Have you ever felt like your ecommerce business is stagnant? Like you're not moving forward or making any progress?
You may be at a standstill because of the lack of leads. And while there are many ways to generate new leads, it can be difficult to know which ones will work for your business. We'll discuss how lead generation works and share some tips on how you can get more leads in order to grow your ecommerce store!
What is lead generation and why does it matter?
Lead generation is the process of getting potential customers to express interest in your product or service, whether that be through requesting more information or signing up for a free trial. You can generate leads online, offline and via email campaigns.
Lead generation matters because it allows you to build an audience of prospects who are interested in what you have to offer. This enables you to:
a) increase sales from that audience by targeting them with content and promotions,
b) build relationships with those prospects to turn them into loyal customers.
Free tools for generating leads
There are various ways to generate leads. Some more effective than others. In this section, we'll discuss the various tools available and how they can help your business.
a) Content marketing : Write blog posts and share them on social media to attract inbound links and build organic traffic. Your website should rank well for search terms relevant to your business. This helps drive in traffic and leads.
b) Paid marketing: Invest some money into lead generation using paid ads on Facebook, Instagram, Google Adwords or other platforms that you may already be using for advertising.
Lead generation strategies that work
Now that you know the various tools available for lead generation, we'll talk about some strategies that can help grow your ecommerce business.
a) Selling to existing customers : Let's say you offer several products or services on your site. It makes sense to promote those other offerings to the leads who have already subscribed to a freebie or downloaded a piece of content.
b) Selling to non-customers : Work on getting your freebie listed as a resource or article suggestion on authority websites like Entrepreneur, Inc and Forbes. This way, you can attract new leads who are interested in learning more about startups, new business ideas etc.
c) Sell to people who aren't even looking : Don't just rely on those who are actively searching for a solution to their problem. Instead, work on getting your content and website in front of the people who have never even thought about an issue that you can solve! This way you open up opportunities to reach a whole new target audience, ultimately broadening your lead generation efforts.
How to measure success and ROI of your efforts
The great thing about lead generation is that you can measure the success of your efforts. You can track the number of leads you're generating and their conversion rate to paying customers. This way, you know which strategies are working well for your business!
In fact, a lot of free tools are available online to help you do this such as Google Analytics for measuring website traffic and Kissmetrics to track leads.
Tips for maximizing the lifetime value of a customer
Remember that when you pay for ads, it's not just the initial sale that matters. You want to make sure your investment in a customer leads to them coming back and spending more money with you. To do this, try offering:
a) Free samples or trials : If a customer provides their information on a trial signup form, allow them to try your product or service free for a limited time. This way, they sign up with the knowledge that they're not fully committed if it doesn't work out.
b) Free ebooks : Give away an ebook on some related topic. Then promote it online and offline using print marketing material like postcards and business cards. Alternatively, include a link to the ebook for people who want more information on your website.
Why you should be investing in lead generation today, rather than tomorrow or next year
Here's why you need to do lead generation now...
If I asked you which is more valuable, customers or prospects , what would you say?
Customers. Of course! Why would you have so many people who are not your customers yet? Don't they cost money and time as well while they are just leads ?
Well yes, they do cost money. Every time you send an email, make a phone call or spend any time at all with your leads , you are investing in them. You're spending money on ads, sales or marketing people to talk to them etc and it does cost you something.
You have to consider how much money every customer is worth and compare that to the cost of spending on leads . Is it really worth putting all that time and energy into getting leads if they don't actually pay your business?
I think the answer will be different for every business, but I'd argue that more often than not in the long run, you get back what you put in. You may have to wait longer for the returns to come, but if you are a business owner or entrepreneur, you know what that is like.
So instead of wondering whether you should start working on lead generation now or wait later when things settle down in your business ... just go ahead and do it! As with a lot of things in life, taking action today will put you in a better position tomorrow.
The first step in generating leads is to know what you're trying to accomplish. Lead generation isn't just about driving more sales; it's also a way of finding prospective customers who might be interested in your products or services, and then nurturing these prospects until they become repeat buyers. This approach can dramatically increase the lifetime value of each customer because you will have an opportunity to provide them with ongoing service after their initial purchase. If this sounds like something that would work well for your business, read on! We've created a list of lead generation strategies that have been proven effective by businesses large and small across industries such as retail, real estate, finance, healthcare - virtually any industry where there are potential clients looking for a solution to their problem or need.