LinkedIn Lead Generation Lowers The Cost Per Lead For 9 Out Of Ten Companies
Digital has created a larger and more competitive environment and with it, tremendous value for customers. But at the same time, it has eroded profit margins of companies. In order to re-capture that value, a new strategy is needed, not only in production but in a company’s sales, marketing, and customer relations.
LinkedIn is the Number One social media platform used in B2B selling, capturing 69% of the share of social media generated sales and growing at a rapid pace.
9 out of 10 companies using LinkedIn lower their Cost Per Lead.
Here are 7 ways manufacturers can use LinkedIn to increase leads:
1. Find More Prospects
• There are 1.2 million decision makers, aka lead generation prospects, on LinkedIn from more than 308,000 companies.
• Buying habits have changed. Today’s decision-makers are not only in the C-suite. According to research conducted by Google, 50% of researchers are Millennials. Eighty-one percent of researchers have some influence in the decision-making process.
• Nearly half (49 percent) of key decision makers are on LinkedIn. In fact, One in every three professionals in the world is on LinkedIn.
2. Leverage Your Sales Force to Close More Sales
• Social selling has the highest lead to close conversion rate of all prospecting methodologies. Social Selling sees about a 15% prospecting conversion rate, at least 5 times greater than the 3% prospecting success rate from marketing activities or the 10%-25% success of cold calling.
• According to the 2016 Sales Benchmark Index, sales reps active on LinkedIn are 56% more likely to hit their sales goals.
• Social Selling is the Number One source of rep-generated opportunities. Today about 30% of opportunities are sourced from marketing while 70% are sourced by sales.
3. Get Higher Prices
• Today 94% of people will research your website before contacting your company. By then, they are 57% through the buying process. At this point, you are at a disadvantage. You will most probably need to sell on price against a group of pre-screened competitors. Developing a lead generation tactic helps you to find prospects earlier in the buying cycle. If you do this, you have a better chance of getting higher prices for your products because you are selling on value.
4. Increase Brand recognition
• Half of LinkedIn users say they’d be more likely to buy from a company they engage with on LinkedIn.
5. Use content to build trust
• “Content is now the virtual salesperson for the long B2B buying cycle.” according to Rachel Balik, Sr. Manager Content Marketing, Demandbase.
• Publishing valuable information, articles, original research, and white papers, positions you as a Trusted Advisor and allows your reps to connect with new prospects more easily.
Once they’ve connected with you on LinkedIn, users are 8x more engaged with your brand, 3x more likely to buy your product and 2x more likely to recommend it.
• Your competition is using LinkedIn. 55% of B2B Marketers plan to increase content marketing spend in the next year and 54% of the most effective B2B Marketers have a documented content marketing strategy.
6. More trade show sales
• Are your trade show promotions designed in a vacuum? LinkedIn lead generation software tracks metrics, letting you know what your prospects are interested in. You can easily see what works and what does not so that when you put together your trade show collateral and presentations, you are effectively reaching more prospects.
• LinkedIn helps reps connect to prospects and to make appointments with decision-makers before an event, securing them a guaranteed audience with prospects.
7. Get them to your website
• LinkedIn drives more than half of all social traffic to B2B blogs and sites. In addition, companies with LinkedIn profiles are usually ranked higher in search engines like Google than their websites.
We hope that this has you thinking about using LinkedIn for lead generation. But if you have any further doubt, go through a list of your competitors. Visit their LinkedIn pages and their websites. Manufacturers are behind in using digital tools but the industry is gradually catching up.