When it comes to the “offer,” your team needs to think about the product or service it wants to generate leads for. The offer is simply one part of the marketing mix. The marketing mix is a foundation model for businesses, historically referred to as the “4 Ps” (product, price, place, and promotion). You want your product/service to fulfill a certain consumer demand or be so compelling that consumers believe they need to have it. It’s important to understand consumer behavior as well as sales cycles of similar products. If there’s one step to pay extra close attention to, it’s definitely this one.
All too often companies launch products and services without any feedback from their would-be customers. While I understand most small businesses do not have the budgets to run focus groups, it can be as simple as inviting 20, 50 or 100 current and past clients to tell you what they think about the offer. The feedback can help you figure out price positioning, what distribution channels to promote the offer in and how to promote it in the marketplace. Your graphic designer will need to create mock ups of the online ads. Those ads need to be consistent with your website branding, direct mail assets and all other types of creative assets. This is true for both the visual aspects of the ads but the copy as well.
To create and manage a successful campaign or offer you'll need to be clear on the following:
Team
Budget
Timeline
Try using SMART goals (Specific, Measurable, Achievable, Relevant & Time-bound
On the other hand if you decide to hire an outside agency here are some questions you should ask;
❶ Have you created a campaign in my vertical? ❷ Can you provide sample work and references?❸ How will you measure your efforts? Can you share a few Case Studies?❹ What are the latest techniques and trends?❺ What kind of tools do you use?❻ What kind of reporting will you deliver?❼ How long will it take to see results?❽ How much will it cost?❾ Who will I be working with on my campaign?❿ What’s the length of your contract?
The cost of generating leads is a tricky topic of conversation. Every business owner would love to generate leads at the lowest possible cost. The reality of quality versus quantity is as true here as it is in other areas of our lives. Simply put, YOU GET WHAT YOU PAY FOR! For example, most Personal Injury Attorneys understand that a PI (personal injury) lead is worth $200. The CPL (cost-per-lead) isn’t created out of thin air. This is what the data shows across several digital advertising channels. It’s based on the very complicated, often auction-based online advertising system. Supply and demand is basic economics.
If Lead Generation Company X comes around offering you that same PI lead for $25, it should probably raise some red flags. It never ceases to amaze me how intelligent business owners will quickly part with their money in hopes of an easy win. Every business is different; therefore every calculation of cost per lead will be different. This is a number you should be familiar with for your particular business. Here’s an easy way to calculate your cost per lead or cost per sale. The example below will help you decide on what a lead is worth to you. . There are many other variables to consider, but the answer to how much you should allocate for an Online Lead Generation campaign lies in your numbers. Questions you should ask to determine your budget;
How much more revenue do we want each month?
How much will I sell my product or service for?
What’s my current lead-to-sale conversion rate?
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