Dental Lab Lead Generation Success

WHAT IS LEAD GENERATION?

Lead generation describes the marketing process of stimulating and capturing interest in a product or service for the purpose of developing sales pipeline.

Lead generation often uses digital channels, and has been undergoing substantial changes in recent years from the rise of new online and social techniques. In particular, the abundance of information readily available online has led to the rise of the “self-directed buyer” and the emergence of new techniques to develop and qualify potential leads before passing them to sales.  

WHY IS LEAD GENERATION IMPORTANT?

The buying process has changed, and marketers need to find new ways to reach buyers and get heard through the noise.  Instead of finding customers with mass advertising and email blasts, marketers must now focus on being found and learn to build continuous relationships with buyers.

Information Abundance and Attention Economics

With the growth of the internet, the world has changed from one of information scarcity to one of information abundance.  In fact, according to Google chairman Eric Schmidt “there was 5 Exabytes of information created between the dawn of civilization and 2003, but that much information is now created every two days and the pace is rapidly increasing”.  

The problem is that information abundance equals attention scarcity. This is known as attention economics. Social scientist Herbert Simon was the first person to discuss this concept when he wrote “in an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients.”

This has transformed the buying process. Buyers are overwhelmed with all the noise and they are getting better and better at ignoring the messages they don’t want to hear and researching what they do want to learn about on their own.

LEADING DOWN THE FUNNEL

With the new buyer it is important to note that your marketing efforts don’t end once a new lead comes into your system – what we call Top of the Funnel (TOFU) marketing.  Many companies do a good job at generating leads, but the problem is that most new leads are not ready to buy yet.  And if a sales rep does engage and the lead isn’t ready to talk with them, it reinforces the notion that marketing sourced leads are not great. As a result leads get lost, ignored, or snatched up by your competitors.

To prevent this from happening, good lead generation marketers will invest in lead nurturing and other Middle of the Funnel (MOFU) techniques to build relationships and trust—earning the lead’s business once he or she is finally ready to buy. Engage these leads through relevant content and make sure that you get your timing right.

Lead generation has moved beyond simply discussing TOFU. In order to have a holistic strategy, MOFU marketing must be included in all your strategic discussions to make sure that you have a good process for turning leads into sales.

LEAD GENERATION RESEARCH

Many marketing departments are allocating more budget to lead generation tactics. Inbound marketing spend in particular has been growing as companies need to find more creative ways to get in front of the customer and break through the noise.

“Life before Dental Lab Support was like being in the dark ages. Dental Lab Support has put us into the modern era of marketing and increased lead generation by 71% year-over-year and increased sales by 18%.” - James Park, Crowns R Us Dental Lab,

COMMON LEAD GENERATION METRICS

The best marketing programs have intentional measurement strategies planned in advance. So as part of the planning process ask yourself these questions: What will you measure? When will you measure? How will you measure? Here are some basic lead generation metrics that many companies track as part of their lead generation efforts:

• Marketing % of contribution to sales pipeline: The % of revenue in the sales pipeline (opportunities) that originated from marketing efforts
• Marketing % of contribution to closed revenue: The % of revenue in closed won deals that originated from marketing efforts
• Quantity of Sales Qualified Leads: The amount of SQLs sent over to your sales teams
• Quality of SQLs: The % of SQLs not rejected by sales
• Cost per inquiry: Total lead acquisition cost/ the total number of inquiries
• Cost per  lead: Total campaign costs/quantity of leads
• Inquiry to Marketing Qualified Lead (MQL): Conversion of initial inquiry to Marketing Qualified Lead
• MQL to Sales Accepted Lead (SAL): Conversion from MQL to Sales Accepted Lead
• SAL to Sales Qualified Lead (SQL): Conversion from SAL to Sales Qualified Lead
• SQL to Opportunity:  Conversion from SQL to Opportunity

Dental Lab LEAD GENERATION RESOURCES

See how you can increase effectiveness across all business functions by generating more qualified leads, amplifying sales pipeline velocity, and improving sales and marketing alignment through leveraging lead generation Dental Lab Support Lead Generation Services.

www.DentalLabSupport.com

1.888.715.9099