Do you know exactly how many leads you need to meet your revenue goals? Do you know how much to spend on lead generation? In this blog series, we set out to help you answer those questions. Our first blog in the series described how to find your lead goal. Now, let’s talk about how to create a lead generation budget…
Keep reading for a sneak preview into our Guide to Lead Generation Budget Planning
If your goal is to get more qualified leads, you need a strategic lead generation marketing plan. Your next thought might be, “how much will that cost?” Whether you are planning it, reviewing it, or ensuring you are sticking to it throughout the year – Including lead generation as a line item in your budget is extremely important, especially if your goal is to increase the number of qualified leads in your pipeline.
First, what is lead generation?
Lead generation refers to: Creating a database of leads through marketing efforts in order to generate more revenue for your business. Lead generation is a beautiful partnership between sales and marketing, and developing a strong strategy can greatly impact your sales success and business revenue.
Here are some key points on lead generation, especially when it comes to your marketing tactics and your budget …
- 94% of B2B buyers research online before finalizing a product purchase. The buyer’s journey is changing, and with lead generation, you have an opportunity to capture that 94% of your audience.
- Outbound leads cost 39% more than inbound leads. Generating more inbound leads could help lower your cost per lead.
- High-quality lead generation is the top challenge for 61 % of B2B marketers. Mastering lead generation could put you ahead of your competitors and generate more revenue for your business.
- 80% of marketers using automation software generate more leads; 77% convert more of those leads (Source: VB Insight, APSIS). Having a structured lead generation program could greatly help you generate more leads and close more deals.
Your potential customers are researching, having conversations, and making purchasing decisions online every day – with or without you. How can you ensure you are present where this action is happening? Do you have tactics in place to capture and nurture those potential customers? And most importantly, can you find the budget for it?
Lead Generation Budget Planning
53% of marketers say half or more of their budget is allocated to lead generation. That’s because, through a lead generation strategy, you can attract more potential buyers, provide them the information they need when they need it, and let them tell you when they’re ready to be contacted (i.e. get more inbound leads).
Adding a budget line for lead generation can help you better plan your marketing tactics that are specifically aligned with generating more leads. A lead generation budget takes into account your monthly revenue goals, number of leads you need to reach your goals, and the overall cost of attaining those leads.
But where do you start? This checklist contains the key points you need to determine while planning a lead generation budget:
We know it’s a lot! That’s why we created a free and easy workbook to help you fill out all these details and craft your lead generation budget.
In our Guide to Lead Generation Budget Planning, you will learn more about lead generation, why you need a lead generation budget and how to create one. Once you’ve completed the workbook, you will know your accurate lead goal (i.e. how many leads you need to reach your revenue goals) and how much it will cost to reach that goal.
Ready to get started? Download the guide now.