Ben co-owns one of the largest business coaching firms in Australia and has personally coached over 100 businesses. He is a regular contributor to several national business publications and is involved in other business interests that operate without his day-to-day involvement.

What are some of your favourite marketing methods to generate more enquiries and leads for a business?

Marketing is ‘hit or miss’ for so many companies. All too often I see people driving thousands of dollars into marketing campaigns that are unlikely to work. It’s all about acquisition cost and lifetime value.

Acquisition cost is how much you pay for a lead or client. For example, imagine you ran an advertisement for $300 and received ten leads – your acquisition cost is $30 per lead ($300 divided by ten leads). Imagine that your conversion rate was 20 per cent – you would end up with two clients from this advertisement (20 per cent of ten leads), making your acquisition cost $150 per client ($300 divided by two clients). Lifetime value is how much a client will spend with you during their lifetime as a customer. Imagine your customer spends $600 a year and stays with you for five years. This makes their lifetime value $3,000.

The key to great marketing is to constantly look at ways to reduce your acquisition costs and increase your lifetime value. The only way to do this is to continually test and measure your marketing results. My favourite ways to generate leads at the moment are through email marketing and fax-outs. I find that both of these methods have a low acquisition cost, email in particular. Just about everyone has an email address and if you have great offers they will rarely unsubscribe. It used to cost me thousands to fill seats for a seminar, but with these low-cost strategies it now only costs hundreds.

How you generate leads will depend on your business, and you need to make sure you are testing and measuring your results. Work out how many sales you need to get from a campaign before running it to make sure you are confident you will get the result you need. For more of this interview and more on marketing strategies for lead generation check out Dale’s “Secrets of Top Business Builders Exposed!“.

The post Marketing Strategies for Lead Generation appeared first on Business Blueprint.