Why Generic Lead Generation is a thing of the Past
Lead Generation – you’ve probably heard of it and most likely have spent time or money looking into finding the best leads for your business to increase your revenue. However, I bet you haven’t done lead generation like we do. Imagine having proprietary lead information to help save you thousands of dollars on lead generation and take on new ideal customers.
Let us explain what generic lead generation is and why we think you can do better.
In this post we’ll be discussing:
- What Lead Generation is
- the main types of Leads you can get
- where to find the best leads
- Why generic lead generation is an outdated & unprofitable model
- Why Upswing’s methods will help you grow your business significantly
What is Lead Generation?
Lead Generation is a method of gathering interested parties or individuals to your business; whether it be the products that you sell or the services you offer.
Many businesses pay outside services to gather leads for them. Then the business can advertise or sell to those leads in hopes of closing a sale or adding a client to their customer base.
The concept behind lead generation is great for business growth. Especially if you don’t have the time to seek out new business on top of everything else you may be managing (such as content creation, SEO, social media management, accounting, performing your actual business tasks, etc). However, many businesses end up failing with their lead generation tactics for a multitude of reasons:
- The leads they receive are poor leads
- They don’t know how to best nurture their leads
- Their leads aren’t exclusive and a competitor closes the sale before they do
- They don’t know how to close those leads
What types of Leads are available to me?
There are quite a few different types of leads you can receive from a lead generation company, but the two main types you will see most often are exclusive and non-exclusive leads.
- Exclusive leads are those provided to your business ONLY. The lead generation company will not send those same leads to anyone else.
- Non-exclusive leads are those that are sent to multiple businesses at once. The number of places they send the leads will depend on the lead generation company you work with. We’ve seen upwards of eight to 20 businesses all sharing the same leads.
Between these two types it’s important to consider the cost of both and your potential ROI (return on investment) for them. As well as your ability to nurture leads and close sales in comparison to your competition.
So, what if you want don’t want to go through a leads generation company to find new leads?
Where do you find leads?
There are so many different ways you can find leads. The reason businesses utilize lead generation companies is to save themselves the time of finding leads on their own.
You can find leads through:
-Social Media (hashtags, community groups)
-Advertising on Google, Facebook, or other social media
However, the single best way to find and utilize leads for your business’s success is to discover people who are ACTUALLY interested in what you sell, and even better, to find the people who have looked through your website while researching.
Which brings me to our main point of this post…
Why generic lead generation is outdated & should be avoided:
Generic lead generation is utilizing the leads that a lead generation company sends to you.
These leads are costly $$ and our main strategy is to help you to STOP WASTING YOUR MONEY ON GENERIC LEADS.
Now, lead generation is a necessary evil, and unfortunately for you, lead generation companies know that. They know that businesses will shell out thousands and thousands of dollars to find new leads to grow their business.
If you don’t have the money to pay for exclusive leads, then you’re paying to share those leads with others in your industry OR you’re paying for lesser quality leads. It’s like going to a five-star restaurant and then having to share your small, delicious portions with five other people… and everyone has the same large appetite. You’ll end up leaving the restaurant still hungry and not satisfied, yet everyone paid the same high bill for it.
Bottom line, using a generic lead generation company won’t provide you the high-value ROI and sustainability that you need to grow your business. This is where we can help you acquire your OWN first-party data (leads).
What is First-Party Data?
First-party data is information that you and your company have collected on your audience or customer base. You OWN this data, so it is considered first-party.
Now, many lead generation companies find new leads through online advertising, such as Facebook Ads and Google Ads. When you advertise through Google and Facebook they are able to maintain control of the customer data that gets collected through the ads. Sounds odd, yes?
Another entity that YOU’RE paying is taking ownership of data about YOUR interested customers.
Learn more about First Party Data here!
What can Upswing do that’s different from everyone else AND will get you your first party data?
We help you take back ownership of your first-party customer data.
This is significantly different from other lead generation companies, as we help you become the lead generators and control the growth of your business. And we do it in a way that helps save you thousands of dollars from lead generation spending.
Upswing can accomplish two important business growth tactics for you:
(1.) We can identify who is actually coming to your website. These site visitors are the people who are actively searching for your business. If they’re coming to your website, then they are researching their options. And you should be advertising them so they can remember you.
With these identities provided to you, you can retarget them by uploading data to your advertising platform of choice- whether it be Google, Facebook, LinkedIn or any other social media platform or advertising network. Then when you advertise to them, you are advertising DIRECTLY to those who have already shown interest in your services or products.
NO more advertising to the haystack, hoping to find the needles.
(2.) We provide behavior data for your industry. Behavior data is the step beyond knowing who is coming to your website.
We can help you target people who are actually in the market for your services. So that you can advertise directly to them.
Again, put your advertising efforts towards the needles, instead of the entire haystack.
Advertising on Google or Facebook, the two biggest advertising networks on the web, makes you pay to find the needles in the haystack by asking for lots of money to help you “learn” about your own customers. They will let you put their proprietary pixels on your website, but they selfishly keep those visitors to themselves and “let” you retarget them.
We are different. We give you this targeted data for you to keep and retarget them on any platform you wish. We give you all those needles instead of making you start with a big haystack and isolate the data down to the needles over time.
Even better yet, we can learn about your site traffic and tell you if these customers are ready to buy or just browsing for choices.
Here’s an example:
Imagine advertising to 100 people who are the haystack and your CPC (cost per click) is $50. If each of those 100 people click on your ad that’s $50×100 = $5,000 spent.
Let’s say on average only 2% of those 100 people actually become customers of yours. And on average your customers spend $5000 with you. You will have spent $5000 to earn $10,000. Netting you a profit of $5000. Sounds great, right?
Now imagine you instead advertise to 100 needles (You would be advertising only to those are your ideal leads, the people who want your services and are actively searching for their best solution.) with the CPC of $50.
Your ad spend is still $5,000. And your average conversion rate increases significantly to 20% – Because you are advertising directly to people who are ideal customers, they are actually in the market for your services.
This increases your net profit to $100,000!
Meaning, if you target your advertising correctly to the best quality leads you have the opportunity to increase your net profits significantly and grow your business.