A strong lead pipeline is critical for any business to be successful.
A business has to be generating new leads consistently and steadily in order for it hit sales targets and reach revenue goals.
However, for many small businesses, generating enough leads isn’t easy.
Many entrepreneurs often end up spending time networking, talking to people and just hoping and praying that leads will show up or somehow walk through the door.
As a marketing consultant and Digital Media strategist, I’ve been on both sides of the equation.
I’ve struggled for leads myself, as a business owner, and I’ve also helped so many clients generate more leads than they can handle for their business.
And from my observation, I’ve found 5 common reasons why businesses fail to have enough leads and what you can do to build a consistent pipeline of leads coming over and over…
Reason #1 – Being Too Broad And Trying To Represent All Categories
A business is likely to have more than just one product or service offering. However, most of your best customers are unlikely to look at a whole suite service when they come after you.
Rather, they’re going to look for a specialized offering that you have.
For example:
A chartered accountant may offer end to end audits, accounting compliance, etc.
However, when a business approaches the CA, they can either be approaching them for:
- GST Services/Registration
- Company Registration
- Tax Filing
The customer is likely to look for a specific problem, rather than the whole suite.
So if you’re out there, talking to people and telling them that you offer end to end accounting, it’s just simply too broad.
Most people can’t grasp or understand whether you’ll be able to solve their problem.
But when you’re specialized in your messaging, you can get a more qualified lead and convert that lead later to other services.
Another example:
In a BNI meeting the other day, I met a Corporate Lawyer who handles non-litigation cases.
I was confused and really unsure about what he does, and didn’t even think I would need his help.
Until one day, he told me that he specializes in trademarks as part of his Corporate Law practice.
That’s when I realized I could work with him to get my trademarks registered.
The specialized you are, the easier it is to attract business and convert.
If he hadn’t used the word trademarks during his conversation with me, I’d have Googled for my solution and gone elsewhere.
Getting specific helped seal the deal for my friend.
Reason #2 – Not Having A Marketing Strategy At All
When I go for a few client meetings, I ask them, “Do you have a documented marketing strategy that you’ve used before and how has that performed?”
And very few people have an answer to the question.
They’re like we’ve tried paper ads, brochures and bill boards – but we haven’t documented or measured any of them in a document.
Maybe, ABC from the Finance Team can help you.
If that’s the case with your business, then you’re NOT going to have leads.
Marketing, as an activity, is an uncertain activity. It involves people and the market.
People’s dynamics change consistently over and over.
… which means – a marketing message that worked today in 2020 won’t work necessarily 5 years later – which is why it’s important to track, measure your marketing performance.
And you can only do that when you have a solid marketing strategy in place.
It doesn’t matter if you’re marketing strategy is successful from the get-go.
But it’s critical that you have a series of steps, ideas and methods that you’re going to implement to get your message out there.
And you’re documenting their performance consistently, comparing that to your bottom-line numbers and understanding what works, what didn’t and improving on what worked.
So understand who your aiudience is, who your best customers are and put together a marketing strategy in place.
Start implementing it, and document your results and their performance so you can tell what’s working and what isn’t.
Reason #3 – Not Using Digital Marketing
In this day and age, researching and buying trends have changed.
There was a time when people wanted to buy or look at something, they’d look at the Yellow Pages or phone a relative asking for a recommendation.
With the advent of the smartphone and deep internet penetration, people from all regions are literally using Digital to research, gather information and make purchase decisions.
There’s a massive technological disruption happening.
Right now, your industry may not be Digitally viable – with very few people from your target market using Digital Media.
But they’ll learn to use them soon (it won’t take a decade. It just takes months or years in the Digital age).
And when they do start using it, they’re going to check you out online, they’re going to look for solutions online.
If you aren’t Digitally present when they’re researching, you’re going to lose business.
The interesting thing with Digital though, is that – there’s just far too much noise out there. So across 100 brands, only the top 5 are going to get most of the business and the rest are going to get peanuts.
The question is, when Digitization/Digital Commerce hits your industry (and it has already in a lot of industries), are you going to be among the Top 5 or are you going to be the one with a sore thumb?
Decide for yourself.
Digital marketing is critical regardless of whether you’re a B2B, B2C or you have a regional product.
Reason #4 – Not Delivering Value Upfront
Consumer’s shopping trends have changed.
There was a point of time when people purchased products from businesses – because “that” business was the only one that existed or they had very few perceived options.
But in this age, there’s just too much choice out there – which is going to make it hard for you to stand out – if you simply have a blatant self-promotional message.
Instead, what you need to do is focus on delivering value to your end user by giving them a taste of your product/service.
Through quality content marketing – where you educate your target audience about the product, the problems, pains, etc – you deliver value and through the value, you build trust – which in turn leads to business.
For Example:
Builder A – sells properties worth Rs. 1 Crore and above in Bangalore City and runs blatant promotional campaigns on Facebook, Newspaper, etc asking people to buy.
He definitely gets sales.
But compare that to:
Builder B – sells properties worth 1 Crore and above in Bangalore city, but in addition to running promotional campaigns, he also runs a blog called: MyFirstHome.com – in which he talks about the pain and challenges people face when buying their first home.
He gives advice on how to evaluate property papers and how to plan their finances for buying a home and what steps they can take to reduce their rent so they can plan their EMI’s, etc.
Through consistent content, he builds trust – and when a prospect wants to purchase a house, he is likely to go with Builder B – because of the trust he has built over Builder A.
So learn to deliver value. Create value – so you don’t have to struggle with bargaining. When they come to you, you must be the indispensable choice.
Reason #5 – Not Being Consistent
Marketing success is a result of quantity and consistency, and this is why having a strategy in place is so crucial.
People rarely buy from you at the first go. You need to show up in their faces and register your impression in their heads over and over time and again.
That’s why successful brands like Colgate, Coca-Cola, etc – continually spend billions on TV ads and other campaigns consistently.
They do this to get consistent visibility and consistent visibility leads to credibility.
So it doesn’t matter what marketing strategy you adopt – whether it is content marketing, newspaper ads, Facebook ads or YouTube marketing – all that matters is whether or not you’re consistent.
The more consistently you show up, day after day, week after week and moth after month with your branding, the sooner your audience will chase after you like a magnet.
With that said, if you’re an entrepreneur who would like to have MORE than enough leads knocking on your door…
… and would like a powerful Digital Marketing strategy in place that will land you customers, I encourage you to check us out at Zenquest Digital and apply for a Free Marketing Strategy Session with one of our team members.
