Understanding the Value of Lead Generation in Retail

Understanding the Value of Lead Generation for Retail

Understanding the Value of Lead Generation for Retail

When I talk about lead generation, sometimes I can see the retailers in the audience tuning out. They think this conversation isn’t relevant to them – after all, isn’t lead gen a B2B thing?  We’re going to use this blog to talk about the fact that lead generation is in fact extremely relevant to retailers. You’ll learn why lead generation is important, what you can do to increase the number and quality of leads you’re gathering, and how you can use those leads to build your business.

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Why Lead Generation Matters to Retail

Every relationship has a starting point. When a customer completes a data capture form, whether that’s online, via social media, or in person, that’s the beginning. At this point, they’ve opted into receiving future messaging from you. Your strategic plan should include a method for connecting with any new leads, which can include things like a welcome email and savings coupon for a first purchase.

Lead generation campaigns also allow you to learn more about your customers. By varying the offer, language, colors, and imagery used, you can learn what’s most effective at reaching your audience. Assess campaign performance by platform; these insights can help you determine where prospective customers are discovering your brand.

What You Can Do To Increase the Number and Quality of Your Leads

All lead gen campaigns are not created equal. It’s certainly possible to gather hundreds, even thousands, of names and email addresses – but if those people aren’t your customer, what good does it do you? Think through the type of customer you’d like to attract to your business, and tailor your lead generation campaign to reach those individuals. Make offers meaningful and appealing to your target audience. Take advantage of social media’s targeting features to promote your lead gen campaign to relevant individuals.

Using Leads to Build Your Business

Successful lead generation campaigns have two parts. The first part is capturing customer names and contact information; the second part is an ongoing strategy to begin and nurture meaningful relationships with those customers.  This strategy will be different for every business, but certain elements are universal, including welcoming the new customer, introducing them to other ways to connect with your business, and making them aware of savings opportunities, incentives, and events that may be of interest to them.

Monitor results and assess the value of the leads you’re getting on a regular basis. If they’re converting into active customers, great! If not, you may need to refine your lead gen efforts further. Top brands are involved in a continual process of assessing and improving their lead gen campaigns. What works for them will work for you!

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