You want to achieve the right balance of Lead Quality versus Lead Quantity. Lead Quality refers to how likely it is that the lead will become a customer.
They usually have an inverse relationship…
High Lead Quality usually means low Lead Quantity
High Lead Quantity frequently means low Lead Quality
The level of commitment of your offer is what determines Lead Quality.
For example, a low commitment Offer you could make is "Sign up for 25% off."
The result is….
High Lead Quantity - lots of potential customers may enter.
Low Lead Quality - a small percentage of those leads will actually be interested in your product or service. The majority will have a very low probability of converting to a sale.
The opposite is also true…
Perhaps the highest commitment "Offer" you could make is "Call to talk to a salesperson." Only the quality leads will usually respond. The potential customer has to be really interested in your product or service to make a call.
The results are very predictable. You'll get...
Low Lead Quantity - because few potential customers are ready to talk to a salesperson today.
High Lead Quality - those few who are ready to talk today are "in market," actively searching for a solution, have the budget, and are ready to buy. You'd expect a high percentage to convert to a sale.
Modify Lead Quality and Quantity by changing Your Offer and Content.
• Mention price
• Provide more info
• Ask for more info
• Nominal fee
• Narrow appeal
If you're getting good Lead Quantity - but poor Lead Quality - be sure your potential customers know the ball-park. You want to ensure that those who respond really are Willing and able to spend that amount.
Tell more about your Offer and its benefits. More information helps potential customers "qualify" themselves. They're more able to decide whether this is what they're looking for, or if the information will be helpful.
Ask a few more questions on the response form. The more required fields, the higher the Quality but the lower the Quantity.
Those willing to give more information or answer more questions are more genuinely interested in your offer.
Charge a nominal fee. If you're offering samples, charge a small fee.
Make your Offer have narrow appeal. The closer your offer relates to your product or service, the higher the Quality.
Require a credit card to try your service.
Require that the potential customer contact you to arrange a demo.
What if your "Quality" problem is leads from the wrong audience? If your Offer is too generic, like "download our brochure," you're not using your offer to target the right prospects.
Think about the specific offer to address pain points from your potential customers point-of-view.
To improve the quantity of leads: reduce the amount of required information you ask for.
• No price
• Less info
• Ask for less
• No fee
• Broad appeal
Allow your potential customers to try your product without a credit card. A "free trial" may sound low commitment - but requiring a credit card isn't perceived as low commitment.
Broaden the appeal of your Offer. Offer a popular gift card - something everyone can use. The broader the appeal of the Offer, the higher the quantity of leads.
Make a more attractive Offer - something that might be perceived as more valuable or helpful.
For business to business marketing, design your Offer to appeal to decision-makers at a certain level, at certain-size companies, and in certain industries, whenever possible.
The key to crafting the most appropriate Lead Generation Offer is to decide where you want to be on the Quality/Quantity Spectrum.
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