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If you run any business, you will likely know that getting quality leads is essential for the growth of your business. It will be on the top of every marketer’s mind, whether it’s a startup or an SME. It is also true that the quantity of leads is not necessarily the correct parameter to judge your lead generation success; the quantity of leads does not convert directly into revenue because all leads are not created equal and some leads are just better and have a higher chance of conversion. It is the pursuit of these chosen few that drives up the cost of the quality leads. Let’s understand why.
What is a Quality Lead?
Firstly, we need to understand what constitutes as a quality lead. A quality lead would satisfy the BANT principle, which stands for:
- Budget: does the lead have the budget to purchase your product/service – can they afford it?
- Authority: does the lead have the authority to sanction the purchase decision – are they the key decision maker in the organisation?
- Need: can you product/service solve an immediate need for the lead – state of urgency?
- Timing: what is the timeline the lead is looking at for taking the decision – how quickly can you deliver?
A lead that satisfies most of the above criteria would be considered a quality lead as it would have the ability, need and the willingness to buy.
What makes these Quality Leads Expensive?
- Finding precise data and valid contact details can be a challenging task
Obtaining accurate data is a crucial factor in generating quality leads. It is essential to have verifiable information about the prospect, including email addresses and company names, to determine their suitability for your business.
- The majority of leads may not fit your target market or buyer persona
Leads that do not meet the criteria of your ideal customer profile, such as industry, title, location, and other BANT criteria, cannot be considered quality leads.
- Some leads may not have the budget to afford your services
Although budget is one of the BANT criteria, it is also one of the most significant factors to consider. Engaging with prospects who cannot afford your services is futile. Hence, it's important to inquire about their budget during initial interactions.
- Reaching out to decision-makers and company influencers can be a daunting task
Identifying the right person responsible for purchasing decisions is the "Authority" criterion in BANT. However, this can be challenging, but one can always request referrals to reach out to the right person.
- Most leads may not be sales-ready
The "Time" criterion in BANT states that some leads may not be ready to make a purchase immediately. However, employing various tactics like discounts, offers, and skilled sales representatives may help speed up the decision-making process.
- Creating content that attracts the right leads can be difficult
Developing relevant and engaging content that resonates with your target audience is crucial in attracting the right leads. Seeking assistance from professionals in developing a content marketing strategy can help overcome this challenge. At our company, we can assist you in creating weekly content, e-books, and other offers to attract, convert, and nurture qualified prospects to turn them into customers.
In conclusion, while quality leads may be expensive, the investment is worth it. By targeting the right audience, you can improve your marketing results and generate a higher ROI for your efforts. To target the right audience effectively, you need to invest in market research, data analysis, and a variety of marketing channels. While this may require a significant investment of time and money, the payoff is worth it in the end.
