“You have to cut the fluff. There’s so much competition and saturation in so many markets, especially as we’re talking online marketing that people are just going to see through that. They’re so used to hearing the fluff language. You have to really get to the point about what it is that you’re actually going to do for them.”
If you’ve been following us for any length of time, you know we’re pretty passionate about lead generation.
Yes, you can run ads to cold audiences and still get results, but — especially if you sell a higher-ticket item — you’re likely to have better luck by selling to people who have already expressed interest in your business.
In our latest podcast episode, we (Davey, Ryan, and Jesse) chatted about the best ways to get quality leads at a low cost.
Listen now, or read on for some quick tips to lower lead gen costs!
In this episode…
- [2:37] What is a lead worth?
- [4:56] How you can use data to lower lead costs
- [6:38] How the Facebook lead quality tool works
- [8:41] Why using conversions API is important
- [10:14] Why you should test different offers
- [12:01] An easy way to try to lower your lead costs
- [13:14] Cut the fluff and sell the end result
- [16:38] What is LTV (Lifetime Value) and why it’s important
- [23:18] How increasing your brand visibility can lower your lead costs
How to Lower Your Lead Gen Costs (Without Sacrificing Quality)
…Because quality really is important when it comes to lead gen.
It’s not terribly hard to get leads for a low cost… but if they aren’t relevant to your business, there’s no point in having them, right?
That means a higher-cost lead could be more valuable for you than a lower-cost one, especially if it results in a higher lifetime value (LTV) for that customer.
Because of that — and because every industry, business, and offer is different — we can’t say exactly what that your cost per lead should be. You’ll have to start collecting and analyzing data to learn what works best for you.
In general, though, here are some effective ways to lower your lead cost while preserving lead quality…
- Exclude irrelevant keywords from your Google Ads.
- Use the lead gen objective on Facebook (while layering in other lead quality metrics).
- Test the type of your lead gen (e.g. PDF, webinar, or quiz).
- Test the name of your lead gen (while keeping it congruent with the actual offer).
- Cut the fluff in your messaging — sell the end result, not the steps to get there.
- Track your LTV (as best you can) with tools like Google Analytics or Hyros.
- Create organic-feeling content on platforms like TikTok (e.g. influencer marketing).
- Increase your brand recognition by doing more PR (e.g. guest posts or podcasts).
Remember that some of these are long-term efforts. You may not see immediate results, but they’re still well worth investing in!
BTW: We Were Featured on the Brand Strategy Podcast!
Speaking of doing more PR via guest podcasts… 😉
Jesse was recently featured on the Brand Strategy Podcast, where he and Bonnie talked all about scaling your business with Facebook and Instagram ads.
About Davey, Jesse, and Ryan…
Davey’s superpower is making connections—whether it’s relationally (the kid loves to network) or connecting ideas. He obsesses over problems until they’re solved, and can’t help but constantly be testing out and learning new things.
Jesse’s the guy we ask when a subject gets complicated. He’s great at figuring out ways to get things done–which may or may not be a direct result of his love of the outdoors. We figure if he can figure out a way to survive outside for long periods of time, he can pretty much figure out anything we throw his way. Of course, his experience building complicated attribution software doesn’t hurt either.
We call Ryan ‘The Engineer’… mostly because he’s actually an engineer who has managed complex civil projects that result in roads and highways that thousands of drivers depend on each year. But also because he’s the one building campaigns, studying metrics, and putting together reports.
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