B2B lead generation is the most important task of B2B marketing teams.
Most companies are now looking for marketing teams, especially demand gen teams, to own a revenue number, not just a lead goal.
Looking at a revenue target (that continues going up over time, mind you) can feel overwhelming.
How the *&^% are we going to contribute $X to the company revenue goal next month/ quarter?
It still comes back to lead generation though. You can’t contribute revenue without leads…
So I’ve often found that working backwards to figure out how many leads we need to generate makes everything look much more manageable.
Just like thinking about a goal of doing 100 pushups a day can sound intimidating until you break it down into doing 10 pushups 10 times a day.
Here’s the math you’ll need to do to get your numbers…
- Take your revenue goal
- Divide by average deal size to figure out how many customers you need
- Divide that by conversion rate of opportunity to customer to figure out how many opportunities you need
- Divide that by conversion rate of MQL to opp to figure out how many MQL’s you need
- Divide that by the conversion rate of lead to MQL to figure out how many leads you need.
If you’re head is spinning after reading that, here’s a look at it visually with some made up assumptions:
|Avg Deal Size||$5,000|
|New Customers Needed||20|
|Avg Opp > Customer Conversion Rate||25%|
|# of Opps Needed||80|
|Avg MQL > Opp Conversion Rate||40%|
|# of MQL’s Needed||200|
|Avg % of Leads Who are MQL’s||75%|
|# of Leads Needed||267|
You can also take this a step further by estimating how much traffic you need from each channel multiplied by the expected conversion rate for that channel.
If you’ve been doing B2B lead generation for a while, you know that not all leads are created equal. And you’ll hit a ceiling or experience diminishing returns with most channels.
So for most of us, we need to not only continue investing in the channels that are working for us now, but continually explore new channels in order to keep growing.
When you build a system to consistently bring in leads using these channels and strategies, that’s what will allow you to hit your goals. And note, you don’t have to make every one of these channels work to be effective (more on that in the last section of this guide).
That’s why I wanted to compile a list of the most effective ways to acquire leads for a B2B business.
Note: There are dozens of other advertising channels that I’ve omitted here (Twitter, Taboola, Outbrain, etc.) Rather than list out every single channel or strategy that you could possibly generate a lead from, I’ve tried to hone this list down to the 15 I believe to be the most effective (based on personal experience and the experience of friends/marketers I follow).
I also added case studies, examples, and/or useful resources for every lead gen channel mentioned below to help you better convert from each channel.
Plus you can grab a copy of our spreadsheet template that we use here at Chili Piper to track all of our performance on paid channels.
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