques.
Ideal Customer Profile
Account Based Marketing first starts with developing an ideal customer profile by analyzing a company's target customers or lead generating strategies based on social data, especially from LinkedIn. This way, marketers understand what kind of companies (e.g., size, location, industry) are most likely to want to buy their product and can focus lead generation activities on these targets instead of trying to reach as many people as possible with the same marketing message.
With Account Based Marketing, it is also possible for lead generation teams to create industry-specific lead generation campaigns by using lead lists (which can come from within your existing Hubspot system) containing business contacts that are more likely to be interested in certain products or services because they belong to a particular industry.