The world as we know stopped for a while in the pandemic. Businesses today are confused about whether to shut down or stay open! But as we all know, the B2B industry has to go on. It doesn't matter if the world is pandemic-stricken or not- the B2B lead generation challenges continue to be the same!
Want to grow your B2B business along with your wallet? For a fact, who doesn't? The daily battles and plethora of information make it very difficult for a company to track, outreach, and engage with potential clients. The result is reflected on the faces of the B2B marketers. They find it difficult to cope and survive in the B2B jungle.
Of course, generating leads is arduous for any business. But for the business-to-business realm, the hardship takes new dimensions. So what are the biggest challenges for B2B lead generation? Let's find out!
The Challenges of Lead Generation in the B2B Industry:
- Identifying the Market Need:
Assessing or analyzing the market needs should be the very first step of your lead generation strategy. You cannot just sit out there and send emails or direct mailers to every company you see. We will tell you why!
The random number strategy has a 0% possibility of generating leads. Sometimes you can get lucky, and fortunately, strike deals. But that's just once in every thousand or millions. The chances of generating leads by a random number strategy are very thin. On the other hand, the SPAM limbo still exists. People be like- 'I don't need their services! Why are they contacting me out of the blue?' And the worst part? By this technique, you will be alienating the prospective clients who expressed their interest in your services.
So what's the drill here? Research! Hours and hours of research! Before you send an email or put together a mailer, you need to gauge the needs of your prospects. B2B business is all about coming out of your shell and providing solutions for your lovely potential clients. However, you can't do that without extensive research about the clients and their companies.
At this point, it might seem like a lot of work! But that's the beauty and challenge of the lead generation process. You have to be sober about your preparation. We know none of us are young enough to be crazy about the task. But we assure you, it's essential for the formation of your marketing pitch. If you don't fancy blowing up your chances with high-potential clients, start identifying the marketing needs today!
- Prospects Ignore the Sales Calls:
'Hello! This is X from ABC. I called because!'- beep, beep, beep! And there comes the end of the sales calls. What do we say? This is a regular phenomenon in every B2B industry. And probably the most challenging barrier of B2B lead generation.
Hang-ups, no responses, leaving voicemails is a common frustration among the sales reps. In some cases, it's seen that sales reps are quitting their jobs because of cold calls. We understand it's tough and tiring, but it's not something that you cannot overcome.
In fact, there are a lot of things you can do to solve this colossal problem of the B2B industry. First of all, you have to comprehend why people ignore your calls?
Typically, their assumption is you cannot provide any value for their company.
However, you can solve that by analyzing deep data and assessing buyer persona. It will give an idea about who is more likely to pick up the phone.
When you have identified the buyer persona, coach your reps for the talk. Show them the hacks that make a good sales conversation. They need to motivate the phone meeting with confidence.
Alternatively, you can hire an expert firm for appointment setting and let your team nurture the leads.
- The rise in Ad Prices:
If you are using paid ad services for lead generation, then you've experienced a sudden incline in costs. The pandemic is to be blamed for the sudden ad inflation.
More and more people are surfing the mighty internet from home. As a result, the competition has gone wild. All the vendors and business people are relying on digital advertising to allure traffic. However, not everyone can keep up with the rising costs with a sliced budget.
We know it sounds sad, but it can be beneficial for you. Sometimes, your competitors drop out of the competition due to budgetary crises. Check out Google Auction Insights reports determining if this is the case. If so, then it's a good time to play with your ad spend.
Conversely, if the competition increases, find ways to target and focus your keywords. Choose keywords that provide the most ROI. You can also use Facebook, Linked In, Twitter for personalized ads.
- Lead Generation Failure and Emotional Burnout:
You spent weeks formulating the right strategy, worked hard to determine your prospects, did everything for your lead generation. At the end of the day, all your hard work went in vain.
When dedicated work fails to usher results, it's natural to feel gloomy and crushed. Even the most thick-skinned SDRs go under the same situation.
The SDR's job is to sell services. Eventually, an experienced SDR realizes a prospect isn't qualified or fit for the company. And when they understand this, they feel devastated.
Devastation directly impacts the mental health of the employees. When employees aren't happy or satisfied, the entire performance standards drop dramatically. To fight and survive under the daily rejection environment is the biggest challenge of B2B lead generation.
- Determining the Suitable Strategy:
'Where do we start?' or 'How do we start?'
The question is asked by anyone who stands on the B2B doorstep. As a growth advisory firm, we understand many B2B lead generation strategies exist. But picking out The One for your business is the real challenge. Not every tactic is bound to yield good results.
What are my options?
To face the challenges of B2B lead generation, here are some approaches to make your strategies work:
● Emails Marketing
● Content Marketing
● SEO (Organic Search)
● Social Media (Organic & Paid)
● Direct mail & Telemarketing
● Search Marketing (Paid Search)
● Affiliated Marketing
● Live Events
So, which B2B strategy is for me?
According to the research of Chief Marketer, email marketing is the most effective platform for B2B lead generation.
Email Marketing is the go-to lead generation channel chosen by thousands of B2B marketers. An email with the right subject line and pitch piques interest among the unshakable clients and influences them for conversion.
Finding the email address and structuring the pitch goes back to the research mentioned earlier. So guys, do your homework!
B2B marketing is not about choosing the best lead generation strategies and channels. It's more about how you implement and work with the techniques.
Next in line, we've got HubSpot's study. According to their research, SEO is the best B2B lead generator!
So yes, Organic Searches can be at the top also. The diagram speaks for itself.
But it sums down to one single thing. What strategy you are going to use depends on the type of work you do.
You might find there are conferences or trade shows relevant to your business and services. Your participation in these programs is a great way to establish connections. It's also vital for boosting the visibility of your brand.
Besides, social media platforms like Twitter or LinkedIn culminate great results in finding your contacts or targets.
Traditional advertising becomes handy to establish rapport with the local customers.
Improving Lead Quality: Effective Solutions:
Want to battle the challenges of B2B lead generation? Try our magical tonics to thrive. Come on, let's explore them!
- Creating an ICP and buyer persona for your business:
For the B2B lead generation, the criteria that define potential clients (i.e., a good fit for your business) is known as Ideal Customer Profile (ICP). Designing the perfect ICP is the first and foremost thing for any lead generation process. The mistakes made at this stage will gradually undermine the efforts of your researchers and outbound prospectors.
Features of ICP & Buyer Persona:
● Up-to-date
● Detailed
● Reflects the motto or goal of your company
Sometimes, it's better to analyze your services and company before crafting an ICP. It works better than editing the old ones.
- Conducting the Sales Research:
After formulating your ideal ICP, let's move on to the next step of the lead generation process- Research! You won't be able to generate quality leads unless you conduct thorough research.
In most cases, B2B marketers think that acquiring the contact list of target companies is enough for their pipeline. That's where everything goes wrong. They believe quantity triumphs over quality. However, after profound analysis, you will find that it's the reverse for facing B2B lead generation challenges.
The lists found are mostly generalized and won't match your ICP. In other words, most of the people on the list are unlikely to convert.
If you can't define the 'quality contacts' from the list, try calling everyone on the list for a small talk. Find out if they are a fit for your ICP from the first conversation.
Overcoming the Lead Generation Challenges:
Yes, overcoming the challenges of B2B lead generation can be a hard nut to crack. However, it's not impossible!
To improve your lead generation process, you need to rely on thorough analysis. Inspect the ICP and conduct regular research on targeting quality contacts.
Next, review your target messages and hire SDRs who have the necessary skills to filter the unqualified leads. And do remember to focus on quality over everything!
Darwinian Ventures believe that these tips will help you tackle the obstacles of the B2B lead generation process.
Summing Up:
You can't ignore the challenges of B2B lead generation if you want to be successful. Confront them, fight them, battle them- but beat them for skyrocketing your leads!
Want to earn a competitive advantage over everyone? Face your lead generation fears with a drumroll!
Did we miss out on any challenges of the B2B lead generation process? Do tell us.
