LEAD GENERATION IS VITAL IN BUSINESS DEVELOPMENT: WHAT IT MEANS, AND HOW IT FITS INTO THE THREE STAGES OF THE SALES FUNNEL
Last year, COVID-19 impacted every business owner, and most companies in every industry. When the economy was shutdown, except for all essential services and workers, many businesses took a deep breath and held on for dear life. Some maintained some sense of survival, some ebbed and flowed with the economic tide and the surge of COVID cases. Some sadly, did not survive.
In 2021, every business, company and industry are still facing COVID-19. Those deemed essential still show battle wounds. However, progress is being made with businesses’ re-opening. Sustainability is still a question for many, and as the pandemic seems to be a prevailing foe, we must find ways to conquer it. Business sustainability and survival depends on growth. This growth occurs with good business development planning that includes proven business development strategies. Good business leads matter now more than ever for every business impacted by 2020.
There are all types of business development strategies that can be implemented to achieve business growth. In an earlier blog: Business Development: The Playbook Has Changed Outbound versus Inbound Media at the early phase of COVID 19, back in May, 2020 we mentioned the purpose of Business Development is having a Playbook that is strong on offense to increase business with new customers, products, or services while seeing revenue growth. After all, business development means doing things differently, with a purpose to grow your business. A more descriptive definition of business development will refer to activities, initiatives and processes to develop and implement growth opportunities within and between organizations in a sustainable and profitable way says saleshacker.com
One process of business development that is important to the sustainability of a business or organization is Lead Generation. It is relational to your sales funnel. Lead Generation is the process of acquiring leads into a data base that is used to influence your sales funnel. In its simplest sense, lead generation can be defined as the process of attracting prospects and converting them into customers. Better leads known as “qualified leads” means they are prominent in your sales funnel and are in a key position within the buying cycle.
Every prospect or “Lead” has a position in the buying cycle. A good business development strategy will properly target that lead, in an effort to influence them so they move up in the buying cycle. We must influence their position in the buying cycle because it correlates to qualified leads in our sales funnel.
The Sales Funnel is critical to business development because it is considered to be the revenue funnel that is driven by the sales process that correlates to your leads position in the buying cycle. Moving them up and through the sales funnel where they eventually come out at the bottom of the funnel is what business development is all about!
Let’s examine the 3 stages of the Sales Funnel:
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Top of the Funnel (TOFU): This stage is all about building awareness. In this stage we mean awareness makes you look credible in that you are a trusted source. Providing them with relevant content in a timely manner will help influence them in seeing you as an important figure that’s reliable, too.
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Middle of the Funnel (MOFU): In the middle of the funnel, your prospects have realized they have a problem and they must address that problem. Exploring their options is done in this stage too. By offering a viable solution or providing something of value are optimal ways of influencing them. This helps to push them through the funnel and closer to making the purchase.
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Bottom of the Funnel (BOFU): Once leads are at the bottom of the funnel, they are true prospects. At this stage, they are considering to purchase, so your efforts should be aimed at “selling to them”. They are at the peak stage of the buying cycle. Influencing tactics can be providing case studies, demos, and pricing comparisons that will aid as reassurance to them that purchasing from you is the best choice. IT IS THE RIGHT DECISION FOR THEM, YOUR SOLUTION CONVINCED THEM AND YOU ARE CREDIBLE AND TRUSTWORTHY TO THEM!
Every business development strategy should define the specific accomplishments and results you desire. Lead Generation is a process that is designed to produce specific accomplishments and results. Lead Generation is extremely beneficial to your business and must be a goal in every Business Development Plan!
About the Writer: Becky Blaesing owns Blazing Kiss Media and is passionate about helping business owners grow their business with useful business development strategies. She resides in Ooltewah, TN with her husband a two fur boy rescues. She loves to work with business owners, and she does throughout many states. She also has vast experience and passion working with non-profit organizations. Initial Consultations are FREE, contact her today, she’s ready to talk!