In essence, a lead generation business is a business that helps other businesses generate leads by means of SEO optimization and email marketing campaigns.
You can make good profits if you start and run this kind of business. A B2B lead generation agency is sought after by many businesses. However, in order for you to succeed in this venture, there are certain things that you have to do.
In this blog, I will discuss what it takes to start a B2B lead generation business for insane profits. Let’s start:
12 tips to help you start a B2B lead generation business:
Select an industry
You have to select an industry that requires leads. In general, nationwide or national industries are more ideal since it is easier to advertise nationwide campaigns than local campaigns. It is also recommended to go for an industry that is high in demand.
Understand the industry
Once you have selected an industry, you have to understand it. According to statistics and research, businesses acquire leads depending on the method used. For example, businesses in the financial, banking, and insurance sectors usually use direct mails to get leads while trade shows tend to acquire leads during events, particularly trade shows.
You have to understand the statistics involved with your selected industry. The most commonly used lead generation strategies are email marketing, content marketing, and event marketing. Find out which strategy is most suitable for specific businesses.
Conduct feasibility studies and market research
You have to know the psychographics and demographics of businesses that require lead generation. These are businesses that are in the line of manufacturing goods, wholesalers, product sales, real estate, telecommunication, and agriculture. These businesses also include accounting firms, hospitals, government agencies, non-profit organizations, and private businesses.
Find a niche
The niches in the lead generation industry depend on which area of specialization is chosen. For instance, the areas of specialization that are typically chosen for lead generation businesses include paid search, website design, direct mail, email marketing, outbound telemarketing or IVR marketing, and document creation.
If you want to make money from lead generation, you need to find out which niche is most suitable for you. See to it that you also factor in the competition level in your preferred industry.
Study your competitors
Just like many other businesses, you will likely have many competitors. Hence, you need to study them and try to find out as much about them as possible. Since you are just starting out, it is wise to follow the strategies of successful businesses.
However, see to it that their strategies also align with your business objectives. Remember that what works for another may not exactly work for you. So, you still have to be careful when following the strategies of your competitors.
Be ready for possible challenges and threats
Challenges and threats are always present in any business. While they may never go away, you can successfully overcome them if you are prepared. For instance, some of the challenges that might come your way include economic downturns or lack of innovation. Regardless of what challenges you have, you need to keep a rational perspective and plan your moves strategically.
Yearn to achieve big goals by reaching small milestones
Everything can be hard at first. Don’t worry because it will get better in the long run, as long as you keep moving forward. Once you find out what you truly want to achieve, you have to set small milestones so that it would be easier for you to reach your ultimate goal. You can use the SMART criteria, which is about setting specific, measurable, achievable, realistic, and timely goals.
Select a legal entity
When you start your B2B lead generation agency, you need to decide whether your business would be a sole proprietorship, partnership, or a limited company. A lot of entrepreneurs tend to begin their business on a small scale, making them sole proprietors. They also do not register their business until they reach a stage in which they feel that they are ready to expand their business.
However, even though you will face fewer formalities with regard to registration, choosing to be a sole proprietor will make you personally liable for whatever goes wrong in your business. Hence, it is much better to select a legal entity. This would protect you by preventing you from becoming personally liable for damages and anything else that goes wrong.
Get an insurance policy
You need to get an insurance policy for your business so that you can be protected against any errors and incidents that may occur. Then again, you need to work with an insurance agent or broker who knows the best policy for your business, particularly if you plan to offer more services.
Create a business plan
In order for your business to succeed, you need to have a main plan and at least one backup plan in case your original ideas and strategies don’t work. You have to draft a plan that contains all the necessary details for your business, such as budget, costing, and marketing.
It should also include the description and executive summary of your business as well as your competitive analysis, operations, and management plan. Do not forget to include financial factors that might affect your business so that you can prepare accordingly.
Find out how to acquire customers and clients
You can advertise your B2B sales agency online and offline. For example, you can purchase a billboard space for your ad or post about it on your community’s bulletin board. You can also advertise it on newspapers and television.
Likewise, you can advertise your business online. You can use social media platforms such as Facebook, Twitter, Instagram, and LinkedIn. You can also advertise in online magazines. Make your prospects more interested in your business by creating blog posts, uploading relevant content, and engaging with them via comments.
Find out how to retain customers and clients
Since your aim is to make insane profits, you need to know how you can retain customers and clients. Once you have acquired customers and clients, you need to make them want to continue doing business with you.
Aside from offering great services, you can also offer incentives and discounts to your patrons. You can also give away freebies and other promotional offers to entice them. Make sure that you also have reliable customer service to keep them satisfied. Make it easy for your customers and clients to contact you with a service like toll free number or IVR solution. Make them feel that they are valued and cared for. Remember that as long as your customers and clients are happy, they will likely stick around.
Running a B2B lead generation business is not that difficult. You just need to follow the advice shown above to help you get started. Also, you may want to invest in tools that would allow you to manage your time wisely plus work remotely, do your tasks efficiently, and stick to your business objectives.
About the author: Lee Gladish is the former Co-Founder at Reply.io and the CEO at AirborneApp. He has been in the software sales space for over 10 years. He’s also helped many businesses & entrepreneurs build a better sales engine.