29 Aug Jargon Buster – Leads.
Jargon Buster – Leads.
From YMG – The Award-Winning Digital Marketing Agency in Chelmsford, Essex.
But what exactly is a lead? We’ve talked about them a lot in previous posts, but have we ever gone in-depth with what a lead is or what they do?
Well, we have now. As it’s time that leads get the Jargon Buster treatment.
Here is the latest edition of Jargon Buster, focusing entirely on leads in business. As always, we recommend you read the entire article rather than skipping or skimming through. This way you’ll develop a broader understanding, and how it can affect your business.
What Is a Lead?
The short answer is that a lead is someone interested in your business, service, or goods. But, to fully make the most out of understanding leads, we advise that you don’t settle for the short answer.
The full answer is that a lead is an individual that may be willing to convert into a customer. Sometimes referred to as a prospect, a lead is someone highlighted as worth targeting with lead nurturing campaigns. As they have expressed some interest in your business or service before, they’re more likely to convert than others.
Identifying and creating leads is a vital part of any successful business. Without them, a business can often experience lower sales or conversions, regardless of the marketing effort.
A lead doesn’t have to be part of your target or ideal audience but often falls into these categories anyway. But, if a lead doesn’t fall into these, it doesn’t make them any less valuable or important.
How Do I Know the Leads Are Interested in My Business?
A lead is only a lead because of the interest they’ve shown in your business, service, or product.
Unsurprisingly, a lead is identified often through lead generation campaigns. However, they can show interest in other ways. Face to face and via meetings is another form of identifying leads, with them showing interest in the flesh. Recommendations are a further example. Although the individual may not have exchanged details (like they would via lead gen methods), it doesn’t mean they’re any less of a lead.
Signing up to mailing lists is another way to identify leads and their interests. Because of course, they wouldn’t subscribe unless your content was of interest to them.
Overall, there are two different ways of telling that an individual is interested and therefore a lead. The first being the exchange of details or subscription to your content, such as via a lead gen campaign. The other is that they fit your target audience, but in this case, you may need to make the first contact.
What Do Leads Do for My Business?
Leads are everything in business.
When you have identified your leads, you can focus your marketing and nurturing efforts on them. Because they’ve shown interest in your business or services, they’re more likely to convert.
So, what do leads do for your business?
They represent a higher chance of conversion and sale than your target audience. Although you’ve identified your target audience as most fitting, they will not always be interested in your business. However, a lead has already shown direct interest. Because of this, they represent a higher chance of a sale than a random member of your target audience.
A lead is, arguably, the next stop along the buyer’s journey from identifying a member of your target audience. As stated before, a lead isn’t always a member of your target audience, however.
How Can I Get Leads for My Business?
The best and most reliable way to generate leads is to give your business a lead generation campaign.
This campaign will draw your target audience to your website. And a successful one will create a database of information on interested individuals. These individuals, once they’re subscribed, are your leads.
If you’re looking to grow your business with the use of a lead generation campaign, click here to see how we can help.
What Specifically Attracts Leads?
Sadly, there is no blanket answer for this question. But we will try to best answer this question to fit all businesses.
Your business, service, or product serves a pain point of your customers. No matter what it is. What your business does or provides helps your audience with something they need or want. Identifying what these pain points are will attract your leads. They have an issue or situation they want solving. Highlighting that your business understands this pain point, an that your product or service solves this will attract leads to your business.
Simply put, that’s it. Showing off your item may attract some interest to your business. But identifying with your audience and highlighting you understand their pain point will always attract more. This interest can develop into leads and leads into sales.
If you’ve scrolled straight to the bottom of this page for a quick fix, then congratulations. You’ve missed several important lessons! However, if you’re here by reading the rest of this blog, you’ll understand everything you need to know about leads.
Constantly generating new and fresh leads is important for any business to succeed in the long run. This is why having a lead generation campaign of any sort is hugely beneficial to any business.
Remember, not all leads will convert into customers. And that’s OK. If 100% of your leads become customers, you may need to prepare yourself for becoming an industry icon. Because numbers like this are extremely unrealistic.
If you want to learn more about leads, lead generation, or lead nurturing, why not get in contact?
Thanks for reading, and we’ll see you next time on YMG’s Jargon Buster.
YMG are an award-winning and full-service digital marketing agency based in Chelmsford, Essex, and home of the Jargon Buster series, helping business owners to understand the technical terms of digital marketing.