Generating leads – both high in quantity and quality – is a marketer’s most important objective. A successful lead generation engine is what keeps the funnel full of sales prospects while you sleep. Surprisingly, only 1 in 10 marketers feel their lead generation campaigns are effective. What gives?
There can be a lot of moving parts in any lead generation campaign and often times it’s difficult to know which parts need fine-tuning. In this blog, we will look at the top 3 techniques marketers should utilize to increase leads.
These tactics have been tested over the past 7 years and have been used by customers to generate more leads. So what goes into a best-of-class lead generation engine? First, let’s take a look into the mechanics of high performing lead generation campaigns.
The mechanics of lead generation
Before we dive into the tips, we should first cover the mechanics of lead generation. The best lead generation campaigns contain most, if not all, of these components. From a tactical perspective, a marketer needs four crucial elements to make inbound lead generation happen. These include:
Tactics to improve lead generation
Use the element of scarcity
If you look at the principle of supply and demand, you’ll notice that when supply is limited, demand goes up. Scarcity has a psychological influence on us, making us want something even more if there isn’t enough to go around. Scarcity is great because it creates a fear of shortage, and thus a sense of urgency.
Limited Time Offers
Limited time offers are among the most popular in the scarcity category. Just think about your average car dealership. Practically every commercial is a limited time deal. “Get 0% financing before it’s gone!”
Limited Quantity Offers
When something is of limited quantity, it suddenly becomes more unique or exclusive. In some studies, limited quantity or supply offers have outperformed limited-time offers. Why?
Because it’s hard to tell when an offer of limited quantity will suddenly become unavailable, while a time-based offer has a known end time. Limited quantity offers are great for not only getting people to say “yes” to your offer but to avoid procrastination completely.
The Bandwagon Effect
It’s a natural tendency for humans to copy one another, even without realising it — we like to be a part of tribes and social communities. So when we notice our social circle is doing one thing, we tend to follow suit. One great way to make an offer more valuable is to show that other people are participating in that offer.
Proof in Numbers
When possible, a great way to indicate how awesome an offer is to mention the number of people who have purchased, downloaded, signed up, or donated.
After Prince William and Kate Middleton got married in April of 2011, no one could stop talking about Kate’s wedding dress. Within hours after the wedding, vendors began making near-identical copies or similar styles of the Stella McCartney-designed dress. Even vendors such as David’s Bridal now have a “Royal” category so you can dress “just like Kate.”
When something is buzz-worthy, it creates high demand. In situations like this, you can align offers with “what’s hot.” Companies will often leverage newsjacking for this type of technique and it works very well for offers, too.
As an example, back in 2013 people couldn’t stop talking about Pinterest. HubSpot capitalized on this craze by creating the first Pinterest ebook for business owners and marketers, How To Use Pinterest for Business. It quickly became one of HubSpot’s most successful ebooks with more than 125,000 downloads to date.