You’ve set up shop, operations are ready, the sales team is ready – but where are the qualified leads to keep them all busy?
The Marketing Problem: Not Enough Qualified Leads
Most businesses suffer from this problem although for some businesses in very specific markets (like online education at certain times of the year) there could sometimes be TOO many qualified leads which is a different problem all together. Mostly, though, a business has everything ready but the leads just aren’t there.
There is a difference between leads and QUALIFIED leads, though. Just because someone gives you their contact info and seem interested doesn’t mean they are the right potential client for your business.
There are a number of possible solutions to low volumes of qualified leads. Let’s explore these.
Get more (good) traffic to your landing page
Your website is the main way you will get leads. Your website either has a contact form, lead form or both and the more people coming to your website, the more qualified leads you will get.
The key is that you need GOOD traffic – getting large numbers of people to your website who have no intention of ever buying what you’re selling is a waste of time and money.
You can increase good traffic to your website through a number of marketing tactics including paid social media advertising, organic social media and video marketing, increased organic search traffic through search engine optimisation (SEO), paid search advertising, email marketing, word of mouth referrals and more.
Improve the conversion rate on your landing pages
You might be getting good traffic to your landing page but the visitor to lead conversion rate is really poor. This means all that expensive, hard to come by and high intent traffic is wasted because of limiting factors on your landing page that prevent conversion from visitor to lead.
Target the right audience
Your ads might be showing to the wrong audiences for what you’re selling and this means you’re bringing poor quality traffic to your website. There are a number of ways to fix this problem including correct keyword selection, paid media audience targeting and optimising your paid media campaigns for the correct conversion event using Google and Facebook machine learning algorithms.
Pre-qualifying the leads
You might not always attract QUALIFIED leads even if you you target the right audience with the right message (a promise that you will fix their specific problem) and they come to your website full of good intentions. There might be specific factors that prevent them from being qualified leads and these might include:
- Financial constraints: they can’t afford your product or service
- Geographic: they might live in an area you don’t service
- Other limiting factors specific to your business
You can filter out the unqualified prospects when you ask QUALIFYING QUESTIONS in your lead form. This means the sales team only deals with the best prospects (Marketing Qualified Leads).
Implement tagging and tracking
When you correctly tag and track the campaigns and origins of your qualified leads, you get the necessary confidence and insight to double down on those campaigns that are working well and to pause the ones that aren’t.
If you don’t have the data from correct tagging, tracking and business intelligence dashboards, you will not have the necessary data-driven insights and you won’t be able to make the correct marketing decisions.
Trust the algorithms
Machine learning is now part of most aspects of our lives including marketing. Automated audience targeting based on first party data and conversion event tracking from within your CRM allows you to use the power of algorithms to improve the effectiveness of your paid media campaigns exponentially compared to linear improvements you would see with a human specialist.
Machines and people work side by side now to get the job done!
Spend enough on paid media advertising
If you’ve got everything else in good order (audience targeting, landing pages that convert well, lead filtering questions, tagging and tracking etc) you might have insufficient lead volumes simply because you aren’t investing enough in your paid media campaigns and your budgets are too small.
Once you’ve corrected all the other limiting factors you will be able to confidently increase paid media spend, gradually at first, until you reach the desired qualified lead volumes.
If you increase paid media spend before you’ve sorted out the other factors you will be wasting your money and have poor return on ad spend.
Your focus should not be on qualified leads only!
Qualified leads are only the beginning of the story – your goal is revenue growth for your business.
As a result, focus more on how much revenue each marketing tactic and campaign is bringing you.
This also means you should be working on aspects like customer experience, sales team performance, product experience and your business positioning. The traditional conversion funnel is no longer linear and you need to think more holistically about each touch point with your prospective client across many interactions in a non-linear way.
Qualified leads are just one part of it.
Need help with this?
If you’re stuck and need to enable your team with strategy, processes and best practices to get the right qualified lead volumes for your business, I can help.