Lead generation is a very effective digital media strategy that businesses of sizes and kinds opt for. However, the question is, which type of lead generation would be best suited to the needs of your business? In general, there are two types of lead generation — inbound and outbound.
While inbound lead generation deals with using social media, PPC, and SEO, outbound lead generation deals with direct mails, cold calls, email marketing, and advertising. However, depending on the requirements of your company, one type of lead generation may prove better than the other.
In this article, we will try and understand the conditions which can help you decide on the type of lead generation that will bring in positive results. Therefore, read on to understand the factors that will help you decide.
Your Target Audience
Your target audience is the first factor that will help you understand which lead generation approach will pay off better for your company. While social media is an amazing platform for any kind of B2C product and service, that might not be the case for B2B products.
People who make purchasing decisions on social media are direct consumers, but not businesses. Therefore, before you decide on your lead generation strategy, first determine who your target audience is and which channel would be better for approaching them.
The Type of Product or Service You are Selling
When it comes to online purchases, consumers may look for certain products and services via online means and may not look for the rest. Some services and products are usually considered through networking, referrals, and cold calls.
Therefore, depending on the kind of services or products you offer, and who will be buying them, you can decide on your lead generation strategy. If you do keyword research for your products and services and do not see many results, it would be better to go for an outbound approach rather than an inbound approach.
Paid Media and Owned Media
You would need to rely on certain media to generate leads. Now, you may rent these media or own them. There are various media in the outbound approach where you will need to pay every time you use the media. However, when you own a media, you will have a long-term platform that you may use according to your needs to generate leads.
However, the point of difference is that owned media will take a lot of effort, the right capable personnel, and an intricately thought-up strategy. For paid media, you may start generating leads on the very first day.
Depending on these factors, you will be able to understand which kind of lead generation will work the best. However, the best solution is to have a proper balance between the two types of lead generation means. If you are still confused about your lead generation methods, you may consult with a lead generation expert as they will be able to study your business, your methods, products, customers, and such to give you the ideal solution.