Running a successful business requires a close look at your Return on Investment (ROI). Where should you be putting your marketing dollars to attract more leads?
Key takeaways
- Know when it’s smart to invest
- Offer special incentives for new customers
- Using a tool like Google Ads
- Invest in your website
- Exploit free avenues like referrals and networking
- Join an online marketplace
Growing your small business means consistently connecting with new clients while retaining those you already have. If you’re struggling with attracting more leads, take a look at where you’re investing your time and money. Sometimes, it’s worth paying a little more if you can increase visibility and connect with more potential customers.
Where should you be investing your marketing dollars? When is it okay to pay for a premium plan versus the free option? Here are six important considerations when you’re trying to make the right investments for optimal lead generation.
1. Know when it’s right to invest
One of the most important aspects of lead generation is knowing how to balance costs and expenses. ROI can be a huge indicator that a certain marketing outlet isn’t performing the way you need it to.
But sometimes taking a risk and paying for a premium plan versus a free plan, whether, on LinkedIn, a new app, email marketing, a storage solution, or advertising spend, will get you a lot more leads than if you spend nothing. In the long run, these leads turn into paying customers and long-lasting relationships.
Remember that it’s often a good idea to invest a little bit more money to connect with more people because spending money smartly earns you money. The sustainability of your business depends on new customers, after all.
2. Offer special incentives for new customers
Another effective way to spend a little money for better lead generation is to offer special deals and incentives solely to new customers. Perhaps you offer a one-time discount for a service a new customer is likely to be interested in, and end up creating a repeat client relationship.
People love saving money, so allowing first-time customers to do so will instill positive associations with your company from the get-go.
3. Using a tool like Google Ads
Google Ads and similar advertisement tools let you spend as much or as little as you want on search, display, video, and app ads to reach more people when they’re looking for products and services. These targeted ads help you connect with customers who are high-quality leads since they’ve already taken an action, like using keywords in their search that are related to your business.
Even if you don’t have a huge budget to work with, spending change on Google Ads is an effective way to increase leads almost instantly, and thus a worthy investment for your business.
4. Invest in your website
Even though there are many free ways to create a functional website, it may be time to put some money into your online presence. Investing in a new or improved website can bring benefits like:
- More visitors (aka leads)
- Increased conversions
- Better brand recognition
- Increased customer retention
- Competitive edge in your industry
How are these benefits realized? First impressions are everything. If someone is interested in your social media post or they click a link to your site on another page, visiting your website is a major step in getting them to convert. If your website is hard to navigate or what you do isn’t immediately clear, they’ll move onto the next business.
To keep leads interested, you need an effective design and color scheme, clear CTAs, and a consistent brand voice throughout. The latter includes a simple mission statement, core values, team member bios and photos, and more.
Even though a revamped website can cost a few thousand dollars, the leads you’ll generate will be much more valuable.
5. Exploit free avenues like referrals and networking
Remember that there are still free or cost-efficient ways to generate new leads for your business. When you have a satisfied customer, be proactive in asking them to refer you to their friends and family. Create incentive programs where both parties will be rewarded for a referral. Send follow-up emails and ask for testimonials.
Get more involved in your network, whether online or in your local community (or both). Being more involved will help your business become more recognizable to your audiences. And when they need a service, they’ll turn to you first. Focus on building relationships based on what you can provide to your networks, not just what’s in it for you.
6. Join an online marketplace
Finally, consider joining an online platform where you can be easily seen by companies looking for vendors. These platforms will do a lot of the behind-the-scenes work for you, like document management and outreach, so you can focus more time on other parts of the business. It’s worth investing in a platform that will automatically show you new opportunities and showcase your business’s accomplishments and track record in a simple online profile.
Why VendorSmart?
When you’re looking for new ways to attract more HOA and condo association leads for your business, join a web-based marketplace like VendorSmart. Our online platform connects vendors with community managers and provides simple tools for RFPs and compliance document management. Within our vendor directory, you can highlight your services and company with examples of past work and reviews.
Join VendorSmart today and start generating new association leads right away.