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What’s REALLY Important In Lead Generation?
Some of you have been working in lead generation for so long, you remember when counting newspaper coupons was the hi-tech way to track leads.
But imagine, just for a minute, that you’re new to the whole thing.
Unaware of the trials and tribulations of entrepreneurship, you’ve got a song in your heart and a mission on your mind. To get started, you – naively, some may say – ask a popular Facebook advertising forum one simple question.
“What’s the most important thing for lead generation?”
An hour later, your phone’s caught fire. You try to salvage the One True Answer from the smoking wreckage of your iPhone XS… but soon run into a glaring problem.
Of the 536 comments on your humble post, every single one contains a different answer.
These are mostly from helpful souls who think they know best.
Ignoring the responses from internet trolls (life lesson: any question posted on the internet, no matter how reasonable, will immediately be subject to mockery), you find six answers that come up the most.
Cost per 1000 impressions (CPM)
Cost per click (CPC)
Click through rate (CTR)
Okay, but which is it? Which is the most important?
Today’s post is about going through all these things, deeming them IMPORTANT or UNIMPORTANT and coming out with a winner.
1. Sales Funnels
The buying process usually contains 4 key stages:
Awareness. The target has seen your ad. Your product/service is now in the spotlight.
Interest. Now the target has seen it, they’re thinking about buying it.
Desire. The target has read some info about the product or service, and blimmin’ heck it’s good. At this point in the funnel, the target or visitor will become a lead (if they fill out the form).
Action. Your client’s sales team chases the leads. A percentage of them become paying customers.
In other words, a sales funnel lets you nurture visitors to leads and leads to customers over time.
2. Cost Per 1000 Impressions (CPM)
An impression is how many times your content is displayed on any given platform. Impressions are not the same as engagements or clicks. Even if no one clicks your ad, appearing on someone’s feed counts as an impression.
3. Cost Per Click (CPC)
KPIs like Ad Relevance Scores, CPM, CPC and CPA (cost per acquisition) all have a knock-on effect on each other. So, if your CPM is high, it’s likely your CPC will be high too.
If the user clicks the CTA button or link in your ad, which then directs them to another page, that counts as a measurable click.
Likewise, if you have an ad with longer copy and the user clicks “see more” to read it, that also counts as a measurable click.
4. Click-Through Rate
5. Split-Testing (A/B Testing)
If you’re not split-testing a majority (or all!) of these things, you’re definitely leaving money on the table.
Cutting to the chase, obviously targeting is essential for lead generation.
Launching a campaign without a target market in mind is like clay pigeon shooting in a blindfold. And, to be honest, Facebook wouldn’t let you do it.
So… What’s The MOST Important Thing For Lead Generation?
Okay, I’ve led you a bit of a merry dance (but I hope you’ve learned some stuff too).
I’m not trying to be difficult – all these metrics and strategies are important for generating high-quality leads at a budget you (or your client) can afford.
7. The Creative
Yep. When asked “What’s the most important thing for lead generation”, some people get so carried away by ad and conversion optimisation etc., they forget about creating the ad itself.
See, targeting and split testing and all the other stuff is absolutely useless if your ads suck. Nothing from then on forward will save your campaign.
Good creativity in ads often stems from having an irresistible hook. A hook is usually a single word or phrase that describes the main benefit of your offer.
If you’ve got a great hook, EVERYTHING from split-testing to creating a sales funnel to actually generating leads will become 100x easier.
So, to loop back to the very beginning, all the strategies and metrics in this article are important when it comes to generating leads.
But writing a great hook is the most important as it has a knock-on effect on everything else. Repeat, “Creative is everything. Creative is everything. Creative is king” like a mantra before you sleep tonight.