"Asking existing customers for referrals is a powerful strategy to both maximize revenue and generate leads"
Lead generation serves as the heartbeat that keeps the sales funnel pumping. However, this process can be complicated. Businesses often face challenges in maintaining a steady cash flow, and this can impact the capital needed for investments — whether in expanding product lines, adopting new technologies, or even generating leads itself.
That's why today's businesses are exploring more contemporary approaches that maximize profit while simultaneously appealing to potential customers. One such approach is social selling. Here, businesses leverage social media to establish genuine and more personalized connections with leads. Thanks to this method's revenue potential, research from LinkedIn notes that over 90% of sales professionals use social selling tools.
However, that's only one strategy businesses can use to maximize revenue during the process of lead generation. Below, we explore four more doable methods.
Track the numbers
One common pitfall in lead generation is the lack of diligent tracking and analysis of marketing expenses. Take the example of Anthony Hartzog, co-owner of Maids 2 Match in Dallas. He invested freely in various sites for lead generation like Yelp and Google, but failed to track numbers.
Without a clear understanding of what percentage of his revenue went to marketing and the effectiveness of each channel he invested in, he risked the inefficient allocation of resources.
To avoid this, businesses should prioritize analyzing the performance of each marketing channel. When Hartzog realized how much each web page was helping to generate in business, he was able to concentrate Maid 2 Match's marketing dollars on one site to optimize his budget and ultimately maximize net revenue.
Harness the power of referrals
Asking existing customers for referrals is a powerful strategy to both maximize revenue and generate leads. While tracking the success of this strategy can be challenging, using dedicated software simplifies the process. Robust analytics and reporting features can help businesses make more informed decisions to optimize lead generation through referral programs over time.
In particular, leveraging these solutions' attribution models can identify the most effective referral sources for boosting revenue. They also provide a centralized platform to monitor performance, with SOFTRAX's revenue management software seamlessly integrating with major ERP, CRM, and CPQ systems to eliminate the need for customizations and spreadsheets.
This allows businesses to better understand customer behavior for more successful lead generation while tracking the success of referrals and providing a scalable and agile framework for sustained growth.
Leverage email marketing
Email marketing serves as a direct channel to encourage leads to take desired actions, from making a purchase to signing up for a webinar. While it’s already a cornerstone for lead generation, its effectiveness can be further enhanced with the right tools. Leading email marketing platform Litmus provides powerful personalization capabilities beyond ensuring error-free emails and enhancing customer experiences. This ranges from countdown timers and progress bars to personalized images and real-time sentiment trackers.
These features enable businesses to create tailored and engaging content, leading to increased email engagement and, consequently, enhanced revenue generation. Its versatility, measurability, and integration capabilities make it an indispensable tool for businesses aiming to maximize revenue through effective and targeted communication.
Chatbots have become invaluable in customer engagement. In our article Chatbots Demystified, we explain that their sophisticated, AI-powered algorithms allow them to comprehend the context of user messages and generate appropriate responses without the need for human supervision.
Incorporating chatbots into the lead generation process can significantly impact satisfaction, loyalty, and ultimately, revenue — with Accenture noting that over 80% of businesses with reduced operational costs after implementing chatbots. This not only accelerates lead generation by efficiently handling routine inquiries and improving user experiences but also frees up human agents for more complex tasks aimed at improving revenue streams.
It is clear that to improve revenue while generating leads and ensure sustained growth in today's competitive business landscape, companies need comprehensive solutions that integrate seamlessly into their operations. You can start with our subscription lead generation platform Salesfully to search and download unlimited consumer and business sales leads for a flat monthly rate.