Let’s talk about lead generation.
One of the biggest mistakes that I see when it comes to lead generation is that people put all their eggs in one basket. Most people are trying to leverage only Facebook ads to gain business and new clients. When I started selling back in the 80's, yes 1989, we didn't even have the internet or phones that were not attached to the wall. Seriously!
It still amazes me that people are not using LinkedIn for business when that is where all the KDM's are hanging out, just minding their own business, working on being KPI's......
I agree that Facebook ads and Google Adwords can be a great way to grow your business. The problem is that most people don’t have enough data to make Facebook ads work. If you’re going into Facebook ads thinking that you can put in £50.00 and get £1500.00 out, you have the wrong idea. The people earning the most money nowadays on Facebook and Google advertising are Facebook and Google.
The mindset with Facebook is just like the mindset when you go to the casino (if you don't go to the casino imagine Brighton pier and that game where you have to grab a teddy bear in a vice grip). You have to expect to lose a certain amount (all) of your money with no return from that investment. Similarly, that is the way that you need to think with Facebook ads and for that matter online marketing, they are a long term game!
Facebook and Google ads are just one part of a much bigger ecosystem that you have to build to be successful.
I suggest looking at all the different ways that you are acquiring leads. Maybe it’s speaking engagements, marketing emails, advertising in print or online, Facebook groups, or Facebook ads. Figuring out not only the money investment but the time investment as well will help you to track how many leads come from each source, how much it costs, and how much money you are making.
Remember, not all leads are created equal. You may have a lead source that puts a ton of people into your lowest priced sales funnel but they then don’t go on to buy anything else.
Overall, you want to be spending money where your ideal client and higher ticket clients is coming from. To do that, you need to be able to understand:
1. Where are all your leads coming from?
2. What are the costs associated with that (both in money and time)?
3. What is the average sale from that?
4. How long is the average life cycle/how long do they stay with you?
5. How many referrals do you get from that?
For example, in my business, I have one post that I did in a Facebook group that I still get referrals from to this day. That one post has generated more than £200,000 in sales for my business. I now know that that is a lucrative area for generating leads for my business.
Figuring out the cost to acquire a lead, the cost to acquire a customer, and what the average of that is worth will allow you to determine where you should spend your time.
Once you have your data there, you can also figure out the buying cycle for your customers.
Are they the type to meet you and immediately buy something, or are they people who come onto your list and stay there for months before buying?
Not every client will follow the same pattern but it’s important to know the pattern of the majority of your buyers so that you can determine how many leads you need to hit your next goal.
Once you have all the data, you can make educated decisions about where you invest your time, money, and resources. You are planting the seeds for your customers and waiting for them to bloom. For some, this may take 6 months worth of work, for others, it may take a week. It all depends on your ideal client’s buying patterns.
It’s important to also remind yourself that you may not see an immediate ROI when it comes to lead generation. People tend to pull the plug on initiatives that could be game changing for them because they don’t see immediate results.
It’s all about the long game when it comes to growing your business! The more that you can ground yourself in the fact that you’re in this for the long haul, the faster that you’re going to be able to succeed.