Attracting new customers, or leads, is crucial for growing your business. However, how you go about generating these leads is equally important. Consider the STEP approach to lead generation to ensure quality leads without overspending on your marketing budget.
STEP stands for:
S = Strategy T = Target E = Efficiency P = Process
Strategy involves your overall plan for growth. Consider your long-term goals: do you need to attract lots of new customers, or would focusing on selling additional services to existing customers be more beneficial? Additionally, explore other avenues for business growth, such as developing strategic partnerships. Document your strategy and goals in an annual plan that you update quarterly and refer to monthly.
Target refers to your ideal customer or target market. Instead of targeting anyone with a heartbeat and a wallet, identify who would benefit most from your offerings. Define the specific services you want to offer and determine where your potential customers are most likely to be found in large numbers.
Efficiency measures how much it costs you to generate a new lead. Analyze your marketing campaigns to determine their cost-effectiveness. For example, if a radio campaign costs $500 and generates two inquiries, each lead costs $250. Explore more cost-effective methods for lead generation to maximize your marketing budget.
Process involves the systems and software you use to track the effectiveness of your marketing activities. Develop a consistent process for your team to follow, including maintaining an up-to-date CRM (customer relationship management) system. Regularly review website analytics and produce reports to track the efficiency of your marketing spend for continuous improvement.
Here are 10 cost-effective ways ideas to generate new leads:
- Ask your existing customers for referrals.
- Develop a referral reward system.
- Nurture your customers by sending newsletters and blogs (that they can forward on to others).
- Publish eBooks and resources on your website for prospects to download (after providing their contact details).
- Be active on social media (with a focus on education not selling).
- Create an online forum.
- Identify strategic partners so that you can refer each other work.
- Speak at networking events and webinars (this is educational marketing).
- Ask customers to complete Google and social media reviews.
- Book a complimentary meeting with us to discuss more ideas specific to your business.
“You attract what you are, not what you want. If you want great, then be great.” – Tony Gaskins
