21 Feb What is B2B lead generation?
B2B (Business-to-Business) lead generation is the process of attracting and nurturing potential clients for products or services targeting other businesses. The recent B2B Lead Generation Services Market Report for 2023 states that the market valued the market size was $1900.34 million in 2021 and predicts that it will increase at a CAGR of 11.91 during 2023, reaching $3733.52 million by 2027.
B2B lead generation is crucial for the growth and success of many businesses that sell products or services to other companies. In turn, B2B lead generation helps B2B companies find new prospects and convert them into paying clients. B2B lead generation strategies typically include a variety of tactics. This includes content marketing, email marketing, social media marketing, search engine optimization, and account-based marketing, among others.
B2B lead generation is a multi-step process that involves the following steps:
- Identifying your target audience: The first step in B2B lead generation is to understand who your ideal client is and their needs and challenges. Companies can gather this information can be gathered through market research, client surveys, and data analysis.
- Creating a value proposition: Once you have identified your target audience, you need to create a value proposition that will attract them. This includes understanding their needs, offering unique and relevant solutions, and highlighting the benefits and advantages of your offerings.
- Building a robust online presence: To attract potential clients, you need to have a strong online presence, including a professional website and active social media accounts. Your website should be user-friendly, easily navigable, and optimized for search engines.
- Developing and executing lead-generation tactics: There are many lead-generation tactics that you can use to attract potential clients. This includes content marketing, email marketing, search engine optimization, and account-based marketing, among others.
- Qualifying leads: Once you generate leads, you need to qualify them to ensure that they are a good fit for your products or services. This can be done through conversations, surveys, and other interactions.
- Nurturing leads: Nurturing leads involves building relationships and providing valuable information and support until the prospect is ready to make a purchase. This can be done through email campaigns, personal follow-ups, and other communication tactics.
- Closing deals: Finally, the goal of B2B lead generation is to close deals and convert leads into paying clients. This requires a solid sales strategy and effective negotiation skills.
Therefore, the goal of B2B lead generation is to generate qualified leads. To qualify leads, sales teams need to understand the target audience, create relevant content, and build trust with potential clients. In turn, more than 85% of B2B companies consider lead generation as the most critical goal in their marketing strategies. However, 61% of businesses struggle to generate credible B2B leads, resulting in 79% of leads not converting into a sale.
For B2B lead generation to be successful, it is important for companies to consider the following:
- Build the appropriate marketing team: Cross-functional teams should create standardized marketing assets to produce comprehensive go-to-market materials for the field in this new environment. This will help the organization to compete better. The team needs to streamline the processes involved. In addition to this, it is crucial to include regional stakeholders in the content production process.
- Material created must outline the organization’s offerings: Focus on creating “outcome-based” material. This material should addresses the clients’ pain points instead of promoting the industry’s products. Besides hosting this content on internal landing pages, the team should also establish the required infrastructure for making a part of it publicly available on social media and other digital platforms.
- Promote content within the marketplace: The key here is awareness. Thus, leaders must ensure that they share the go-to-market strategy and content across the organization. This allows salespeople to quickly access the material and use sales productivity tools to track results.
- Share relevant leads: Sending the content to prospects via email and/or posting it on digital media channels, will likely generate leads. In order to properly incentivize the field, the team needs to share the client information gathered. This allows the field to follow up on the leads and potentially convert them into paying clients.
- Track results across levels: Field representatives need to track the overall effectiveness of their content. This includes tracking views and the effect on deals. By doing so, the company can improve successful sales content and remove content that fails to gain traction. This will allow the company to measure their performance to maximize the quality of their content and leads.
By utilizing these five considerations, the company can raise awareness of its products, services, and/or offerings. In turn, this not only helps in attracting quality leads but also amplifies awareness of the organization’s brand and values.