Have you ever seen one of those medicine commercials which claim that their magic pill can help deal with a disease, but then the narrator goes on a two-minute speech about the negative side effects? For example, “we can help you with your asthma, but you might grow another arm”. Well, that’s what lead generation is to your business. A so-called magic pill that can bring you in tons and tons of leads, but in the long run, it can actually harm you.
Look, I’m not saying traditional lead generation doesn’t have its perks, it certainly does, but what I am saying is that it’s like driving into a wall. Traditional methods can give you thousands of leads, but you don’t know if these companies are ready to invest in your product or service. You’re basically shooting in the dark, hoping to land that “perfect company” that will be your saving grace. I mean, it’s certainly possible that you’ll land a few companies out of the thousands you found, but in the meanwhile, you’re wasting a lot of time, energy, and resources that can be used elsewhere.
I always go back to the fisherman analogy when it comes to traditional lead generation. Think of lead gen as a net; a net can be used to capture hundreds or even thousands of fish at a time. Consider these fish as leads, some good leads which will bring profit to your business, while others are poor leads that will simply clog up your sales pipeline (or just waste your time). Now, as a sales person, you have to sift through these leads, contacting each one hoping to stumble across the “good fish” that will help your business. Though, this takes a long time, it takes a good amount of money, and it could potentially make the good leads disappear in the time it takes to find them.
However, if, as a fisherman, you used a spear to get your fish, you can see the good ones right from the start, and choose as you please. This methodology is an account-based approach, contrary to lead generation. Through account-based marketing (ABM), the leads are qualified before the marketing actually begins; in other words, these accounts are ready to buy your product or service.
Through this approach, your organization will see an increase in ROI, as you are not wasting resources on unqualified leads through a traditional lead generation approach. Furthermore, you will shorten your sales cycle, as these selected accounts are interested and ready to buy what you’re selling. This also ties into the velocity of your pipeline, which will increase as well.
You probably have more questions regarding the magic of ABM, and how it could work with your business. That’s understandable, and that’s where Netrocon comes in. We help B2B businesses like yours incorporate this ABM approach at an affordable cost. Or, if you just want to chat about ABM, we can do that too. Until next time.