When it comes to lead generation for your business, you have two options: focus on getting numerous new leads or get only the best, high quality leads. Simply put, you either go for quantity or quality. But which is the right way to go when you are looking to advance online marketing? There are certain factors that come into play and are mostly based on your goals of the campaign, the product/service as well as the time and resources that you have to support your lead generation efforts. Here's a quick snapshot of what to consider for the success of your business.
Quantity vs Quality
Some companies believe that quality is better than quantity when it comes to lead generation. Others go for quantity, saying that it results in higher return of investment. What’s your goal for the lead generation? This should be the first question you should ask yourself. If your main effort is brand awareness, reaching or sharing, or selling products with low-touch model at discounted prices, your focus should be on generating as many leads as possible. Whether you seek to get more Twitter followers, blog subscribers, or webinar participants; driving high volume leads is the focus.
On the other hand, if your goal is reaching specific, niche buyers, or if you seek to sell higher priced products with a long sales cycle, your focus should be prioritizing or getting high quality leads into your funnel. You can achieve this with more specific tracking/intelligence, targeting, and of course a good process. This gives you an opportunity to put more focus on the best leads that give you better chances of converting into sales. When you choose to go quality over quantity, you avoid time and energy spent to reach people who have a low likelihood of converting.
Best of both worlds
Yes, you want to have more lead generation by casting your net more. But then you need quality leads that you can easily convert into sales. In this case, and where all factors come into play, your company may do well utilizing both quality and quantity lead generation. Think of it this way: your company decides to consider both programs, with one focusing on quantity and the other quality. The first one generates more leads in a short span of time, but you get more sales rejection percentage and low conversion rate overall. Now, quality strategy will come into play, generating smaller, yet good leads that have higher conversion rates.
Both quantity and quality lead generation programs can work depending on your goals. Marketing experts usually support quality lead generation plans. This is because they provide a higher conversion rate and sales. You will save time from managing a lot of leads that are unqualified. The process of generating these leads may involve more time and effort to focus targeting, evaluate metrics, qualify and nurture inquires. However, you'll start to benefit from increased revenue growth for your business.