Author by Wassim Karkabi
3 Lead Generation Tips for Business Growth
Taking the opportunity to generate leads that could result in business growth is something I never pass up. At a conference in Dubai I sat at a table with five other people. For me, this presented five opportunities to get more customers. So I started by having what I’d call Big Talk. I asked each of them what they did, and in five minutes I found out three were business owners and potential clients.
I then focused on the active niche on my table and asked each of them a series of Big Questions. The most interesting of answers came from one man: “Our business is doing great, we’re growing fast, and we’re looking forward to 2018.”
I was curious; what was he doing that got him there? I asked him and there was a long pause, and then came the interesting answer: “Actually, I have no idea.”
That brought to mind a slew of questions, which when answered could take his business from its current good performance to being a massively and sustainably growing organization.
1. What Most CEOs Measure
There is only a handful of things a CEO needs to focus on to achieve growth. Most good CEOs zero-in on measuring certain standard business results. This is a must-do in any organization. They measure customer growth, sales revenue growth and profit margin growth, or lack thereof. Stop measuring those and you can’t tell how your business has been performing.
These three measures have something in common. They are all time deficient. Every time you measure these three key results, the only thing you’re doing is measuring the past performance of the organization up until the moment you took that measure. If you’re charged with the growth of your business, you’ll need to take a couple of steps back and look at the drivers that deliver that growth.
2. Begin with Lead Generation
The most important driver is lead generation.
We have become focused on marketing and advertising activity for the sake of it. If you cannot measure what your marketing and advertising efforts have produced in specific and unique client leads, it will be difficult to understand what such activity to invest in, and which to forget.
When you prepare your next marketing activity, ask yourself two key questions: “How many unique customer leads should I expect this to generate? And how can I measure that those leads came from that specific activity?” If your agency, or marketing manager cannot answer these questions, then play at your own risk.
3. Everything can be measured
No matter what the pros tell you, everything can be measured. Some things more accurately than others, and some will cost you a little more to measure.
Without lead generation, none of the other drivers matter. Whether you know it or not, your business is generating leads at this moment. You are in turn transforming those leads into clients. The question is how? What methods, strategies, tactics, and activities are you employing (by design or by chance) that are generating the lead pipeline for you?
If you want to grow your business you need to measure everything. Whatever gets measured can be changed. In lead generation, measure the following things and make a dashboard that helps you understand how this key driver is helping you grow – or not:
- Number of unique customer leads your business receives (per second / minute / day / week / month / quarter / year)
- Lead source (where is each lead is coming from, and why?) what are you doing (by design or by chance) that is generating that lead?
- Lead source contribution (to the total leads, being generated by the total number of sources)
Once you have this information flowing smoothly with timely reports, then you’ll be able to move on to brain-blowing questions and measures. You will start to understand how big business can afford to spend bag-loads of cash on marketing, advertising and promotional activity and grow tremendously. And others can’t seem to spend in the right place at all.