In today’s competitive world of business, your customers have a lot of options and alternatives for the same product or service you sell. It has become really tough to attract the right customers to your brand or the business. It is even harder to keep them as loyal consumers. Lead generation is all about creating and managing customers interest to your brand or business which will ultimately convert them into satisfied buyers and the loyal customers. Hence lead generation keeps a business running. Read Wikipedia’s definition for lead generation.
In the early days, sales teams used to generate leads by sitting in an exhibition stall or making cold calls. But in this modern information era, the websites, social media and search engines has totally changed the idea of the lead generation.
At Konekt, we have worked with a bunch of clients on handling their digital lead generation campaigns. Most of the businesses that we have worked with, has understood the advantage of digital media. They have achieved their sales goals through effective Facebook, Instagram and other social media or search engine lead generation campaigns. But we have seen that some businesses are struggling to understand these social and search platforms and their usage for lead generation. This post will guide you on the right way to plan and start your digital lead generation campaign.
Writing SMART Goals for Lead Generation Campaign
For the ultimate success in lead generation, you need to write business goals before starting your campaigns. It will help you to monitor and manage the campaigns as well as produce the exacted results. Your business goals should be SMART as follows.
Specific – Your goal needs to be precise and well-defined.
Measurable – This will Indicate the progress of the goal, keep you on track, and help you achieving deadlines. A measurable goal will keep you and the team motivated.
Attainable – An attainable goal is realistic, accountable and competitive. As you and the team know the goal is attainable it will keep everyone motivated to attain it.
Relevant – Your goal should deliverable and realistic. With a lead generation program, you can increase the number of leads, but you might not be able to solve your product problems. Therefore you need to aware of what your lead generation can really deliver.
Time-bound – A business goal should be always time-bound. Then only it will establish deadlines. The best way to write time-bound goals is by define your goals for the year and break them into quarters and months.
Though it looks complex to write SMART goals, there are two methods which will simplify the process.
Method 1 – Write SMART goals by determining number of leads that you need to achieve your sales goal
Let’s imagine you want to achieve a sale goal of $ 100,000 and your average sales price of your product or service is $ 5,000. And also you know your average lead close rate is 10%.
First, you need to calculate the value of each lead.
Avg. Sales Price x Close Rate = Value of each lead
$5,000 x 10% = $ 500
Then, you can calculate number of leads that you need to generate
Sales Goal / Value of each lead = New leads
$ 100,000 / $ 500 = 200 Leads
Therefore you need to generate 1000 leads this year to achieve your sales goal.
Method 2 – Write SMART goals by estimating future sales
The second method is to write goals by estimating future sales. Let’s imagine your sales team generate an average of 40 customers per month and the conversion rate is 10%.
Avg. number of leads x Conversion Rate = New customers
40 x 10% = 4 New customers per month
Sample SMART Goals
This is a sample SMART goal. You can customize this according to your business strategy and sales goals. But still, it has to be specific, measurable, attainable, relevant and time-bound as the sample.
Increase leads by 10% by end of the year.
Start planning your next lead generation campaign today with SMART goals!