Did you know that the average cost per lead across all industries is a little over $198? Some lead generation strategies are more effective than others, depending on your industry. The strategy you choose should be targeted to your audience to help keep costs down while finding leads.
While 9% of all companies spend under $10 per lead, the top 4% of companies pay over $1,000. This is because the value of a lead is incredibly different depending on your industry and the nature of your product. A single lead that results in a coffee sale is not the same as a lead that results in an auto loan.
Want to learn more about the different lead-gen marketing strategies? Here’s an overview of lead generation and the best strategies to consider.
How Does Lead Generation Work?
Lead generation is the core part of the sales process. This process begins by attracting general traffic among your target audience. This traffic is then converted to consumer information that can be used to create and nurture new leads until they become sales.
Turning traffic into customer information is the key element of lead generation. This can be done in a few different ways depending on the industry you’re in. The most common method is through online surveys, quizzes, and even free trials.
Free trials and discounts are often the most popular, effective methods. This is because you get to capture essential information while also showcasing the benefits of your product or service. In this way, you generate and nurture the lead at the same time.
How to Generate Leads for Different Industries
As mentioned above, there are various ways to generate leads specific to the industry that you’re in. Free trials are usually the best method for service-related industries, while discounts and quizzes are more effective for products.
Within the mortgage industry, quizzes that estimate your payments are incredibly effective. This is because you can provide useful information to the customer while also capturing information to generate and nurture the lead.
The Best Lead Generation Strategies
When it comes to choosing your lead generation strategy, it’s important to keep your target audience in mind. This is because the strategy should always be optimized to attract the most amount of attention in the most effective way. Here’s a quick look at the best strategies you can use for lead generation.
-
Social Media
Social media is often the most underrated tool when it comes to lead generation. These social platforms offer businesses the unique opportunity to communicate with customers on a more personal level while also sponsoring targeted ads. The platforms themselves offer tools to help you target your audience so that your ad spend is always effective.
-
PPC Marketing
PPC marketing is the most cost-effective marketing strategy for lead generation. This is because you don’t pay for awareness itself; you pay for engagement. By sponsoring ads this way, you rely on platforms and search engines to find your target audience and put your brand in front of them.
Once they click the ad to signal that they’re interested, that’s when the lead generation process starts. The best part is that you only pay for the clicks you get, not for the ads that get skipped.
-
Local, Targeted Marketing
Social media and search engines allow you to scale your marketing with the click of a button. However, local marketing is even more effective. Using customer data, you can target your ads in specific locations to bring awareness and generate leads from that area.
This is particularly useful in industries that require physical store sales.
-
Search Engine Optimization (SEO)
Search engines are incredibly powerful tools that everyone uses on a daily basis. There are things you can do to optimize your website and online presence for search engines so that you always show up whenever people search for you. You can use location-based SEO to target your audience even further, making your entire marketing strategy more effective.
-
Referral Programs
The most effective marketing is done by your customers, not you. This is why it’s so important to provide excellent service so that customers keep coming back and bring their friends along with them. You can also host referral programs to reward loyal customers for spreading the word.
In this way, the discount you give your initial customer is the price you pay for gaining another customer. In most cases, this is the more cost-effective option.
-
Video Marketing
Video marketing has never been more popular due to new social media platforms like TikTok and YouTube Shorts. Especially in the automotive industry, creating video content is the most effective way to show off your new inventory. Sponsored video content can also be targeted, giving you the best of both worlds.
The Best Lead Generation Marketing Strategies
As you can see, there are a few different lead generation strategies you can use. While some strategies are great at building recurring customers, others can be used to build a brand that naturally attracts new customers over time.
When choosing the right strategy to implement, it’s important to use industry data to guide your decision. This way, you can ensure that your marketing budget is allocated effectively.
If you’re thinking of upgrading your lead generation strategy, Accumulate is the perfect partner. Visit us to book your demo, or contact us directly if you have any questions!
