Lead generation is your answer, whether you want to sell your products to a B2C market or target B2B companies. The reason is quite obvious: without quality leads, there is no conversion, and without conversion, there are no sales. As much as generating leads is important, it is equally difficult to acquire quality leads for a business.
This article will focus on the many types of leads and why it is so important to generate quality leads for businesses today.
When it about generating business leads, there are a number of lead types that companies strive to acquire today. Let’s look at some of the common ones.
- Cold leads: As the name suggests, this type of lead stays at the top of the funnel. A cold lead is unaware of the existence of your business but fits your ICP perfectly.
- Warm leads: Warm leads are those who are slightly familiar with your business but have yet to interact with your brand.
- Hot leads: Hot leads are a bit further into the marketing funnel as they are already familiar with your brand and have interacted with your business. Your marketing team needs to give immediate attention to this type of lead as they are highly likely to convert.
- Information-qualified leads: An IQL is someone who has just begun to research a solution for their problem. They might have interacted with your brand merely to get the information they needed, which you offered.
- Marketing qualified leads: An MQL is someone who is one step ahead of an IQL, as they are conducting active research for solutions that you offer. These leads are actively interested in learning more about what your business offers.
- Sales-ready leads: A sales-ready lead is usually found at the bottom of the funnel. An SRL is “ready” when the organization decides the lead is ready for the conversion.
- Sales-qualified leads: As the term suggests, an SQL can be considered ready to meet with your sales team.
Now that you have a clear idea of the many types of leads that businesses target and acquire, let’s take a brief look at how important they are for a business.
Why do you need to focus on lead generation?
Regardless of the size or industry, for a business, it is crucial to attract leads to make sales and boost revenue. Since customer behavior is constantly changing, companies need to understand the importance of incorporating various strategies to attract different types of leads and make them move through the marketing funnel.
This is especially true for new and small businesses, as they find it difficult to get started with generating quality leads in a considerable number. This is why successful businesses outsource lead generation services. These service providers are considered experts in the industry, have ample experience working with several industries, and offer a cost-effective solution to lead generation.
There are many ways to generate leads using inbound and outbound methods, whether you rely on your in-house team or an outsourced company. Make sure to do your due diligence before choosing one for your lead generation strategy.