What are The Main Challenges of B2B Lead Generation? Many businesses start B2B lead generation processes to help them in identifying and targeting the right customers for their products or services and then attracting them to become customers. As such, lead generation plays an essential role when it comes to B2B marketing in the modern business environment, which continues to become increasingly competitive.
When it comes to B2B lead generation, lead quality makes the difference between the success and failure of your business. Therefore, it’s important to make sure that you are not only generating leads, but you are generating the right leads for your business. However, the race to generate the right B2B leads is very tight among businesses. However, most businesses face many challenges when it comes to B2B lead generation.
In this post, we shall discuss the main challenges of B2B lead generation. Read on for more information.
Related Article: Which Software is Used in the Oil and Gas Industry
Generating high volume and quality leads
This is the greatest B2B lead generation challenge that most businesses face. So, unless a business is coming from a successful sales cycle, the marketing team is probably looking for better ways to increase its volume. And, this is not an easy task for most businesses. However, different strategies can assist businesses to increase the volume of their leads, particularly when it comes to the mediums they use for marketing—this promises to bring better results in their B2B lead generation strategies.
Setting the right budget
Generally, B2B lead generation requires a very high budget. You will need to pay your sales team. Besides, you need money to pay other bills like electricity, internet, calls, and other office supplies. Also, investing in pre-targeting, paid ads, email campaigns, and landing pages will add costs to your B2B lead generation process. Relying entirely on your in-house sales team might present another challenge of fitting all these tasks into your set budget. Because of this, some businesses result to outsourcing their sales development in order to reduce the cost of B2B lead generation.
Creating the right strategy
“Where do we begin?” This is a question that most companies ask repeatedly when starting their B2B lead generation process. The fact that there are too many B2B lead generation options for companies to try. However, the challenge is knowing the right strategies for your company to adopt or which strategies to try first.
The different options include:
- SEO (Organic Search)
- Email marketing
- Social media marketing (organic and paid)
- Content marketing
- Direct mail
- And many more
Many businesses face a big challenge in choosing the best option.
Sales team looking for orders not to sell
Now, this is one of the greatest B2B lead generation challenges that come from the sales team. Most sales teams expect the company to do most of the heavy lifting before they acquire a lead. Here, they don’t aim to nurture prospects—they want to find casual prospects, and end up dismissing them if they fail to show interest in their products or services.
When it comes to B2B lead generation, acquiring leads is the first step towards closing the deal. So, if your sales tactics are not converting, regardless of the volume of quality of the leads you are generating, you need to rethink your strategies. However, not many businesses realize that their sales team presents the greatest challenge in B2B lead generation.
Weak link between marketing strategies and ROI
Both measurement and probability are major challenges in the B2B lead generation and marketing space. In most cases, it’s hard to accurately determine the results of your marketing strategies. However, there are ways in which you can do it, depending on the campaign strategy that you choose.
But, it’s important to note that probability is another game plan. First of all, note that participating in marketing events for B2B lead generation has become a challenge because of the COVID-19 pandemic. And, even when these events take place, they don’t allow many opportunities for predictability. You might get a hundred leads or might get none.
Sealing the leaks
Another concern for most businesses is managing the leakage of leads. A lead who enters the sales funnel, but they don’t reach the end of the funnel is considered a leak. Also, when a person visits your site, but they don’t leave their contact information to download or subscribe to a blog, they have also leaked. So, most businesses have a challenge in sealing or mitigating the leaks in their sales funnel for their B2B lead generation strategies to be successful.
There you go. These are the major challenges of B2B lead generation. So, to overcome these challenges and improve your B2B lead generation, you need to take your time to analyze your options. Review the profile of your ideal prospect, and do targeted research if you want to get quality leads. Also, you need to review your messages and ensure that your sales development representatives have the right skills and knowledge to filter any unqualified leads. Taking these actions will assist you to handle the major challenges of B2B lead generation, and improve the quality of your leads.