B2B marketers love the notion of getting more qualified leads while spending less, whether it be pay per click campaigns, email marketing or print advertising. However, reducing your lead generation costs is easier said than done.
Too many companies fail to track and measure their lead generation efforts. As a result, they’re unable to base their decisions on sound data, which forces them to rely on gut feeling and take a reactive approach when funds dry up. The approach is inefficient and can seriously damage your company’s profitability potential.
So if your marketing finances are suffering from high lead generation costs, here are three actionable ways to streamline your marketing activities, measure important KPIs, and reduce cost per lead.
1. Utilize Marketing Automation
Marketing automation solutions like Pardot allow enterprises to create intelligent programs that speed up the lead generation process while allowing prospects to find their own way to your sales team. Users can measure which inbound marketing activity is delivering qualified leads at a lower cost and vice versa. For instance, if email marketing delivers a lower cost per lead than pay per click marketing, and you see the same pattern after 2-3 campaigns, it would be wise to discontinue the latter.
Companies also have the option to look at top Pardot competitors and compare top marketing automation platforms. Some sites provide a list of alternatives to Pardot side by side along with their ranking to help B2B companies make the right software purchase. Some even go as far as to help you get a free demo and custom price quote on top solutions. Novice enterprise software buyers can take advantage of the buyer’s guide available on such comparison websites.
2. Create Harmony Between Marketing & Sales
There should be a clear boundary between the marketing and sales teams and their roles should be clear to each of them. Sales staffers should focus on qualified leads rather than spending time on uninterested prospects. At the same time, marketing representatives should refer only hot leads to the sales team. That way, the conversion rate is going to increase, and a higher conversion rate will reduce cost per lead.
Without effective communication between the two, lead generation can become ineffective. Additionally, a large number of hot leads will turn cold, and it could become costly to nurture those leads at a later date. You can look into some tools to streamline the communication process and see how they affect the conversion rate. For instance, discussing a particular lead on Slack can show everyone’s opinion on who looks interested and who is a time waster.
3. Use Influencer Marketing
This tactic is rarely mentioned when there’s a talk about reducing B2B lead generation costs. Leads can be converted quickly if you work with the right B2B influencer, who acts as a bridge between your Sales team and your customer. Instead of spending loads on PPC campaigns, use influencer marketing to lower acquisition costs.
You can use influencer marketing tools or an intelligent platform to find the right influencer. Then, you can co-create lead generation campaigns that involve developing lead generation as well as lead nurturing content. The influencer will demonstrate that you understand the prospect’s problem and can provide viable solutions.
A combination of these measures will significantly reduce your lead generation costs while delivering a pipeline of qualified leads that result in higher revenue for your company.