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When sales are down, what’s your go-to strategy for finding new potential customers?
That’s really the big question with B2B lead generation.
No surprises here: 85% of B2B marketers say generating leads is their top goal for content marketing. Meanwhile, 63% of companies say generating leads is their biggest marketing challenge.
Well, if it’s that tough should you outsource your lead generation?
Maybe. If you can find a lead generation company that will send you qualified leads with accurate data – but it’s not that simple.
Business-to-business lead generation is an umbrella term. The definition usually varies depending on the person using it.
Broadly, it usually either refers to finding new leads through marketing tactics or buying leads from an agency that specializes in the service.
A B2B lead is someone who’s expressed an interest in doing business with your brand – whether that business is purchasing a product or signing up for a service.
Marking departments will usually refer to lead generation as a strategy or set of tactics they use to drum up business. An average marketing department’s lead generation strategy might include:
You can outsource pieces of your marketing strategy – like content or social media – or even the whole thing. But it’s still marketing – not a lead generation service from a company that specializes in it.
When non-marketing consultants and agencies refer to B2B lead generation, they’re usually talking about buying lead data from a company.
The idea of paying for leads is a tough concept to wrap your mind around if you don’t understand how it works. It almost seems like agencies pull these people out of thin air – and yet, they’re supposed to be targeted to your industry and worth pursuing.
Let’s start with where lead generation companies get their leads. It depends.
B2B lead generation companies usually cater to a specific industry which might determine where they source their lead data. Others have multiple sources. Some common sources include:
Here’s where lead generation services get murky.
Some lead generation companies may use unethical or illegal data collection tactics. Others might not verify their lead data at all. (They won’t mention that, of course.)
Outdated, inaccurate, or outright false data is a massive problem in most business databases. That’s why about half of sales reps cite poor lead data as their biggest hurdle.
After consultants at a lead generation company put a database together (either customised for a specific client or just their general database), they need to make sure it’s correct.
If it’s not, they’re supposed to use AI-powered data scraping tools, their database subscriptions, and human research to fix the problems. Ideally, they’ll fix lead information that’s incorrect and fill the gaps for anything missing.
After a lead generation consultant makes sure a specific lead’s data is accurate, they’re supposed to investigate the quality. In other words, whether the lead:
Many lead generation companies don’t qualify leads before they send them your way. In other words, you might receive “leads” that will never under any circumstance be in the market for your product.
The top B2B lead generation companies change all the time. Some enjoy more staying power than others and there will always be a few industry staples. CIENCE, Belkins, and SmartSites come to mind.
As for price, most require a minimum project size of US$1,000 with many starting at US$2,000, US$5,000, or even US$25,000. On top of that minimum project price, hourly consulting wages range from US$25 to US$99.
Many lead generation companies don’t disclose their base rate either so keep that in mind during your contender search.
Overall, however, the sheer amount of lead generation companies is overwhelming. It begs the question, why? Other industries have their share of movers and shakers but B2B lead generation is inconsistent even by tech standards.
This list below is an aggregate of Clutch’s and G2’s top B2B lead generation companies (which are also aggregates of the respective website’s data).
1. KlientBoost
2. INFUSEmedia
3. CloudTask
4. SmartSites
5. Martal Group
6. CIENCE
7. Callbox
8. Belkins
9. Yodel Technologies
10. WebFX
11. DemandZEN
12. DemandWorks
13. SmartBug Media
Lead generation companies are only worth the money if they deliver accurate, ethical, and relevant data.
Even then, you’ll still want to factor in the costs of staff and time for contacting leads. But for now, let’s stick with the basic questions you should consider before buying lead generation services.
A shipping company needs different leads than a company selling software. Figure out whether the lead generation company even has experience finding leads in your niche. Don’t assume the leads they send will fit either way.
They probably won’t get into the details, but they should at least give a source. As every marketer knows, certain sources generate higher quality leads than others.
Leads from a niche blog website are usually way more engaged than anyone somebody cold-called (and possibly pressured) into their database.
You should really ask if they verify lead data at all. It’s a tedious and not always fruitful process.
Some lead generation agencies will just hand you the database they collected (with or without verifying the accuracy). Others might message the leads on LinkedIn for an introduction or take steps to make sure you can actually use the leads at some point.
What’s the B2B Lead Generation Company’s Refund Policy?
Considering the minimum costs of B2B lead generation services, this is an important question to ask. What happens if 50% of the leads aren’t qualified? 25%?
You can also use this question as a barometer for judging whether they were truthful about verifying and qualifying leads.
Outsourcing to a B2B lead generation agency is incredibly costly when you don’t know how things will turn out.
It takes time, but you can generate your own leads using many of the best tactics lead generation companies use. Plus, you’ll know who’s qualified.
Don’t mindlessly pump out content. Research your ideal lead persona to understand their firmographics, daily issues, what they read, where they go online, and what you can teach them.
Use your intel to create useful high-quality content that attracts leads because it’s relevant.
Email marketing tools make it easy for anyone to set up automated campaigns based on a subscriber’s activity, interests, or firmographic segments. It’s your call.
Plus, you’ll be able to monitor which prospects are worth nurturing by doing your own research on the side.
LinkedIn offers advanced targeting for B2Bs on the same level of Facebook for consumers. Promote your high-quality content in targeted ads to the right audience. Encourage LinkedIn users to download an eBook or useful tool to generate leads.
Don’t neglect social selling. (More social. Less selling.) Curating content, asking questions, valuable comments – contribute to conversations. You’ll learn about your audience more than you ever would hiring a lead generation agency.
Why pay for leads (and far too much at that) when you can generate higher quality leads through content marketing? Paid social media advertising definitely fits into a well-rounded lead generation strategy but buying leads is a different story.
There are just too many variables to guarantee that the leads you buy are relevant, current, and accurate. Plus, it’s much easier to nurture leads who chose to connect with your brand. That’s just another reason why effective content marketing and social media strategies are more cost-effective than paying for lead generation services.
Need a creative B2B social media strategy that stands out while attracting the right leads for your company? We have a few ideas to get you there.
As CEO of Kubbco, Chris leads the company's vision and uses his 20 years of advertising experience to drive results for our clients.
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