No matter how established your business is, you always run the risk of losing your customers to competitors if you don’t market your product appropriately. This is also true if the switching cost for customers is low. Customers can switch loyalties at the drop of a hat if you aren’t constantly giving them a reason to stay. Most consumers are self-serving, in that they are looking for their desired product for the most affordable price, so switching companies isn’t an issue for them. As a business, your goal is to make the option to switch difficult for your customers.
For many companies, competing on price isn’t the most effective approach. Brands do not want to undervalue their product or service – and that’s when a lead generation campaign can help them grow their business. You should consider running a lead generation campaign if you fall into the following four categories:
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If you sell an expensive product that has a cheaper version in the market (for example, Luxury Travel, B2B SaaS, or Healthcare.
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If you require recurring payments for the service you offer.
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If your sales have been going down despite having an established brand.
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If your cost per acquisition is too high for you to generate a positive ROI on marketing spend.
Whether you fit into those four categories or not, let’s look at some ways that a lead generation campaign can help your business.
Explain your product better
As you capture a lead, the potential customer has now given you permission to contact them, often on an ongoing basis. This is great for your business as it allows you the huge opportunity to explain your product and benefits in more detail – a chance to tell them what sets you apart from others. You don’t have this luxury in a price-driven marketplace and even if you do, chances are people will ignore it.
Soure: Starbucks
Retarget better
If you sell an expensive product then most likely your product has a longer buying cycle as well. Within this cycle, customers are most likely to conduct more research before finally making the purchase, and rightly so. For example, the ad below was delivered to people who visited a specific URL, offering a more tailored approach.
They may not even buy from you at the end of it but if you have their contact information, you can regularly send them your latest offers and remain top of mind. Be smart with your lead generation campaigns and capture user consent for receiving your correspondence.
Source: NeilPatel
Keep your sales floor active
As you generate leads, your sales floor can now do what it does best – persuade customers to buy. The more they talk to potential customers, the more they learn about the marketplace and user expectations. Having the opportunity to speak to potential customers at all times keeps the morale high on the sales floor.
This sales floor can be physical, or virtual, like in the form of an online chat, where potential customs often leave insight into what they are looking for.
Understand your competition
If your leads are engaging with you, chances are they will tell you if they’re considering other companies for the product (if not, ask!) This helps you in determining who your real competitors are, what they are up to, and if they are selling the product at a higher or lower price.
You can take this information and incorporate it into your competitor analysis, an important piece to any lead generation strategy. This type of information is invaluable.
Source: Infographic World
