January 13, 2022

Cost-Effective Lead Generation Strategies for Small Businesses

Business growth can always be achieved by successfully producing high-quality leads. This is why a lot of businesses spend a lot of budget on their lead generation campaigns. But it's hard to say that it's the same thing for start-ups or small businesses who have a tighter budget. 

Of course, this still doesn't mean that small businesses won't be able to produce good quality leads. Instead, due to their lack of budget, small businesses strive to generate leads with low-cost or no-cost lead generation strategies. They aim to outsmart and outwork the competition, and most of them actually succeed in it.

How can they do this? We listed below some excellent lead generation strategies that small businesses apply to generate more leads without hurting their pockets. But before that, let's first tackle how lead generation can affect a small business.

How Lead Generation Can Affect a Small Business

Lead generation is a critical element in any successful business campaign, and it's no different for small businesses. This is because small businesses promote their products by reaching out to as many people as possible, and this is where lead generation comes into play. With lead generation, small business owners can make sure that they are reaching the right target audience and market to generate sales.

To put it simply, lead generation can boost small business growth through the following:  

  • Increase in website traffic 
  • Improved conversion rate 
  • Brand awareness   

These are just some of the benefits that lead generation can offer to small businesses. We all know that marketing is a numbers game, and lead generation is just one of the ways to get more human traffic, which can eventually lead to more revenue.  

How Small businesses Utilize Lead Generation

Lead generation for small businesses can be roughly divided into two sections: 

  • The customer acquisition phase 
  • The lead nurturing phase

The customer acquisition phase is the part where a company aims to attract new customers or clients in a certain category. This can also be called the "business development" stage wherein the focus is on generating more leads. 

But after attracting so many people through your marketing strategy, will they still be interested in your product?   

This is why lead nurturing comes next. In this phase, a company aims to keep the interest of its leads alive by continuing to stay connected with them. This will enable them to better understand what their potential customers want from them and eventually convince these leads into buying their products or services.   

Excellent Lead Generation Strategies for Small Business

While there are a lot of lead generation ideas that you can come up with, most of them require a lot of budgets. Since small businesses don't have that kind of money to burn, we came up with a list of excellent lead generation strategies for those who want to generate more leads with little to no budget at all:

Do Basic Local SEO

If your small business is in a local setting, then doing basic local search engine optimization (SEO) can be a great lead generation strategy for you. One of the first things that you can focus on in doing this is by claiming your Google My Business (GMB) directory listing and optimizing it. This is a free service that can really help improve your search visibility in your local area. By doing this, potential clients can find you and your business easily when they search for it in Google Maps.

Aside from a GMB directory, there are also a lot of other sites that you can claim your business in, such as Yelp, Citysearch, Merchant Circle, and other local directories.    

You can also perform some basic SEO tricks across your website's pages by adding descriptive title tags. Optimizing each page with a compelling meta description can also help google search bots to understand what your website is all about, which can boost your website's search visibility.

Take Advantage of Social Media

There are a lot of social media platforms that you can use to promote your small business—whether it's Facebook, Twitter, or Instagram, you should identify which platform your customers or clients prefer, and focus on that.       

By having an active social media page and posts, it can be a great avenue for your content that will encourage your audience to engage with you. It will also be a great opportunity for you to interact with them and answer some questions regarding your products or services.

Through your social media channels, you can also follow influential people in your industry and engage with them as well. This can help you to establish credibility in your industry and build mutually-beneficial relationships with them.     

Start a Blog

Tested through time, creating blogs has always been a part of a successful lead generation campaign. By creating a blog, you are providing great content for your consumers to read—this will give them more reasons to stay connected with you.     

Through your blogs, you can share your business expertise with your readers and eventually establish yourself as an authority figure within your industry. This is important because if prospective clients are aware that you're an industry authority, they will be more interested in learning about your products and services.

Aside from the customer benefits mentioned above, having a blog also helps with improving your website's SEO. Blogs can also help your business rank higher in search results since search engine bots see this as a good source of relevant and fresh content, which they use to determine a website's relevance. This will play a huge part when Google weighs your website's authority. So when you build high-quality and well-shared content, your website's authority will increase and you'll be able to rank higher in search results.     

By providing a lot of information about your brand and your industry, it will help potential clients decide if your products or services are the right fit for them. Your blog has the ability to create more conversions because of this reason, so having one is definitely a worthwhile investment for your business.     

Start Your Email Marketing Campaign

Email marketing is another inbound marketing strategy that's always been a key factor to an excellent sales funnel and lead generation process. Email marketing is a conversion-based strategy that helps brands reach customers and gain sales at a low cost. This is a powerful and trusted tool that can help boost your lead generation campaign.

There are several types of email marketing that differ in their purpose. Most of them are:

  • Welcome Emails
  • Email Newsletters
  • Dedicated Emails
  • Sponsorship Emails
  • Transactional Emails
  • Re-Engagement Emails
  • Brand Story Emails

In general, email marketing targets customers who are on your different email listings with different end goals. By having an email marketing campaign, you are establishing a connection with your customers and giving them the ability to stay updated with your product updates, sales, upcoming events, and many more.

Offer Social Proof

Social proof is a marketing term that refers to the action of giving your potential clients online proof that people trust your business. This can be done by getting testimonials from your loyal customers and putting them on your blog, website, social media, and other digital marketing campaign tools.       

Aside from testimonials, social proof can be in the form of:

  • Reviews
  • Media mentions
  • Customer stories
  • Portfolios and galleries
  • Accolades

By having different forms of social proof, you are providing real-life information to your clients which will help them understand if they can trust your business. This will also help them see if the products or services you're offering are really valuable and worth their money. So if you already have any of these social proof, make sure to prominently display them on your website and other marketing channels.

Final Thoughts

Having a limited budget for your business doesn't mean you can't build effective and quality campaigns to help generate solid results for your business. The strategies that we've provided above are some of the most effective and widely-used lead generation strategies which don't require a huge sum of money.       

These strategies help businesses reach out to their target markets, gain more leads, and convert them into sales that will lead to more revenue. You also don't need to be lead generation experts to implement these strategies, as they're simple and easy to use. So if you're a small business owner, don't hesitate to use these strategies to gain more sales and grow your customer base.

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