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Generating Profitable Leads
Generating leads is a crucial activity for growth in any business - particularly B2B. Though growing lists for B2C is becoming increasingly common for brand loyalty and promotion in a post-GDPR world.
Whatever your business, it can be a time-consuming, difficult and costly process. But it doesn't have to be.
Generate leads for your clients or business, without paying through the nose.
The Problem
Lead Generation campaigns - whatever methods or platforms you are using - take time. They take effort and research, considered targeting and design.
It doesn't end once you've launched either, you have to nurture the leads that come in, hit them with your carefully designed automated communication sequences, perhaps reach out personally, assess the situation, organise meetings, pass on to your clients and so on...
Oh, but while you're busy with all of that - who's keeping an eye on your campaign costs? Making sure you're not wasting money on ads that are bringing in no leads or leads that exceed the cost you're willing to pay? Or, if you're managing multiple clients, do you remember how much each client is willing to pay to acquire a new lead?
In the chaos, it’s easy to forget the importance of campaign management - and this oversight may well cost you. So without being in a thousand places at once, able to keep an eye on all of your lead generation campaigns (or those of your clients), whilst generating the creatives and nurturing those leads... how do you keep control over your lead gen campaign costs?
The Solution
It’s easy to identify the cost you or your clients are willing to pay Per Lead. Simply consider your historical data, budgetary limitations and/or current industry averages. With maximum and ideal Cost Per Lead figures in place, you can put automated rules to work.
Rules can automatically pause ads as soon as the Cost Per Lead becomes too expensive. They can then either increase the bid/budget or duplicate ad sets / squads that are bringing in desirable results.
All you have to do is keep feeding the system new creatives and they’ll be automatically covered by your rules!
So how do you define good or bad results?
The Rules
Well, it can be as simple as asking: How much is a lead worth to you or your client? It can help if the lead is going into an autoresponder and you know the LTV of the average subscriber.
You'll need to consider this, as well at what's achievable. The best way to work out what figures to use to inform your rules is to look at historical data for any previous lead generation campaigns. What were your average costs? What were the lowest costs you achieved across your best ads? What were the costs from your worst performing ads?
If you or your clients don’t have any historical data for this, you can find average Cost Per Lead figures online. These can be based on your industry, location or even the month you’re running your campaign in!
Once you have your benchmark and desirable Cost Per Lead figures, you can use automated rules to protect and scale your lead generation campaigns. You get the best bang for your buck, never paying more than you’re willing to pay per lead.
Example protection rules for Lead Generation Ads
To ensure these rules don't interfere with other campaigns, you might want to tag your campaigns, ad sets / squads and ads with something like 'LEAD-GEN' in the name, so you can easily search by objective and run rules specifically for these campaigns.
Pause ad if spent > £3 and Cost Per Lead > £1.30 and ad set / squad Name Contains 'LEAD-GEN'
Pause ad if spend > £2 and Number of Leads = 0 and ad set / squad Name Contains 'LEAD-GEN'
Example scaling rules for Lead Generation Ads
Where the above rules protect against poor performing ads, the below rules would be set up to capitalise on those that are performing well.
Duplicate ad set / squad x5 between 12am-5am if Number of Leads > 10 and Cost Per Lead Form < £0.90 and ad set / squad Name Contains 'LEAD-GEN' (but no more than every 3 days).
Increase budget by 20% if Number of Page Likes > 10 and Cost Per Lead Form < £0.90 and ad set / squad Name Contains 'LEAD-GEN' (but no more than every 3 days)
The Result
By looking at historical and industry average data, we're able to identify desirable and undesirable Cost Per Lead Form costs. With these numbers, we can use automated rules to identify and kill expensive ad sets / squads, quickly scaling those that bring in the results we want.
By tagging our campaigns with ‘LEAD-GEN’ or similar in the name, we know that the rules we set will focus only on Lead Generation campaigns. They won’t interfere with any campaigns running with different objectives and cost expectations.
In our examples, we know that our ad sets / squads are safe. They won’t be able to spend more than £3 over a three day period without being stopped - if they aren’t bringing in desirable results.
Don’t Labour Over Leads
Let them come to you
