Outbound lead generation is key to ensuring predictable revenue growth, but businesses sometimes run into common pitfalls. For instance, leaders often rely exclusively on one channel and anticipate immediate results. But by investing in a multichannel strategy, leaders can reap the benefits of a holistic approach and see sales success.
You aren’t in business to stagnate or break even — you’re in it to grow.
The problem is that consistent growth is hard to achieve. You likely have consistent revenue coming in, but you’re not sure how to ascend beyond the level you’re at.
Consistent growth requires action. If you’re not actively decreasing risk and improving cost-effectiveness while supporting your company’s growth, your company will plateau. But if you can expect a certain amount of revenue each month on top of your current bottom line, you’ll be able to scale. The key is adopting a multichannel approach to outbound lead generation to make your revenue predictable and help you project performance over the next six to 12 months.
Investing in a Multichannel Strategy for Outbound Lead Generation
Closing outbound leads takes a lot longer than closing inbound leads who show up with credit cards in hand. Unfortunately, many leaders assume that sales are instant because leads are leads. A prospect who comes to you on her own is already interested, hence the easy close. But when you’re reaching out to get people’s attention, you have to first educate them on your company and demonstrate what your product or service can do. You also need to take the time to build up trust. Clients won’t sign with someone they feel they can’t rely on. Outbound lead generation requires some legwork, which is why there’s a learning curve for inexperienced companies.
Another mistake leaders tend to make is focusing their outbound lead generation efforts on a single channel, whether it’s email, LinkedIn, or something similar. If your efforts are unsuccessful, you might give up on outbound lead generation altogether — even when other channels could serve you better. Plus, single-channel success can be dangerous if the pipeline dries up and leaves you scrambling for more business.
These outbound lead generation mistakes — expecting immediate sales and targeting a single channel — are easy to make, but you can avoid them with a multichannel strategy. What’s even better is that investing in this approach can produce the following three benefits:
- Diversification.
If you’ve been seeing a lot of success with your cold emails, that’s great. But there’s no guarantee that your current sales strategy will always sustain your company. Platform adjustments, selling trends, legal restrictions, or even a shift in the technology people use on a daily basis could seriously hurt your company if you’re too reliant on a single channel.
It’s vital to show up in your prospects’ preferred channels if you want to break through the noise and close sales. However, one of the biggest benefits of multichannel marketing is the mitigation of risk. Companies with an effective multichannel sales strategy retain an impressive 89% of customers and enjoy a 9.5% boost in year-over-year revenue. - Consistency.
With a multichannel approach, you can forecast results based on the robust data you gather. Let’s say you get 100 appointments for every 1,000 prospects you reach each month. Out of those 100 appointments, 70 will likely show up. Of those 70 that show up, 20 will likely close. If you’d like to double your revenue, you’ll need to reach 2,000 prospects at the beginning of the funnel.
When you’re armed with the correct data, you can better predict your revenue streams through seasonal changes, shifting purchasing patterns, and other nuances. When you know how much money you’ll be bringing in, you can figure out what you can safely reinvest in your company. This will help you achieve steady, predictable growth without putting your company in jeopardy in the event of a sales downturn. - Scalability.
With an effective multichannel sales strategy, you’ll have better control over lead volume and quality. For instance, you can increase your efforts if one channel is performing really well, or you can overcome a dip in sales by redistributing your efforts across other channels.
Timing is vital in a multichannel campaign, which is why you should rely on automation to do most of the grunt work. When you can stay connected with prospects and customers without lifting a finger, you can more effectively scale and grow. If you invest too much time and effort into one channel, you’ll have less time for the prospects who might close.
A multichannel strategy is the foundation for effective outbound lead generation. By distributing your efforts across multiple channels, you can reduce your risk, spend more time on the tasks that matter, and reap the revenue benefits of consistency and scalability.
Written by Ben Kniffen.
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