Collaborative Approach to Lead Generation

In current world, there are multiple channels for lead generation including conventional means like cold calling, exhibitions, advertisements etc. and new means like digital and social media. But the most important question is effectiveness of these mediums while generating leads. It has been found that the prospect turnover ratio from conventional means is less than 10% and turning them to customer is less than 4%. In case of social media, it is much lesser assuming the fact that the presence is huge as well as there is a phenomenon of active and inactive users. Social media success is industry and business dependent.

Today, people are debating between conventional and new means and trying to demean the other depending upon their preference. At this juncture, we all are missing one of the most important aspect i.e. collaboration of mediums. In case of technology, collaboration of Social media, mobility, analytics and cloud (SMAC) has opened up multibillion opportunities for companies similarly collaboration can do the same in sales process too.

Have you ever thought of combining social media and cold calling and try to develop a new medium which can deliver better results? If no, then I would like to say that my experience of executing this collaboration says that it increases your hit rate by at least 100%.

Simple Case: Company is planning to participate in the exhibition and wants to generate as many leads as possible. Company can join the respective exhibition group in social media and after filtering the relevant contacts, can target them through email, cold calling and social media. It will help in increasing the recall value of the company. If it is followed by personal visit then the company definitely gets registered in the mind of the customer. It is followed by lead nurturing through collaboration of all the mediums and the company can see better returns and business.

Is Cold calling losing its relevance in the current world?

Is Cold calling losing its relevance in the current world?

I have been facing these questions from multiple people including colleagues, senior management as well as inside sales executives. People are getting the feel that the cold calling is losing its relevance and social media & internet marketing is replacing the same but I have my own views.

I believe that the lead generation channel differs as per the level of the organization. We can categorize the organizations based upon their position in the industry growth curve.

* If the industry is mature and products are also mature then cold calling is definitely needed. In this type of industry, competition is fierce and nobody takes the pain to search for a vendor for their needs. Due to competition, sales are always positioned around the customers and hence to crack those kinds of customers, cold calling is the best option.

* If the industry is in growth phase then the products and services are also in the growth phase. In this kind of environment, customers generally look for referrals and relevant execution experience so as to mitigate risks. Cold calling is generally effective but it is not the only thing. It should be accompanied with the right content marketing to generate business.

* If the industry is in the take-off phase and at that point cold calling is again very effective as customers are unaware of the companies operating in the concerned area.

At the end we can conclude that cold calling is still an effective way of lead generation but it need to be supported by the content marketing to realize benefits in current economic scenario.