How many times has this conversation been had?
- A – ‘We want more leads’
- B – ‘Do you want more leads or just better quality leads?’
- A – ‘Mmm?…Both’
- B – ‘What’s more important if you can chose one’
- A – ‘Better quality leads, then more of those’
The very first step is to understand and pin down what you mean by quality, and what you mean by quantity.
Quality can be defined as the degree of excellence or superiority of something, or the level of value it provides. Quality can also refer to the process of creating something that meets certain standards of excellence and is free of flaws or defects.
Therefore are you looking for the highest level of prospect? Or are you looking for a prospect who fits a number of criteria to be in your sweet spot. Start By determining what ‘quality’ for your business is.
Quantity is a measure of how much of something exists or is present. It typically refers to a measurable or countable amount, such as a number of items.
Therefore, make sure you know how many leads are required. Often businesses make the mistake of wanting ‘more’, but ‘more’ can be represented by 1 or over 1000. Both outcomes may be equally incorrect when it comes to your goals. Be clear, be relevant, and be realistic.
Underestimating the Value of Quality
Businesses often fail to recognise the value of having higher quality leads, as opposed to simply generating a large quantity of leads. Quality leads are more likely to convert into paying customers, so it’s important to focus on generating leads who are actually interested in your offerings.
Targeting too wide
One of the biggest mistakes businesses make when it comes to lead generation is targeting a vast pool of prospects. It can be important to cast the net wide, but the wider you cast, the more likely you will catch the wrong fish! This in turn leads back to quantity, but lack of quality.
Not all leads will convert now
It is estimated that only 5% of your target market are ready to buy now (in-market).
That means you need to be communicating with 95% of prospects who are not yet going to buy your product or service (out-market).
However, it does mean that if you can engage that 95% now, and keep them interested in what you have to say, the likely hood is when they are ready to purchase, they have already shortlisted your company.
Relationship marketing focuses on building long-term relationships with prospects through personalised communication and engagement, rather than just acquiring leads. This type of marketing is becoming increasingly popular as businesses recognize the value of developing strong relationships with their customers.
Therefore whether it is quality or quantity of quality you are looking for, it is essential you are looking and applying your strategy throughout the lifecycle of a prospect, not just those qualified leads ready to buy.