We get leads for £2.50
When we started LNGR , I didn’t expect to be on a few calls with other Lead Gen Providers (LGP’s), who have be trying to pitch us to actually be so illuminating. Strange right? We are a lead gen and full cycle sales business and I am getting asked if I want more leads…oh the irony.
Anyway I obliged, call my interest in their services market research of sorts…and what transpired was that actually LNGR had a natural USP already and we didn’t even know it.
What I started to notice quite quickly, was LGP’s were promising me 50 or 100+ lead a month for £2.50 each. Huh?
You’re telling me you can book 50 meetings for me, in a month and I pay you per meeting?
That makes zero, I say zero sense to me.
How can qualified sales opportunities with buyer intent be so damn cheap? Something doesn’t add up. Upon further inspection, the definition of a lead was being used fairly liberally here. For the most part it was lists of companies that expressed interest in that particularly service over the last 18 months, not exactly a red hot enquiry.
Further to that, i noticed that LGP’s think someone who looked at your website, likes LinkedIn posts and signing up to your newsletter as leads.
NEWSFLASH - these aren’t leads.
Our definition of a lead at LNGR is a booked meeting that is a qualified, credible, potential sales opportunity with the decision maker. Someone who on the initial outreach call, has expressed a want or need for my clients services. That’s a lead, not a list of 1000 companies hidden behind a paywall. Those are just names, you have no idea if they have buyer intent or not.
So naturally the first few sales calls with LNGR prospects went a bit awry, “…but Nick why are you commanding a premium for your services and I can get it cheaper elsewhere?”
Quality, quality, quality.
Because the quality of your current leads are poor would you rather pay two or three times for poor quality leads or get it right first time. Can you afford that as a start up? That’s what you got to ask yourself.
The first client we had, we booked 11 meetings within a three month period, with now a number of fee paying clients. We did this through careful prospecting, not a spray and pray approach which is common in these waters.
We always pitch the DM, depending on the size of the opportunity, you sometimes go straight to the DM or you speak to members of their team that are feeling the pain day to day. So when call them, it’s more a warm call than ice cold.
Typically we will attack the mid market prospects, not the low hanging fruit or the behemoths. This is the sweet spot to when you want to test product market fit and sales capabilities…
Anyway…I’ll go into more detail of our secret sauce and how we win with Founders in the next edition.
Onwards.