... COVER CONTINUED It’s very likely that the problem isn’t bad leads, but rather a conversion problem or economic problem on your end. (Economic problem = your ability/ willingness to spend the required money necessary to generate and convert a lead.) I ran into this issue years ago at The Newsletter Pro, and it was so frustrating. At the time, we were set up to get most of our business from referrals — either a referral partner or a direct referral from our customers. (Which reminds me — if you know someone who loves referrals, repeat business, and converting more of their warm leads to customers, you should refer them to us. You could win a brand-new Tesla! Go to TheNewsletterPro.com/tesla for full details.) The first time we started using Facebook for lead generation, it bombed. We generated 550 leads in 30 days but converted zero. These were quality leads, too. We had full contact info: name, address, phone number, etc. Many of these should have been good leads, but our system at the time was not set up to convert cold leads to warm leads and, finally, to actual customers. I burned $20K over a few months of this test, and we may have gained one customer — likely someone who already knew me or The Newsletter Pro. Think about your business right now. Are you set up for cold lead generation and conversion? Are you more of a referral-based company? Do you only work with referral partners? There isn’t a right or wrong answer here, but the answer to this question will tell you where you should be focusing your marketing efforts today and highlight areas you may want to work on or strengthen as your business grows. “I can’t stress enough how IMPORTANT it is for you to know how your company operates from a LEAD REGENERATION and CONVERSION standpoint .”
This misunderstanding regarding lead types your business is set up to capture effectively and convert
Ideally, you can get to the point of bringing in leads from three or four categories of leads, but right now, you should simply focus on whichever area you’re having success with and double down your marketing on that area. This will allow you to win more from what is already working. Once you’ve picked all the low hanging fruit in one of the above lead generation categories, you can gear up to learn and implement the next category that makes the most sense for your business model. I can’t stress enough how important it is for you to know how your company operates from a lead regeneration and conversion standpoint. Without being clear on this point, you will burn a ton of money and spend countless hours frustrated at your marketing/lead generation efforts. You’ll also continue to have “gurus” or marketing salespeople take advantage of
is causing waste and frustration. It is also costing you money and time, which damages your business.
Most businesses’ lead generation typically falls into one of four types. 1. WARM LEADS - This type of lead generation comes from referrals from existing customers or warm lead generation sources. 2. COLD LEADS - This type of lead generation is where you pay for media, like Facebook ads, and convert those cold leads into paying customers. generation where you get all or nearly all of your leads from a small number of partners who recommend you to their customers: for example, a chiropractor who gets all of his new patients from three personal injury lawyers. 4. BUNDLED CUSTOMERS - This is where you have a partner relationship that includes your services when a partner sells their services. Once you’re clear on how your business currently operates from a lead generation and conversion standpoint, you can review the different types of media and figure out what works for you. Can you see how focusing on media that brings in the wrong type of new leads could cause issues with converting those leads? 3. PARTNER LEADS - This is a type of lead
you, recommending tactics that simply won’t work for your company.
–Shaun
P.S. If you want help converting those leads to customers, getting more referrals in the new year, or lowering your churn, give us a call at 208-297-5700 or schedule an appointment at NewsletterPro.com/ schedule .
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