Lead Generation in the "New Economy"

Lead generation—or 'lead gen' as it's frequently called—has always been a critical component to any marketing program. And today's lead gen, even with all of the shiny new tools and market turmoil, is still based on the age-old formula of finding and attracting prospective customers, qualifying them and managing contacts in a way that ultimately leads to increased sales, says marketing consultant Christina 'CK' Kerley, author of CK'sBlog, which focuses on business-to-business marketing and sales.

But it's not all the same-old, same-old. Market volatility and new media vehicles are giving marketers new challenges as well as offering powerful and inexpensive tools to reach and communicate with large numbers of new prospects, she says. 'It's a great leveler. With social media, small- and medium-sized businesses can now afford the same media that big companies leverage,' she says.

Social media consultant Steve Hershberger, principal at marketing firm ComBlu, agrees. Hershberger is part of a trio that produces the 'Socializing Media' podcast, which discusses the influence of social media. Its effects on lead generation are important, but need to be part of a bigger strategy, he says.

'Take out of your mind the necessities of tactics,' he says. 'Remove terms like ‘we need a Facebook page' or ‘we need a mobile app.'' Instead, he says, you need to gain a strong understanding of the best ways to reach these customers and base your lead-gen strategy on those findings.

In addition, you need to understand how economic forces have impacted your market, asserts Kerley. 'You need to speak to clients in ways that show them you understand their needs and that your business is the right solution,' she says.

The experts agree that once you have a good understanding of how to best reach your customer, your lead-generation program should have a few common components:

Data capture. You need to be able to capture and maintain information about customers and prospects in a way that can be easily updated and managed. CRM programs can help.

Good customer service. A robust lead-generation program that includes referrals and customers who seek out your company based on the good things they've heard simply doesn't happen if you're not taking good care of your customers. '[Prospects] take to the Web and seek online opinions shared from other professionals before they make purchases, and that feedback significantly influences their purchasing decisions,' says Kerley. Bad feedback could hurt your lead-generation program.

Solid strategy. You need to evaluate the tools that are available to you and use them in ways that your customers prefer, says Herschberger. Whether it's scouring Twitter for mentions and addressing them there, cultivating a referral base through traditional marketing or blogging about information your customers need, there are myriad ways to generate leads today. You need to craft a program that works for your business with your customer base.

For more on CRM programs, check out 'Choosing a CRM Solution: Think Business Strategy First, Software Second.' To find additional information on lead-generation techniques and tactics, check out the Lead Generation area at Inc.com.