B2B Lead Generation, Importance, Benefits, Stages, Types, Metrics, and Outsource
In this guide, you will know about b2b lead generation and its importance in business, benefits, stages, outsource b2b lead generation.
Lead generation is identifying and capturing potential customers for your business’ products and services. The primary purpose of generating leads is to convert them into customers. There are several ways of generating leads that includes advertising, regular calls, social network, emails, etc. Lead generation is a way of warming up potential customers to your business and leading them into the sales funnel so they make a purchase.
Introduce B2B lead generation and its importance in business
B2B lead generation is a method b2b marketers use to identify the ideal customers for your product/service and then convert them to buying customers. It is an essential activity that b2b businesses use to generate sales and grow business.
B2B lead generation services play an essential role in getting quality leads for your business. Every b2b business needs prospects and leads to grow and b2b lead generation is fundamental for business success. B2B services help you get valuable data, target the right people, build brand awareness and grow revenue. A reliable b2b lead generation agency and strategy is key to having a successful growing business.
B2B lead generation operation is segmented into marketing qualified leads (MQLs) and sales qualified leads (SQLs).
MQLs are targeted leads that fit your buyer persona and who are likely to become paying customers.
SQLs are MQL qualified by the sales team for strong buying intent. SQLs are qualified and score-based and must show intent to buy your company’s product & service.
Benefits of B2B lead generation
- Increase your sales opportunities
If you’re looking to grow your business next level, b2b lead generation helps your business increase sales opportunities. A sales lead is generated through information collection and when you nurture a lead perfectly it creates more business opportunities. It improves the sales process by making sure you are engaging with the most likely-to-buy prospect. Once prospects trust you they are more likely to consider your products and services when it’s time to make a purchasing decision.
- Provides benefits to both buyer and seller
B2B lead generation is a win-win for both parties involved. On one hand, it increases your brand awareness and prospects for your business. On the other hand, the prospects get information about their problems and a possible solution to resolve them. If both connect sellers connect with the client to sell products and services, the buyer gets the solution for their problem.
- Drive high-quality leads
Driving leads alone is not enough for business growth. What matters most is high-quality leads. Creating content and putting it on the web can get you traffic, but if you aren’t converting it into leads it’s a waste. In the case of b2b, you have to focus on various things like company size, industry, income, the appointment with CXO level, etc. When you target the right audience, lead generation can result in more high-quality leads.
- Grow your revenue
Lead generation can maximize your brand-ability by targeting the right prospects and converting them into customers. You can boost your sales and increase revenue by capturing qualified leads which makes it easier for sales to convert them. When you focus on reaching targeted prospects and their interests your revenue potential will be growth.
- Build visibility and awareness
You may be a small business who now wishes to get more eyes focused on your company. People like to go with your brand when they know and trust your brand. So, now you have to build visibility and a good reputation for your brand. Through the b2b lead generation process, ongoing visibility and awareness of the brand turns in your favor.
Stages of the B2B buying process
It takes a considerable amount of time for customers to make the buying decision. We outline 6 stages in the b2b buying process to help you understand each level from client awareness to taking the final decision.
- Awareness
The first stage is when customers realize your product and services could help them or fill a need their company has.
- Commitment to change
The next stage is when the customer commits to fixing the problem. At this point, the customer is thinking about the budget and addressing the full issue.
- Considering buying options
During this stage, the customer begins to research several good options available to solve the problem. Say for example, like managing an in-house team or hiring an outside agency to manage.
- Commitment to the solution
After considering all the different options, the customer will decide the best solution for their business.
- Decision time
At this stage, all the final questions will be addressed and the details hammered out. At this level when tough questions are asked, you must justify how choosing your business will be the best solution for their problem.
- Final selection
In the final stage, the head of the company makes a decision to purchase a product or service. From this point ensure that they have an excellent customer experience because happy clients lead to a number of referrals.
Different types of leads in b2b lead generation
Cold leads
The cold lead is when a company you are interacting with shows less interest in your business. Having a lower conversion rate than the other methods, you may be required to educate them about your offering.
Warm leads
Warm leads are businesses that have interacted with your brand earlier, either through website or email, and shown interest in your business.
Hot leads
A hot lead is a qualified lead who has shown strong intent to make a purchase. Every business wants a hot lead in its sales pipeline.
Important B2B lead generation metrics you need to track
Take a look at the 4 most important metrics b2b companies should monitor to get qualified leads. Each metric provides different insights, clearly pointing out how to improve it for the overall success of the lead generation.
- Qualified Leads
B2B companies need to track who is on top of the sales funnel. A Sales Qualified Lead (SQL) means when someone is serious or ready to commit to a purchase. SQLs are the most valuable kind of lead.
- Engagement
Having lots of visitors is only useful when they convert into leads. Genuine engagement is a key part of b2b lead generation. You should make sure that you reach the right audience, get leads, close sales and generate ROI.
- Email marketing performance
An email marketing campaign is crucial for every business, especially when different campaigns set different goals. Some basic metrics that marketers should track are: open rate, conversion rate, bounce rate, click rate, spam rate, forwarding rate, etc.
- Connection rate
This metric explains the efficiency of leads and gives you a daily snapshot of your leads. To calculate the connection rate divide the contact answered by the total contact placed.
Outsource b2b lead generation services
Outsourcing ensures your business effectively reaches the right audience at the right time. Planning and executing an effective strategy takes a lot of time and money, which is why outsourcing b2b lead generation services is a better idea.
Here are 5 reasons you should outsource lead generation if you want to succeed:
- Outsourcing b2b lead generation costs you less than building an in-house team which requires tools, technology and overhead.
- Instead of reaching innumerable different people, connect with those who matter to your business.
- Managing an in-house team involves a lot of energy and time by outsourcing. You can instead focus on the tasks that need to be done on priority.
- When you work with experienced professionals they know the marketplace very well and how to generate quality leads for your business.
- When you work with outsourced sales professionals your results are presented as detailed reports, and you get to see what is working in actual numbers.
Finally, it’s all your choice. You need to decide if you wish to uplift your business with an in-house team or hire a reliable and reputed b2b lead generation agency.
Best B2B lead generation company in India?
There are many companies that offer b2b lead generation services across India which is why choosing one of them is a difficult task. igenr8 is a Whitelabel b2b lead generation agency that helps b2b companies in the technology sector get qualified leads to grow their business.
Follow the BANT (Budget, Authority, Need, Timing) approach to meet the criteria fit for your business. Identify the right lead fit for your products and services and get a clear picture of the stage your buyer is in before nurturing the lead.
Conclusion
We hope you have gained a fairly good idea about b2b lead generation in detail through this blog. We have touched upon lead generation, b2b lead generation as well as its importance for businesses. Then we have thrown light on the benefits of b2b lead generation, different types of lead generation, outsourcing b2b lead generation services, and the best b2b lead generation company in India. Hope you’ve found this blog helpful.
