Setting Your Lead Generation Budget
Marketing budgets are usually consumed by lead generation at around 53%, which means understanding what you need to do and getting it right is essential for a return on investment. It’s no secret that you can attract more customers through lead generation, providing the vital information they need about your business and products at the right time, allowing the customer to have a sense of more control over their potential purchase.
Having a lead generation budget will help you to better measure the investment and its worth when it comes to the methods you choose to market your business. We are sharing some top tips for setting your lead generation budget.
Understanding Your Lead Goal
Setting lead generation goals to measure your success and ultimately the investment of your budget against is the most important first step to take. You need to set attainable goals and knowing how to do that will be determined by your monthly revenue goal, how much revenue you expect to achieve from marketing and your average sales close rate.
Conversion and Landing Page Rates
Another important aspect of lead generation strategy is capturing leads through a landing page. This has one of the highest conversion rates when using lead generation to market your business, and making the measure of this a priority when setting your lead generation budget is essential.
With the assumption that your landing page will convert at least the average (2.35%), you can determine how many visitors you’ll need to drive to your landing page in order to reach your lead goal. Multiply your lead goal by 100, then divide that number by 2.35 to get the number of visitors you need to drive to your landing page.
Planning For Team Growth & Campaign Expenditures
Another area that will need your constant attention is team growth and campaign expenditure in your lead generation budget. Splitting your overall budget into two parts: team growth and campaign expenditures.
Adding to and developing your team can mean a range of things: hiring more individuals, further training development some of your current team members, and introducing new technology within the department.
Campaign expenditures will need to be taken into consideration, with each lead generation method being dissected to ensure everything is covered correctly depending on priority.
Know Where To Spend Your Budget
Distributing your budget across various lead generation methods is something that takes careful consideration and good target market research. Knowing where to spend your budget to attract the right customer, or the most likely customer, is essential for success, and shouldn’t be too hard to work out. You will obviously have a very good grasp of your target market, and with a little research you will be able to discover the platforms they use the most, how best to reach a decision maker and in what format they are most likely to make a purchase in. With this information collected, you will be able to develop a more water tight lead generation budget plan that will be more effective and with less money wasted.
If you are looking to improving your lead generation and make the most of your budget, Team Telemarketing can help. We offer a number of services that will help your business to implement the best marketing strategy and deliver expert lead generation to your target market.