Ep 6. Understanding the different styles of Leads.

Join us in this episode of the Lead Generation Insights Podcast as we explore the various types of leads that can drive your business forward. From Direct Enquiry Leads to Bi-product Leads, Assets Leads, and Referral Leads, we break down how each type works and how you can leverage them to boost your lead generation strategy. Tune in to gain valuable insights and practical tips to maximise your business growth! 🚀

Jackson Earngey

Linked In - www.linkedin.com/in/jacksonearngey/

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Earng Media

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https://www.youtube.com/@jacksonearngey/videos

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Apple Podcast: https://podcasts.apple.com/au/podcast/lead-generation-with-earng-media/id1724601785

Transcript

Hey, guys, welcome back to another episode of the podcast.

I hope you're all doing fantastic.

And I hope that you're getting some fantastic results in your leads at the moment.

If you're not, then it's probably good that you're listening through to the podcast Guys, I'm your host, Jackson Energy.

And I look forward to taking you through a really exciting topic today that's gonna be taking you through the understanding of the three main styles of leads.

Now, the reason that I want to talk about the topic is because I've seen a few businesses that need to understand the three divisions of Leads.

How do we best build our business around the three styles of leads?

And if you don't know what the three styles of leads are that you're gonna be finding out in this video now all three are pivotable to building a successful business.

But each individual one can build a lot and a lot of stability and revenue in your company if you're able to build the right funnel around the business.

So let's get straight into the video just for context as well for you guys to know that do like to hear a little bit about the personal journey and the story.

Earng media is currently still running digitally.

I'm in Germany. I'm in Munich at the moment.

So I'm filming this just as nightfall comes over, as you can see in the background, but I've been in Europe now for just over two, nearly 2.5 months.

Coming on with another two months before I'm back in Australian side, working directly back with clients. However, Earng Media's had some great success over the last few months of us being overseas, pretty much 90 of the team, 90% of the team working digitally as well. So some really cool wins.

But, one of the key things, as we said this video is about is leads.

So let's get back on to that particular topic now, the three styles of leads that we're gonna be breaking down and some of these might be self-explanatory, but they're all really, really pivotal to the success of your business.

So the first style of lead that we're gonna be discussing is direct inquiry leads.

Now, the second that we're gonna be discussing is by-product leads or asset leads, and the third one is how can we maximise referral leads?

Alrighty, so let's get straight into the one that most people always try and get for their business, which is direct inquiry leads.

Now a direct inquiry lead is someone who is directly inquiring straight into your business that is asking for the service you have to offer.

Typically, this means that it is at a higher price because people there's less people that are ready.

They qualify.

They're absolutely 100% ready to go with your service at the current time.

One of the clients we're working with at the moment is in the car industry, and with that, it's very rare that when someone's applying for a particular car offer that they are absolutely ready to go at that time.

They're just fishing for information.

So what we can see with direct inquiries is that sometimes the qualified leads go down.

The conversion on the leads go down because someone might be just fishing for information at the time that they make a direct inquiry which can send our lead price through the roof, , for unnecessary reasons.

But a direct inquiry is normally a very efficient way to make sure that when you call them, they answer the phone.

When you call them, they are booked into the calendar, and they're actually going to listen to what you have to say.

So a direct inquiry lead for most businesses can be one of the core legion assets that they utilise to be able to get someone to answer the phone and talk to them about exactly what it is that they have to offer right?

Direct inquiries.

There's not too much more to say, apart from the fact that every business needs it, and every business needs to have a direct inquiry about their service built and set up as a funnel, so that way they can start receiving direct leads.

Now the next two are the really important ones that if you want success and you want to be able to scale your business consistently and you want to be always the right company to use at the right time for the client, then this is the next two funnels, or the next two list styles of leads you need to maximise into your business number two on this list is by-product leads or asset leads.

Now asset leads is basically things like eBooks reports lead magnets.

The reason why I call them By-product leads is because they're coming in with a by-product intent.

They're coming in, not realising that sometimes they're becoming a lead.

They're coming in with an intent that they are getting something transactional out of giving you their information.

If they give you their phone number, you're giving them this.

If they give you your email as well, or their email as well, they're getting this now.

That is what we call a transaction now.

It doesn't have to be monetary to be a transaction, but it's still a transaction in some senses of the word.

So what?

That's what a by-product lead is.

Now a by-product lead, if done incorrectly, can be a really, really hard slog to get them to answer the phone and to get them to want to talk to you, because all they wanted was the report or the asset piece that you gave them.

That's if you do By-product lead generation really badly now.

Good by-product Lead generation means that you're able to find that balance between answering the pain point.

The question they have now By-product leads is about creating an asset piece that the person can inquire to download that is truly answering a pain point or a desired outcome that they want to achieve.

It's gonna show them the strategy to use to achieve this result.

If you can get that part done and people feel satisfied coming out of the back of that asset piece that's gonna allow you to have that by-product lead transition to being a fully inquiring lead very, very easily and very quickly.

Now, the reason why we choose to do by-product leads or asset leads if it's through video course, if it's through eBook, if it's through report, however, it is that you do your by-product lead generation.

The key is that if you do it properly, the price per lead goes down massively, which means for the same budget, we can get a much higher amount of leads, so the volume coming into the business is higher.

The volume of people that we can help educate is higher, so if I can get my pain point right and for our business it's about.

And just for a comparison here, the pain point can be something along the lines of when we targeted people.

Initially and we would say We'll help you get your Facebook lead generation set up or we'll show you how the steps to get your I think the time we're running an eBook are called.

We'll help you set or master the eight steps to get your Facebook ads set up and generate leads.

That got us a lot of start ups.

It got us a lot of people who couldn't afford our service.

It got a lot of people that needed the service, but they couldn't afford it.

They didn't have their business set up.

We shifted that inquiry to then be around.

It was a report then for people who were struggling to find an agency to help them scale their already successful business.

Here's the steps to scale that business.

Here's the steps to find the right partners.

Here's the steps to find the right consultants.

That style then got us the style of businesses that their pain point was they couldn't find the right people to help them now when you can shift that around, you're gonna get a much better result, as we did, and that works with all of our clients.

When we do the same thing, test both sides of the spectrum and then you'll be able to find who's the qualified lead.

Now By-product leads.

If done correctly, the price per lead will drop massively, and the quality will go up through the roof because you're actually answering the pain point they wanted to hit.

We never want to be pushing shit up a hill and calling people that don't ever qualify, and they don't actually realise they need the service.

We wanna be finding people through the asset piece that we create, and the asset piece truly undeniably helps them in some sort of way, and they make the transition to sale and that person becoming an actual lead very, very smoothly.

Now the numbers on it can be a bit different from different industries, but most of the time we see eBook asset pieces generate leads for around three to anywhere from about 12 to $15 on average. And in some industries it sort of sits around 12 to $30, depending on how we want to consider it as a qualified lead.

If we're ruling out people with, you know, not enough finances, etcetera, as they start to answer their questions.

So it's obviously gonna generate you a much lower price lead.

As opposed to the the direct inquiry typically sits at around 4 to 8 times more expensive to generate the direct inquiry lead, as opposed to getting the eBook.

Now the eBook is also a lot more consistent because someone gets something out of it.

The inquiry isn't just about them finding out more info.

It's about them getting something that they out of it.

It's about getting a transactional something going that they get.

If they give this information and they inquire, they're gonna get something transactional back immediately.

Instant gratification.

So that's the key with the By-product leads is that people are looking for that instant gratification when you can give that and then you can answer their questions, the actual conversion and the consistency on that lead magnet.

And that funnel is gonna gen generate you a much more consistent lead coming in every single day.

Great The last one we're going to talk about in this video is referral leads.

Now.

Referral leads is one of those ones that we have seen.

Many businesses do very well.

We've also seen many businesses really underestimate how well they can get referrals and repeat clients.

Referral leads are basically enabling us to get a much cheaper lead because it's people that are just gonna sit and watch us through other email marketing through socials, through retargeting or just being known in the industry for what you do.

That's the key with referral leads is to be able to touch people and continue to touch them.

So with one of the car organisations we're working with, without going into the specifics, one of the things that they look at is that their qualified lead isn't gonna become qualified as they make the inquiry.

So what they need to do is slowly, slowly nurture those people, because when some of their friends is looking for a car, there's a really a great opportunity for a referral.

If you trust that brand, if you're breaks down, your referral becomes the fact that your social media has just nurtured this person for so long that it's allowing you to bring that person back in later on.

So when we look at referrals, if your social media is good, it's gonna allow you to nurture people really well, which is gonna help you get referral leads as well.

But looking off the back of it at the end of the day, what's a referral lead?

It's someone who's become a client that we then want to get them referring new clients.

Now referral leads are convert at a very, very high rate, and the reason for that is that they trust the person who has given them the access to talk to you to to be a part of this.

Now there's a few different ways we can do referral leads.

And if we look at our first two, we've got direct inquiry or we have asset piece of the two main ways to generate leads, and then, obviously with referrals, we can actually break down and help get referrals for an asset piece, or we can get referrals for a direct inquiry.

So as you have a client come on board and they've gotten the results and they've seen the success that you can help them with.

What you can then do is start to nurture them and being able to find other people.

Now, you can do that with incentives.

But you at the end of the day, you're looking at being able to build a bit of a culture here that if you've if you've helped them, how can you convince them to help their friends sign on board?

How can you help them get their other business owners they know and get them to influence it across now?

Incentive evolve.

Gonna get that going.

But it's gonna obviously put a bit of a restriction around the trust aspect that if they're getting a kick back and an incentive, it does lower the trust of the person who's gonna come through as the referral.

One of the key things that we look at as well is if you can get your clients posting about you on social media, that's one of the fastest ways to get referrals coming through again, coming back to the social media.

If you're recent, you're frequent and you're posting regularly on socials.

People will see you even if they're not engaging, they will see you.

And when they come across you again in six months time and they hear your name and they search you up if you've got that activity going on social media, that's when that referral comes back in action.

They've gotta be able to be reminded of you.

And that's one of those key things that if you can keep people reminded of you, they're gonna stick around and come back in future times.

One of the companies I worked with, probably six years ago, maybe about five or six years ago, they did an event, and basically there was about 1000 people at the event at the event.

They didn't sell anyone.

They didn't even attempt to sell anyone.

Their goal and their intent was to get people to follow their email lists and follow their socials.

Now, literally 12 months later, they had sold a huge chunk of the room they'd sold more than the people that tried to sell on the day at the event because people built trust with them first.

And then over time they nurtured.

They referred their company through.

If it was just an employee at the event.

Then they were referring their company through and etcetera.

So being able to actually understand the idea around referring, is about more so nurturing and having someone be able to see you every single day when they see and come across someone with the same problem, they're gonna wanna refer that and make that connection.

And that's gonna mean that when that lead comes in, you're gonna be able to sell it very quickly, and you're gonna be able to convert them very quickly into becoming a client.

I hope that was valuable learning about the three different lead types.

I look forward to seeing you in the next episode.