Okay, raise your hand if you’d like to attract more high-quality leads for your business.
So that’s everyone, huh?
Well, you’re in luck — because today, I’m going to show you 4 new sources of leads for your business! And not just any leads but targeted, high-quality buyers for your product or service.
And the best part is, none of these lead sources will require you to go out and build a whole new lead gen channel from scratch. Each of them can easily map onto your go-to lead generation strategy, and multiply its effectiveness and ROI.
Read on, and you will learn:
- Why you already have a pool of ready-to-buy leads at your fingertips, and who they are
- How to recapture those 90+ percent of website visitors who don’t sign up or buy
- 3 tips to crack the code on the hardest and most powerful form of marketing — referrals
- And how to easily access existing audiences of your dream customers or clients
Let’s dive in!
Reconnect with past clients or customers (and give them a deal)
Fact: it can cost up to 5 times more in time and money to acquire a new customer than to sell to an existing one.
To a lesser extent, this also applies to those who have bought from you before but didn’t stick around. Those past buyers will be much more receptive to your offer than brand new leads… and you already have their contact information — so getting back in touch will be super easy, quick, and cost-effective!
Try it: dig up your database of past clients / customers, and reach out to them with an offer. But — and this is important — don’t just present them with your standard pitch!
Instead, go the extra mile to make your offer more appealing. In other words, give your past clients a good deal that they will find irresistible. Now, I don’t recommend discounting your product or service, but here are 2 ideas of what you could do instead:
- Do a limited time, one time only offer. Put together a bespoke package just for your former clients / customers, and give them a deadline to take action. You can learn more about these types of offers, and how to construct one, from this article (look for Strategy #1).
- Tempt them with strategic value-adds. You can add another service (that normally costs extra) on top of your standard package for free, or offer complimentary first-class delivery, or give a “1+1” deal — you name it! This is an amazing way to over-deliver on value without having to discount.
Bottom line: reach out to your past buyers, offer them a deal that’s too good to ignore, watch the sales roll in!
Recapture lost leads with remarketing ads
Remarketing (also known as retargeting) ads are a great choice for any entrepreneur who wants to try paid lead generation without breaking the bank.
There are two reasons for that:
- Remarketing ads are less expensive than traditional PPC advertising.
- They are aimed at leads who already visited your site / saw your offer, but didn’t convert.
Reduced cost in combination with a limited pool of leads means that there’s no chance you’d accidentally blow your entire marketing budget on ads that don’t produce any ROI — a thing that can, and sadly does, happen to business owners all the time.
And most importantly, remarketing works! Here’s why…
Of all the leads who end up on your site, over 90% won’t convert on first visit. Remarketing ads “tail” those lost leads over the internet and entice them to come back. And because those visitors have already seen your brand and your offer, they are more likely to return!
Here are a few tips on how you could implement remarketing in your business:
- Recapture leads who didn’t opt into your free offer. If someone was about to sign up for a lead magnet or a content upgrade but then left, you can nudge them to come back and take advantage of your freebie.
- Reduce cart abandonment and increase sales. If a potential buyer filled their shopping cart full of products but didn’t complete checkout, get them to return with remarketing ads.
- Bring buyers back to your sales page. Remarketing doesn’t just work for ecommerce brands — you can use it to recapture potential customers / clients who bounced off your sales page without buying! This is especially helpful to do during the final days your launch.
One last tip: if you’re using video on your landing pages or sales pages, you may want to integrate video analytics into your remarketing campaign. This article has more info on that.
Attract top-quality leads with referral marketing
According to this 2020 report by Edelman, 39% of customers build trust in a brand from conversations with people they know, as opposed to advertising. That’s why, when executed right, referral marketing can become one of the most powerful tools in your arsenal.
Plus, word-of-mouth referrals typically generate some of the highest-quality leads available, which is perfect for you as a business owner.
However, referral marketing can be daunting to implement in your business. Why? Because people are hesitant to recommend something if there’s even the tiniest chance that it might make them look bad to those they care about!
So it’s not enough to tell your existing buyers, “Hey, tell everyone you know about us!” — and brace for hordes of new customers.
You want to implement referral marketing with these things in mind:
- Timing. The best time to ask for referrals is right after delivering huge value to a customer. The more satisfied and excited they are feeling, the more receptive they’ll be to the idea. Try it after you’ve delivered your product or service, or at a fixed point in the customer journey — e.g. after they’ve been with you for 3 months.
- Barrier to action. The easier it is for your customers to refer someone, the better. Do everything you can to make the process as quick and hassle-free as possible. E.g. give them a unique referral link, or even a word-for-word script if needed!
- Perceived risk. Like I said before, people are naturally cautious to refer someone they know to a business, because there’s often a chance of a poor fit or a negative experience. You can counteract this with incentives (for them and those they refer), and also — by simply delivering an amazing 6-star experience.
Pro tip: you can also practice a low-key form of referral marketing that asks your audience to share your free content and offers. “Forward this email to one friend” is much more likely to get a yes, because the perceived risk and barrier to action are so much lower.
Access new audiences with partnerships and joint ventures
When lead generation fails, it’s usually due to two fundamental reasons:
- Failing to attract enough people to the offer, and…
- Failing to establish strong enough trust to convert them
Most lead gen methods require you to build attraction and trust from scratch, which takes enormous time, effort, and often money (even with ostensibly “organic” methods).
Partnerships and joint ventures let you sidestep those two problems completely.
How? By getting access to someone else’s established audience! This puts you in touch with hundreds, thousands, and even tens or hundreds of thousands, of targeted leads — which solves the scale / quantity challenge. But also, it allows you to “piggyback” on the authority and goodwill that your partner has already created with their audience — which solves the trust issue. And just like that, you are perfectly positioned to attract and convert a ton of new leads!
Now, I’m going to share with you some key principles on how to make this strategy work for your business:
- Look for businesses in related industries — not direct competitors. For example, if you’re a marketing consultant, another agency won’t promote you — but, say, a company making invoicing software for small businesses would!
- Find a vital need or “gap” you could fill — but your partner can’t. To secure a partnership or a joint venture, you have to prove that you can add value to your partner’s audience… in a way that they can’t. E.g. if they are a business coach who gets legal questions all the time, and you’re a lawyer… you get the idea.
- Pitch the smart way. Don’t just fire off a copy-pasted email and expect your partner to say yes immediately. Do your homework on the business and the person you’re contacting. Find something you have in common and lead with that. Instead of focusing on what you need, emphasize the value they will be getting. And end with a low-pressure call to action like, “Would you be interested in that?”
If you want more guidance on how to reach out to potential partners, here’s a simple B2B pitch template you can use.
Want more lead generation advice? Here you go:
If you want to hear some of the finest marketing minds discuss lead generation, listen to these episodes of the Backstage Business podcast:
And if you’re ready for some implementation, then you will love the 5-Day Lead Challenge created by Russell Brunson — Founder or Clickfunnels and a friend of The Draw Shop!
Check in out below: