B2B Lead Gen – Swimming in Choppy Waters
“Life would be so much easier if pre-qualified sales leads could walk right into your inbox and all you need to do is add it to your sales funnel… we aim to make it that easy for you….”
So reads the LinkedIn profile of a marketing company that specialised in lead generation and data cleansing services. Much touted as a success story, recently it had to close its business.
A meteoric rise. Followed by a nose dive!
Many more similar examples abound of agencies in India who seem to have discovered the magic potion for generating leads for high end solutions – only to exit or move out of this space in a couple of years after ending up in the red.
Keeping the organisation afloat is a challenge that you are always faced with; a fine line between how much profitability you are willing to compromise for market penetration needs to be understood.
The conventional payment trend for lead generation activities is based on a pay per lead mechanism where the client would only agree to pay for a lead and discard all prospects that have been pursued and nurtured in the hope of converting to a lead. On many occasions, delayed follow-ups and lack of skills at the partner level make a hot lead slip out and fall into the hands of competition. While everyone loses in the process, guess who bears the brunt of this slippage – the agency, of course!
One must consider the fact that prospecting is a time-taking process and several of your prospects probably need some more time to foster the relationship you have built. A lead is not finalised as soon as the prospect says, “yes, call me back” or confirms an appointment.
- In a scenario of higher targets and shorter timelines, clients need to understand that quick fix solutions are not always sustainable.
- Agencies need to be given longer term contracts so that prospects can be nurtured and converted to leads over three or even four quarters. The expectation that every lead should be on a “where do I sign?” stage is unrealistic.
- Clients need to view agencies as partners, value their experience, agree on a win-win price and strategise jointly for best results.
B2B lead generation is forcing agencies to shutdown, it has almost become the Blue-Whale Challenge for marketing agencies. However, the scenario is evolving and therefore exciting.
As a service, lead generation has a huge potential. There are several agencies who have been in the business and have been able to hold their own by innovating & adapting to the changing times. It is time that you realise what is going to work for you best and up the ante for your company.