Lead generation is the marketing process of creating consumer interest for a client’s good or service. The objective of this service is to convert the interest of a client into a sale. The process works by building relationships with potential consumers by getting traffic to their website and then convincing them to share their contact information with you.
This will raise your client’s company’s profile and nurture consumers throughout the buying process to convince them to purchase your client’s goods when it comes time to buy. Keep reading to find out how you can effectively start a lead generation business.
1. Understand Lead Generation
To convert customers into leads, you can use many different lead generation tactics to gain their interest, and invite them to provide their contact information.
Common marketing strategies that generate business leads include:
- High Quality Content – To entice potential customers into signing up, you can offer to provide them with high-quality content. This can be anything from a case study, to an info graphic or eBook.
- Discounts or Coupons – Consider providing a discount or coupon in exchange of their information. In doing so, you encourage them to purchase from the vendor with an incentive.
- Webinars – A webinar is a live video session that your visitors can view and participate in. They typically provide information about a specific topic. Due to their interactive nature, they are a great way to engage, educate and convert potential customers into buyers.
2. Identify Your Niche
Most lead generation businesses identify a niche to specialise in. By having a smaller targeted pool of leads means you can offer your clients specialised offerings. It is important to do your research first to determine a niche market that is interesting to you, and also will provide sufficient revenue.
There are three main niches you can choose from:
- Industry – Lead generation businesses usually pick an industry niche, whereby vendors offer products and services within a particular trade or profession. An example here would be clothing stores, car dealerships, or pets.
- Geographic Location – Consider whether you want to start a local lead generation business for businesses within your geographic area; or perhaps you want to focus on a specific area, or multiple cities and locations.
- Demographic – You could target a certain age, gender, social class or religion when picking your industry niche. For example, you could start a lead generation business by targeting students or mothers.
3. Establish your Lead Generation Business
Although establishing your lead generation business can be intimidating, a simple checklist can ease this process. Licenses and certifications will vary depending on the country and area you live in, but in Australia, you should prioritise the following:
- Register your business;
- Open a business bank account to separate your funds;
- Seek legal assistance to create legal contracts to use with your clients; and
- Trademark your name.
For further information, please see the Australian Business License and Information Service to learn about the laws you need to follow based on the specifics of the lead generation business.
4. Check your Legal Requirements
Lead generation in Australia has often been associated with aggressive marketing that targets vulnerable people with goods or services that are not suited to their needs. Thus, it is important to consult a lawyer to ensure your practices are legal within your state.
- Privacy – Consider the Privacy Act 1988 (Cth) which states that when collecting personal data about an individual, you must take steps to notify them of any specific issues regarding their privacy. This may include the fact and circumstances of information collection or whether the entity is likely to disclose information to overseas recipients.
- Email Compliance – The Spam Act 2003 (Cth) requires that electronic communications sent to customers must be sent with customer consent. For example, when signing up to a newsletter, there will generally be implied consent from consumers that you can contact them with newsletters to advertise these products. Further, all emails sent must have an unsubscribe link so that customers can opt out of these emails. Notably, government bodies, political parties, charities and religious groups are exempt from this requirement.
For further legal advice, check out our services and hire one of our lawyers.
5. Grow Your Client Network
Finding clients is the most important step in starting your new production company. There is no easy way to do this, but your best bet is to network both in person and online with clients and your peers. Make yourself a known commodity and once you have established some connections, be persistent. A simple text or email is all you need to do to stay on your client’s radar.
Regardless of how you choose to grow your network, ensure you let your prospective clients know how they will benefit from working from you. Be clear in what they will get and set up an easy and convenient way for them to contact you.
Conclusion
In summary, starting a lead generation business is just like any other business. The five simple steps provided serve as the basics for building your business, with in-depth research and planning being necessary to start a successful media production company.
