Generating leads are the fuel of rapidly growing business, the way to get more depends on the size and resources that a company has. When we started More Prospects Now LLC, we had time but not a lot of money. Everything seemed to cost more than we were prepared to spend. This led us to the conclusion that we needed to invest our time reaching out to the people we knew would benefit from our services and meeting new people.
The first thing we did was the exercise called the Customer Value Journey (CVJ), which identified who our best prospects were, where they were, and what motivated them. Armed with this information, we joined an association that supported the same types of businesses that we were targeting. Then we put a plan together on how to service the members. This lead to over $60,000 in sales in the first four months. As our revenue grew, our tactics for generating leads changed based on the best use of resources.
Generally, businesses move through three stages of marketing-driven by their yearly income:
Up to $500,000 per Year
$500,00 to $1 Million per Year
$1 Million per Year and Above
$0 TO $500,000
If you are doing less than $500,000 a year in revenue, it is best to work on direct sales to generate leads. Direct sales take a significant amount of personal time, but comparatively a small amount of cash. Direct sales include networking, marketing to previous clients or contacts volunteering, and the like. These companies need a credible website that supports their efforts. The site needs to show that they are a reliable business worth engaging. You should update the site at least monthly, so your clients and prospects see that you are active. These updates can include reviews, blog posts, and news items.
$500,000 TO $1 MILLION
For companies doing between $500,00 to $1 million, a reliable digital marketing strategy in conjunction with robust direct sales is best. To accomplish this, you need a significant website with the information a visitor wants to see. Your site should include the answers to their most frequently asked questions like, "Do you do the type of work I need? Can I trust you?" "How much is this going to cost?" The site should be SEO’d for one location and five primary keywords.
$1 MILLION AND ABOVE
The most cost-effective way to get prospects is Inbound Marketing. Inbound generated leads cost 61% of the cost of average outbound leads. The challenge is that you need to make a significant investment to realize the savings offered by Inbound Marketng. (Hubspot) The price you pay per lead is 80% lower after five months of a concerted effort at Inbound Marketing. (Eloqua) You need to cover the cost of building a successful Inbound system before you start receiving the benefits. This system is usually best for companies doing over $1 million a year and with about ten employees, or the resources to cover the first five months in either cash or sweat equity.
If you’d like help deciding what the best website is for your business, schedule an introductory call and let’s discuss.