How Marketers Can Decrease Their Cost Per Lead In 2020Posted on 17 Mar
To avoid wasting time and money pursuing prospects that either already just bought the product from your competitor or are not serious about buying yet, your team should focus on the right people, targeting them at the right time by leveraging intent data, which will help you understand total active demand. Instead of a broad market of generic buyer personas, it enables you to find specific accounts that are active in your market.
Once you find your potential buyers, content marketing helps you lower customer acquisition costs by focusing less on advertising spend and more on building relationships with customers that facilitate your sales funnel. Often, marketing messages are created based on what internal team members think the customers would like. This trial and error lead to higher acquisition costs. However, with intent data, you can eliminate this issue by gaining deep insight into the kinds of content that your ideal audience would engage with most.
Intent data will give you a better idea of what posts you should publish and increase the ROI of your ad costs. All of these benefits will, in turn, lower acquisition costs. By leveraging machine learning and algorithms, marketers are eliminating a lot of the guesswork from media planning and buying. Ad spends and messages are optimized only for the appropriate targets for the marketing campaign.
Sales and Marketing
However, customer acquisition costs can skyrocket when sales and marketing teams aren’t united in business efforts. Even if you feel you’re pursuing meaningful metrics for lead generation, content marketing, or email marketing, your efforts still have to lead to sales.
Better leads make it easier for SDRs to close deals and also lowers your general customer acquisition costs. Intent data provides you and the sales team with a common language to use while having so much information about how prospects interact with competitors and in which phase they are in the buyer’s journey means that you will always pass qualified leads on to sales.
All of these benefits, however, depend on your ability to invest in the right intent data. First-party data is good but has its limitations about insights that go beyond your own website. A quality third-party intent data provider, such as LeadSift, will give you the vital information necessary to lower acquisition costs.
Benefits of Data-Driven Marketing
Data-driven marketing personalization is easy and effective as marketers can segment buyers easily and create tailor-made campaigns that speak to niches. Research shows that this kind of marketing leads to increased revenue. According to a survey from Monetate, 83% of the time, marketers were exceeding their revenue goals in 2017 when using personalization techniques.
When you create the right message, you must choose the right channel. For example, leads created through Facebook get a different response from leads generated from the Google Display Network (GDN). This is why marketers have to develop and implement their strategies according to where leads come from in order to optimize conversion rates.
With data-driven marketing, however, you can see which channel performs the best, and which message evokes the desired customer behavior. You can also see which content format works the best at each marketing channel such as social media, email, or blog posts.
Search through your data and find out what kinds of media your customers use and the places where they are most likely to receive your marketing content. Data shows you where to start, but you will fine-tune your strategy along the way. Also, consider the characteristics of each channel, budget, and the talent you have available.
Keep in mind that while omnichannel campaigns can be successful, try not to spread yourself too thin, as this can make your strategy less effective. You can always include more channels at a later point. That said, make sure you coordinate the messages you’ll use across all of the channels you choose.
Messaging Audiences with Relevant Messages
The age of generic marketing messages is behind us. For most companies, messages must get more specific in order to be relevant enough to resonate with the right consumers. All of these benefits together result in significant ROIs for marketers.
Recently, some platforms like Facebook have created new formats that require multiple separate versions to be uploaded for the publisher to create the final ad. Marketers want to personalize the message according to who is seeing it and where. Intrusive media ads are in the past, and new, more consumer-friendly, formats that use personalization and not intrusion, are gaining attention.
The channels you choose will also, in a way, impact the kind of content that will work best. Some media, like Instagram or billboards, are ideal for images. Others require more emphasis on text. Optimize your content for every platform by studying data, looking for the kinds of content that perform best. Although you want to customize your content for the platform where it appears, it should still be a cohesive cross-channel campaign that uses the same keywords and phrases.
The main factor is, again, the preferences of your audience. Do they like videos or blog posts? How long should they be? Today, video content is increasingly popular, but you should customize your strategy according to your customer’s likes.
Paid advertising is also a great way to get data. You’ll get tons of data on your target audience and can use that data for your paid advertisements.
One option could be a pay-per-click (PPC) campaign. PPC ads are ads that appear at the top of the search results on search engines, and they operate on keywords among other criteria. Data-driven marketing can help you optimize the PPC campaign to create ads that speak to your audience. You can find keywords that fit what your audience searches for so that you provide them with the right information.
Return on Investment (ROI)
Data-driven marketing can make a significant impact on your bottom line because it helps you create a more personalized campaign. When you post content that is valuable to your audience, they’ll be more interested because it is tailored to them. That means they are more likely to convert, and you have more potential to earn a higher ROI.
Data-driven marketing provides statistics that show the outcomes of a specific marketing effort. Marketers can see how many products were sold thanks to a specific campaign or quantify conversion rates that come from content like blog articles or webinars. That way, they can spend their budgets wisely.
With all this information available, more prospects discover about your product or service. When addressed conveniently at the right time and way, prospects have more intent to buy, therefore increasing your ROI.
If you need help decreasing your costs per lead, you can check out our free account insights.