Comprehensive Guide to Lead Generation

Comprehensive Guide to Lead Generation

Comprehensive Guide to Lead Generation Banner

Comprehensive Guide to Lead Generation Banner

Outsourcing Lead Generation: A Comprehensive Guide for Choosing the Right Provider

Have you ever heard about Lead Generation?

The key to your business’s success is to get good leads. For this reason, every marketer’s top goal is to find leads and keep the sales pipeline going.

But getting new leads can also be your biggest problem: More than six in 10 B2B marketers say their company has a hard time finding new people who might want to buy from them.

Even if you can’t figure out the right way to get leads, it’s easy to feel like lead generation is a pain in your side.

That’s where outsourcing leads come in.

 

What is Lead Generation Outsourcing?

Monash Business School simply defines Lead Generation as the activity of identifying potential customers. This is true. 

But Stratford University explained it more in depth.

According to them: Lead generation, at its most basic, is the process of creating interest in and/or awareness of a product or service offered by a business among the general public.

This awareness and interest can be used to make sales right away like in TV and in the newspaper. In this case, the business directly tries to get people to buy something by giving them information.

Awareness and interest can also be made to lead to sales by first directing a consumer to free content, which, in turn, will lead to more awareness and interest.

As the relationship between the business and the person who might buy from them grows, the person’s trust and confidence in the business grows as well. At the right time, the business makes a direct offer to the person who might buy from them. 

Because of the trust-based relationship that already exists, the chances of the customer responding positively to this offer are much higher.

Lead generation is used in various industries like mortgage, healthcare and even manufacturing. And there are two types of lead generation: B2B and B2C. Basically, B2B (Business to Business) lead generation deals with getting the information of businesses to pitch a sale. Whereas, B2C (Business to Customer) deals with getting the information of customers or consumers to make a sale.

Keep in mind that since these two types of lead generation have different scope and target, the marketing approach also differs.

 

Why Outsource Lead Generation? 

Having a service provider do a business task for you is called “outsourcing.” A BPO company takes care of all marketing, inbound, and outbound calls. Whether you run a small business or a big one, this service is for you!

All these while giving you hiring, training of agents, and providing real-time reports with the use of sophisticated BPO technology.

Companies outsource isn’t just one reason, but rather a lot. And it all depends on the company and what it needs. 

Remember that outsourcing is when a company hires someone else to help them. The reasons for this may and will change over time.

In a paper published by marketjoy.com, they further explain the importance of outsourcing. In fact, they listed down 10 reasons why you should outsource lead generation:

  1. Improves efficiency.
  2. Cost effective.
  3. Helps create sales ready leads.
  4. Empowers your sales team.
  5. Helps you gain momentum.
  6. Expands your business.
  7. Helps you get real-time data.
  8. Helps you go beyond the ABC (Always Be Closing)
  9. Gives you high quality market data.
  10. Reduces headcount cost.

As you can see, there’s a lot of reasons why firms outsource. But is it advantageous all the time?

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Is it Better to Outsource Lead Generation?

Every marketer has to deal with b2c lead generation and b2b lead generation at some point. 

Even though you might think of hiring a specialist agency to get leads as an extra cost, you also don’t want to lose half of your money on a bad lead generation campaign. 

The good news is that hiring someone else to do lead generation is very cheap. Businesses that keep in touch with leads make more money than those that don’t.

A lead generation company might not be worth it because you think they will run off with your money. Make a few calls and then stop. Most agencies will not only get the job done, but they will also do it in different ways.

Even though they may specialize in just one thing, lead generation agencies can also help with things like content marketing, email marketing, SEO, social media, and other things. It’s not just more sales when you hire someone else to do lead generation for you. You also get a lot of other things.

But let’s focus on the opposite of outsourcing for a moment.

 

What is In-Housing?

Those who work for you in the office are called the in-house team.

In-house refers to an activity or operation that a company does itself, rather than hiring someone else to do it. Employees and time are used exhaustively by the company to do business.

This is the opposite of outsourcing, which is when you hire outside help to do those tasks for you.

The decision about whether to keep things in-house or outsource often comes down to looking at the costs and risks. Depending on the size and nature of your main business, the method used to calculate these costs may be different from one company to the next.

There are some jobs that a company might choose to do on its own. While it can be cheaper to outsource, there are also times when it makes sense to hire in-house experts instead.

Keeping these activities in-house may also allow the business to have more control over the services and people who provide them. There may also be fewer security risks, depending on what kinds of information would have to be given to an outside party if the work were done by someone else instead.

Internal employees may at times have a better sense of how the business works as a whole, giving them ideas about how certain tasks should be done. This allows them to work with the business’s core vision at the forefront of their decision-making.

 

What’s the Difference between Outsourcing and In-house?

There’s a lot of difference between outsourcing and in-house business models.

Outsourcing has a standard onboarding process depending on the type of work that is outsourced. It lets businesses hire a third party to do lead generation work for them.

Another way to hire people is to go step-by-step. Companies use job postings, job referrals, ads, and other methods to reach a pool of candidates, then choose the best one to hire.

Many businesses use outsourcing services when they don’t have the skills they need in-house.

As a small business, outsourcing is a good idea only for short-term projects. Companies can get the job functions and skills they need without having to pay for a full-time employee. “Shared services” are also an option for people who don’t want to sign a long-term deal.

Meanwhile, hiring in-house staff can be very costly for a business. If a company had full-time staff, they would have to pay them well. Also give them room to grow, and offer other on-site perks to keep them excited about future projects and help the company in other ways.

Unlike outsourcing, a service provider takes care of all of an organization’s hiring needs while cutting down on costs.

In-house staffing has a set working schedule, and sometimes, in-house staff don’t finish their work on time. This is true if employers give someone else the job hours before their shift ends or after normal work hours.

On the other hand, outsourcing allows businesses to run around the clock. With this arrangement, businesses can get more done faster and be more productive.

Outsourcing is a more flexible option than hiring in-house staff, but it isn’t always the best choice for every business. 

To figure out if an organization needs to grow, it is important to think about whether to outsource or hire in-house staff, as well. Otherwise, neither outsourcing nor in-house staffing will work at all in the long run.

 

Which is Better?

Which one is the best for you to use? There isn’t really a right answer. Everything comes down to which one is best for your business.

In-house means that when you make leads yourself, you have more control over the whole process, and you can see what is going on at all times. You are in charge of your own team, your own strategy, and your own results.

But it takes a lot of money to start a team from scratch. Take into account both the long-term and short-term costs. There are the salaries of your team first. Adding in the costs of covered benefits and bonuses makes it even more pricey.

Besides training, you’ll also need to provide hardware and software, and set up a lot of other things.

On the other hand, outsourcing can help you deal with management issues that deal with people or performance management like paying for the most up to date software and techniques.

But because the BPO company only does limited service, they might not have the industry-specific knowledge to fully understand your product.

As you can see, both have good and bad things about them. So it’s up to you to figure out how to measure them. It is best to make sure you understand what your business needs first.

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How Much Do Companies Pay For Leads?

A tried and true way to keep your firm’s cash flow steady is to keep a steady ROI. To do this you have to make, seek, and convert leads.

Turning visitors to your website into paying customers is very important to the success of your business.

There’s no point in getting leads if they don’t help your company make money.

Getting leads helps with cash flow because it makes sure that you’re always converting clicks and visitors into real sales and completed transactions. However, leads are not totally free.

Here are the usual costs of leads:

  • Media agencies and operations: the costs to hire an agency for your lead gen efforts
  • Media placement and distribution: the cost of paying external sources such as Facebook and LinkedIn for your ads
  • List purchases: the cost of buying or hiring third parties to receive or generate lists
  • Campaign creation: the internal costs of developing an effective marketing campaign
  • Incentives: Reward costs e.g. discounts, sending gifts

Furthermore, you can actually compute your company’s cost per lead by using this formula:

Cost Per Lead (CPL) = Ad Spend (or the total money spent on marketing)/ # of leads from the campaign

If you are still not sure with your computation, you can check here a CPL calculator.

According to blogs, these are the identified average cost per lead by industry and generation channel:

 

Average Cost per Lead by Industry

IndustryCost per Lead on Average
Finance$ 160
Technology$ 208
Healthcare$ 162
Manufacturing$ 136
Travel & Tourism$ 106
Retail$ 34
Education$ 55
Telecom$ 45
Marketing$ 99
Consumer Products$ 105
Media & Publishing$ 108
Non-Profits$ 31
Business Services$ 132

 

Average Cost per Lead by Lead Generation Channel

Lead Generation ChannelCost per Lead on Average
Events & Tradeshows$ 811
Public Relations$ 294
Referrals$ 73
Video Marketing$ 174
LinkedIn Advertising$ 75
Webinars$ 72
Display Advertising$ 63
Content Marketing$ 92
Traditional Marketing

(TV, Radio, Print)

$ 619
Search Engine Advertising$ 110
Social Media Advertising$ 58
Search Engine Optimization$ 31
Email Marketing$ 53
Online Retargeting$ 31

 

How Do You Choose a Lead Generation Company?

Lead generation helps businesses find new customers and get them into the sales funnel. It’s hard to know for sure if a lead generation service is going to be good for your business.

But there are things you can check to make sure you partner with a quality company.

 

1. Company’s Experience

In order for one lead generation company to be better than another, they need to use the right method. But age is a factor as well. Though, that doesn’t mean that a newer company won’t be good at what they do. 

Instead, you should look at how long its employees have been around, and how long the business has been in its field. Newer businesses can still get great results if they work with people who are already good at their jobs. 

If the company has recently had a lot of turnover and is mostly working with new people, it might not be a good idea to choose an older company.

If you want to see how well a company has done in the past, you can find out what businesses they’ve worked with and how well those businesses did. 

They should be able to show how their services worked for other businesses. The way they use their skills can show how adaptable they are. It also shows if they can make the lead generation services better for their clients.

It’s important to look at the general statistics for the company. If two companies are all the same except for their specialized experience, it’s better to choose the one with more specialized experience. If the numbers aren’t the same, choose the company that has more experience and better statistics all around, even if the numbers don’t match.

 

2. Company Focus

A big scam when it comes to outsourcing lead generation is “guaranteed leads.”

A lot of businesses try to convince customers that they will deliver a certain number of leads. They then focus on doubling the leads without ensuring it’s quality. 

Keep in mind that their main goal is to make money, not get leads. It’s important to remember that quality will always be more important than quantity when it comes to getting new leads. So, don’t get too excited about it.

It’s best to choose companies that know how to balance quantity and quality.

The more you pay attention to quantity, the less you pay attention to quality. It’s not possible to get everything at once in this world. So, think about the trade-offs you’re making.

 

3. Technology

Especially in the modern world, having some kind of digital component to your lead generation is a must! 

A good lead generation company should have a full set of digital tools that can automate, manage, and track all of their work. If you look at how much and how well the technology is used, you can get a good idea of what the company values. And how up-to-date it is with both its strategy and how it does it.

Ideally, the software should be able to work with your customer relationship management (CRM) system. It should be easy to integrate with your own software as well.

 

4. Price

When you compare lead generation companies, you need to think about the price and the total cost of this marketing investment. 

Keep in mind the scope of the services, customer and administrative support, and the size and relevance of the database. Choose the company that will be able to give you all the service you need for your money.

The main goal of lead generation is to help your business grow. 

Understanding your agency’s goals and targets, as well as the services that providers offer, will help you figure out if your business is a good fit for a lead generation company. 

Find out how having lead generation services that produce high-quality, engaged leads that are accurate and likely to turn into sales can help your business grow and make more money.

 

5. Review the Terms

Before you agree to work with a certain company, be honest about what you want and what their services can actually help you with. It’s always good to hear from confident and capable professionals who promise to get you what you want, but vague statements and a vague plan of action are red flags.

In the lead generation industry, things can change at any time. To figure out which one is best for your needs, your marketing and sales team must do the research. And also look for organizations that are going the extra mile, rather than those that are profiting from random contact lists.

 

What is the Future of Lead Generation?

More and more people are rightly putting a lot of focus on coming up with new ideas so that prospect would want to be contacted. That’s when the process of making marketing messages to keep people interested in your company starts.

Furthermore, all firms want to know what are these year’s B2C and B2B Lead Generation Trends to capitalize on. So to help you out, we compiled all the innovations for lead gen marketing we can find:

 

  1. Voice and search marketing

Mobile users are a lot more likely to use Voice Search. In fact, they use it more than once a week. If your company wants to target teens, this is one of your options.

It is estimated that around half of all the searches done on Google are done via Voice. The increasing adoption of this search option is partly down to the fact that Voice Searches are increasing in accuracy; according to Google, their Voice Searches are 95% accurate.

If you’ve already been following search engine optimization (SEO) best practices, you should be in good shape. But there are ways you can improve your bottom line with voice searches.

Users who search by voice will use much longer keyword phrases with three to five more words than people who search by text. Because this is the case, you need to start thinking about and researching longer long-tail keywords now. 

This information will help you with your lead generation effort as it allows you to be really exact with your customer needs and wants.

 

  1. On-page lead qualification

As soon as a person signs up for an account, the process of looking at and qualifying them is called “on-page lead qualification.” 

When you do this, you don’t have to spend time manually qualifying each lead, which can hurt your lead generation efforts in the long run.

This is a new trend that asks leads to give you more information after they have signed up and shown interest in your products or service. Using this data, marketers can build multi-step buyer journeys that CRMs can use to qualify leads.

 

  1. Chatbots

Chatbots can successfully solve 80% of customer problems 

But Chatbots can be used to get specific information from leads as well. This technology can help you figure out how qualified leads are to sell or how far they are in the buying process.

To do this,  set up questions with your chatbot that people must answer before they can be a lead. These questions should be specific to your company’s sales process to be effective.

These might be a simple question that qualifies a person for you right away. But other people might have to answer in a lot of more detail, and that’s okay. Based on the answers to specific questions, a chatbot can also be used to showcase products or services that are relevant to the prospect. 

 

  1. Email Marketing

Email marketing is still a popular and effective method of communication. Customers prefer email as their primary mode of communication 72% of the time. As a result, it can be an excellent lead generation strategy.

Email marketing aids in the development of brand credibility and trust. Aside from that, using email marketing will help you build relationships with both your customers and prospects.

Email marketing allows you to communicate with both cold and warm leads, send weekly newsletters, educate leads about your product, stay top-of-mind, and segment and personalize to become even more dependable.

 

  1. Influencer Marketing

One of the most important lead generation trends is influencer marketing. Increasingly, businesses are identifying and collaborating with influencers in their fields. This trend has been around for quite some time and has proven to be dependable.

Influencers can have a following of thousands to millions of people who are not just loyal but also believe what they say and follow the trends they set.

The followers are exposed to the brand since the influencer has their audience’s trust. This can result in increased lead creation, higher conversion rates, and a positive return on investment for your company.

 

Lead Generation Outsourcing Companies

Now you know the trends and the price of Lead Generation, let’s look at the top firms in the industry.

The following are the top Lead Generation Outsourcing Companies.

 

  1. Magellan Solutions

Magellan is a call center and business processing outsourcing company in the Philippines that handles both inbound and outbound calls. 

They bring innovative and creative ideas to strategy and operational performance of business operations. They do this by delivering the correct BPO and customer management solutions that span the whole customer lifecycle. And by combining unique experience and capabilities across industries and business activities. 

Magellan also builds and implements solutions for business and customers all over the world using their extensive business process knowledge and resources. 

The firm has 18 years of expertise offering best-in-class outsourced solutions to SMEs and large worldwide corporations.

As the leading lead gen company, the goal of the company is to identify new ways to extend the market and generate hot leads in a variety of sectors. With their pool of professional agents, you can get real estate leads, healthcare leads, telecom leads, and more. 

To boost customer engagement and grow your client’s base, their personnel go through months of cross-training in telemarketing, sales lead generation, and demand development.

 

  1. Callbox

In the Callbox about us page, they introduce themselves as the largest provider of outsourced B2B lead generation.

“Founded in 2004, Callbox is the largest provider of outsourced B2B lead generation services and outbound sales support for businesses and organizations worldwide. Using an account-based marketing approach in reaching a global database of contacts from over 35 million businesses, Callbox enables companies to establish and expand markets by connecting with prospects through six lead generation avenues: voice, email, social, chat, website and webinars.

To increase sales productivity, Callbox provides support to its clients by giving their sales teams access to a full stack of sales and marketing tools that drive up lead gen and qualified opportunities. Equipped with decades of marketing expertise and powered by intuitive sales technology, Callbox helps companies grow their business exponentially.”

 

  1. Flatworld Solutions

Flatworld Solutions is another BPO company that offers a variety of services. Their about us page says:

“Flatworld Solutions (FWS) is a global corporation offering solutions in IT, Business Consulting and Outsourcing Services. Founded in 2002 and incorporated in 2004 with the single-minded purpose of using technology to equip and enable businesses build efficiency, negate global distances, save time and increase bottom lines worldwide, Flatworld has earned its stripes with a decade of satisfying experiences. Over 18488 customers and millions of dollars in increased client revenue, 3500+ efficient and enabled employees with a solution centric leadership all tell the story – A story of expanding possibilities.

Flatworld operates across geographies, with sales and delivery centers in India, Philippines, US, and UK. These offices provide strategic support and placement of personnel for customer enhancing solutions. Flatworld India is an ISO 9001-2008 accredited delivery provider that meets stringent global quality standards in all its service offerings.”

Here are more firms you can get in touch with for you Lead Generation needs:

  • Enshored
  • CIENCE Technology
  • Fusion BPO Services
  • TDCX
  • Hit Rate Solutions
  • Concert 8 Solutions Inc.

 

How Lead Generation Companies Work

As we have established, a lead generation company collects information about people and businesses. They do this so that they can make a sale. They also organize the data into different groups for market targeting. Some may even group leads by how “warm” they are.

When a lead generation company does business, they usually offer a lot of things, like:

  • Database marketing
  • In house marketing teams
  • Databases of businesses and professional information

When you hire a lead generation company, they can help you target and personalize your campaigns.

A lead generation company will come up with campaigns that are very specific to your needs. It will also have inbound programs that will help you warm up leads. They do this to keep nurturing the leads and use other marketing techniques to get the information they need.

The databases they have will help them make a sale. These info can quickly and easily help you figure out which leads are interested in buying your products.

The people who do this work look at things like public records and trade references. They also look at digital and print publications, and they look at trade publications on the web.

 

Lead Generation Process

You now know what lead generation is and how it works, but what about the lead gen process?

The following is the universal practice that lead gen companies do. But the step by step is not uniform to all. A company can choose to add, delete or modify it anytime it wants.

  1. In the beginning, a visitor comes across your business through one of the ways you use to spread the word about it, like your website, blog, or social media. A captivating copy and pubmat can help you big time in getting interest.
  2. Your call-to-action (CTA) can be an image, button, or message that encourages people to do something on your website or page. Keep in mind that there are certain CTAs effective per medium. For example, an image is more effective in social media than in a website. Whereas a button works better on a website than in social media.When this person clicks on it. The process of lead generation starts.That CTA will send your visitor to a landing page, which is a web page that is meant to get leads’ information in exchange for an offer.

    It’s important to note that an offer is what’s being “offered” on the landing page, like an ebook, a course, or a template. You need to make sure that a visitor thinks the offer is worth giving up their personal information for.

  1. Your visitor fills out a form in exchange for the deal.There you have it! You got a new lead.
  2. It’s now the task of the sales team to connect with your prospect. They can do this via phone call, chat or email. It may take them a few days or weeks to finally convince a person to buy the product. But with persistent and constant reminders, people will eventually initiate to buy the product.When you put all of these things together, you can use all of your channels to get people to your landing page and start getting leads.

 

Lead Generation Tips

How about lead generation best practices?

It is very important for any business to get new leads so that it can stay alive and grow. If you want to grow, you need more customers, and there is no easy way around it.

The tips and tricks below will help you get more leads are strategies BPO companies use. But you can apply them to your small business as well.

 

  1. Build Buyer Personas

Monash Business School defines buyer persona as:

“[The] fictional representation of an organization’s ideal customer based on a range of real facts (such as demographic information, leisure interests etc) and reasonable assumptions (such as income).”

Buyers’ persona are different from your target audience because they are more specific. They are good for businesses because they help them figure out which marketing strategies they should use. 

Remember your buyer personas when you’re planning your marketing strategy. 

You should think about them when you choose which communication channel to use, what words and tone of voice to use on landing pages, emails, and social media posts, and how often to post.

 

  1. Focus on the Intent of the Content

If you want to make great content, you need to know why you are making it in the first place. You can’t make something without a reason.

You make it to attract customers, influence your target audience, or even make people who buy from you become your long-term customers. So before you start making high-quality content for your brand, you need to know what you want to do and how you want to do it.

After you figure out why you’re making this content and who you’re making it for, you’ll be able to make a better visual element for your audience. As a result, you will be able to get more people to read your posts because you have made something that your target audience is interested in.

 

  1. Always Reply to Queries

When people post comments or questions on your site, or on your social media accounts, you need to respond quickly. 

This is because social media is a very interactive communication platform, and it’s a two-way conversation. If you respond quickly, it will show that you are a brand that truly cares about its customers.

 

  1. Join Social Media Groups and Communities

When you find a social media group and community that fits your business, you can reach out to them.

The only thing you have to do is dive right in and start making good, long-term friends with these people. Share the things you make that you think will be useful to them. Even share some special deals or offers you have, as well as a link to sign up for your email list. 

But keep in mind that these communities and groups have their own rules of engagement, so make sure you follow them.

As you interact with these groups, if you don’t follow the rules, the moderators will flag you, delete your content, or kick you out of the group.

Magellan Solutions Employees

How Can We Help You With Lead Generation

Magellan is the leading SME-focused Lead Generation BPO among all outsourcing companies in the Philippines.

With over 18 years of industry experience, we offer high-quality support and call center services. On top of that, we are a certified ISO 27001:2013 company.

We combine technology such as ACD, CRM, and IVR with agent skills to make sure that our agents have all the necessary tools, equipment, and knowledge to serve customers. 

Progress shouldn’t break your bank, so we keep our services flexible and competitive.

Contact us now, and we will discuss with you how we can help your business succeed. Complete the contact form below and talk to us for FREE!

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