Currently, everyone is looking to make a living online because doing a traditional 9 to 5 job is no longer lucrative and even practical in most cases. There are only a few empty seats in high-paying jobs and only the most brilliant ones get hired through their own capabilities or Nepotism whips its magic.
Either way, most people get stuck doing mediocre jobs with no hope for career growth. This is where lead generation business comes into play. It offers people the opportunity to earn a handsome 6 figure salary with minimum investment and guess what? Anyone can pull it off.
It is very much like an affiliate business in which people generate leads to sell an already existing product and earn money through commission. In the US alone, about 30 million small businesses are making trillions of dollars in revenue through leads generation business.
And yes anyone can start and successfully earn from a Lead Generation Business. It does not matter what is your educational background or career. It does require people to learn a new set of skills to generate leads. But if you are determined to learn new things and experiment, you can definitely succeed at this business.
So, are you interested in earning money and starting your lead generation business? Then you have come to the right place because below you’ll find everything you need to know about lead generation business. Let’s dive into it right away.
What is Lead Generation Business?
Let’s start with the basics. As said earlier Lead Generation Business requires people to generate Client leads to sell a product or service that already exists.
You make money off of every lead you generate and guide to the product or service provider. Think of it like a commission you’ll get for leading customers to products of a company.
Plus you do not necessarily need the lead to make a purchase to be paid. You’ll be paid for every lead you bring in if it meets the required certain criteria. However, in some cases, you can definitely make more money off of leads that make a purchase but it depends on various factors.
Now let’s talk about how can you start this business.
How Can You Start a Lead Generation Business? (5 Easy Steps)
Starting a Lead Generation Business is not as easy as it seems but I can guide you through basics steps that you can take to launch it successfully. They are;
1. Select a target niche and Audience
You need to first decide the target niche and audience i.e. what do you want to sell and to whom you want to sell it. Start by selecting a border niche and narrow it down slowly.
For example; you can narrow down the Beauty Products niche into a subcategory of skincare and then further to Herbal Skincare. Remember you have more opportunities to earn money in subcategories since most of them are not competitive.
Some other things you need to consider are how saturated and competitive is the niche of your choice. The less saturated and competitive it is; the better the opportunity to make a commission.
Moreover, you can also search on Google “Low competition Lead Generation Ideas” to find the niches that are still unexplored and less saturated. And make sure you select a target audience that is interested in your niche.
2# Find Clients To Sell Leads
Now you obviously need to find clients to sell leads. You must look for the companies that are selling an already existing product or service in your chosen niche. You can reach out to them through LinkedIn or emails and offer to sell leads.
Once you have found companies that are willing to work with you, all that remains is to make a contract that will dictate the terms of your relationship with clients.
3# Create An Agreement
Now you need to create an agreement or contract which will dictate your relationship with your clients. You and your clients would need to agree on what constitutes a “lead” and how much will you be paid for each lead. You can also add clauses to increase your fee as you bring more high quality leads to the clients.
You must also research the LTV (Long term Value) of an average lead in your niche and you can use this data to convince your clients to pay you more per lead. The higher the LTV and the more you can charge per lead.
Furthermore, make sure the agreement covers everything in detail from the payment schedule to the re-negotiation terms, etc.
4# Invest in marketing Campaigns
You need to invest in marketing campaigns since Lead Generation Business heavily relies on marketing to generate leads.
You can invest in social media marketing campaigns or Ads which will attract leads to your blogs or website; which provides them with specific content and guides them to the product of your clients. It is simple; Run Campaigns and earn $$$.
You would need to spend money on these campaigns to successfully run your business. However, you can also learn SEO and social media marketing online to help your content in reaching your target audience. There are several free tutorials available on YouTube to learn SEO and other marketing techniques.
5# Optimize, Learn, & Expand
Track and analyze your conversions to make necessary changes and optimizations. You can experiment with different marketing techniques to learn through trial and error.
As you grow and generate more leads, you can re-negotiate your commission per lead with your existing clients. You can also find more reputable clients that will be willing to pay you more and expand your lead generation business.
Now you ready to run your own Local Lead Generation Business. It is a very lucrative business that, with minimal investment, allows you to make money by generating leads for other businesses.
Plus you only need to make your content accessible to the target audience and see the money pouring in. Good luck with your business.
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Author: Mehak Sohail