StartupTalky

Tag: Generating leads

  • How Can Marketers Use ChatGPT? Here Are The Top 11 Uses

    The advent of generative AI has enormous potential to not only increase the overall productivity of businesses, but also to complement many people’s works in the areas of journalism, education, writing, and more. A report by the United States investment bank Goldman Sachs, in a recent report, highlighted the fact that generative AI has the potential to transform the labor market and even produce more jobs.

    Typically, the use of technology-led automation results in the loss of jobs, but it is not necessary since technology can also enable more job creation by increasing productivity and inducing labor demand. Generative AI is one such technology. Inventions like ChatGPT find several usages to assist people, and the marketing sector is no different. With increasing global smartphone penetration, marketers are realizing that many people spend a significant amount of their time on smartphones and that it could be the perfect platform to bring more advertising and marketing campaigns to people. ChatGPT could be very useful in this regard.

    Additionally, Marketers need a tool that can help them to generate high-quality content, personalize content for different audiences, answer questions from customers and prospects, generate leads, and improve customer service. While marketing professionals do this regularly and show immense creativity in this regard; so, what if Artificial Intelligence (AI) can help? OpenAI’s ChatGPT— now backed by GPT-4— is a powerful AI tool that too can fulfill all these needs. It can generate high-quality content that is needed in marketing, personalize that content for different audiences, answer questions from customers and prospects, generate leads, and improve customer service as well. It can help marketers to improve the efficiency and effectiveness of their campaigns.

    What is ChatGPT?

    ChatGPT is a large language model-based AI chatbot developed by technology firm OpenAI that is effectively working on deep learning in partnership with Microsoft, capable of generating human-like creative responses when prompted. It is capable of writing lengthier text responses and understanding lengthier text contexts as well. Empowered with GPT-4 (short for Generative Pre-trained Transformer), ChatGPT can also analyze visual inputs. In terms of creativity, it can generate different creative text formats, like poems, code, scripts, musical pieces, emails, letters, etc.

    ChatGPT is presently free of cost and available to everybody. However, its upgraded version, the ChatGPT Plus, is not free, and you need a 20 USD subscription to access its features.

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    ChatGPT Bringing More Creativity To Marketing

    People that work in marketing, and create creative ads, know that ChatGPT is the perfect tool for marketers like themselves who want to take their campaigns to the next level. With its ability to analyze large amounts of data and generate creative ideas, ChatGPT can help marketers create effective, efficient, and memorable campaigns that could resonate with their target audience. Whether you’re looking to increase brand awareness, drive traffic to your website, or boost sales, ChatGPT has got you covered. In fact, as a large language model trained by OpenAI’s massive dataset of codes and texts, ChatGPT is uniquely positioned to bring more creativity to marketing.

    So, here are 11 ways ChatGPT can be useful to Marketers:

    Content Creation
    Personalize Content
    Copywriting
    Research
    Generating Leads
    Chatbot Development
    Customer Service and Customer Retention
    Brand Reputation Management
    Influencer Marketing
    Social Media Management
    Email Marketing

    Content Creation

    Marketers Using ChatGPT for Content Creation
    Marketers Using ChatGPT for Content Creation

    Marketers can use ChatGPT to generate high-quality content, such as blog posts, social media captions, email campaigns, and articles. It can be used for writing product descriptions tailored to the target audience’s preferences and interests. This can save marketers a lot of time and effort, plus it can be helpful to ensure that their content is engaging and informative. Marketers often struggle with creating engaging and personalized content, and ChatGPT can help by producing a quick wireframe and providing relevant resources to help them with that.

    Personalize Content

    Marketers Using ChatGPT for Personalize Content
    Marketers Using ChatGPT for Personalize Content 

    ChatGPT can be used to personalize content for different audiences as well. It can analyze data to segment the target audience based on specific characteristics such as age, gender, geographic location, and interests. This segmentation allows marketers to personalize content and campaigns for different groups and increase the chances of audience engagement. Marketers can tailor the content to the interests and needs of the audience or by using different language styles to appeal to different demographics simply by prompting ChatGPT. Pretty easy!

    Copywriting

    Marketers Using ChatGPT for Copywriting
    Marketers Using ChatGPT for Copywriting

    Another significant task marketers could efficiently perform by taking the help of ChatGPT is copywriting. It can assist marketers in writing persuasive and compelling copy for advertisements, emails, and other marketing materials that drive conversions. By providing ChatGPT with the product or service’s details and the target audience’s characteristics, Marketers can get a compelling and relevant copy that aligns with the brand’s voice and tone. This will effectively assist their work to a great extent by creating more effective marketing materials that are more likely to persuade customers to take action.

    I got ChatGPT to build me an entire marketing campaign

    Research

    Marketers Using ChatGPT for Research
    Marketers Using ChatGPT for Research

    The best use of ChatGPT is its ability to provide effective results when you do your market research. It can be used to research multiple topics by generating text, finding trends and reports, surveys, and translating languages, thus, helping marketers stay up-to-date on the latest trends and develop effective marketing campaigns.

    Additionally, ChatGPT can help marketers discover relevant and high-traffic keywords for SEO and PPC campaigns. Using ChatGPT, marketers can develop a comprehensive list of keywords that align with the brand’s products or services and the target audience’s search intent.

    Generating Leads

    Marketers Using ChatGPT for Lead Generation
    Marketers Using ChatGPT for Lead Generation

    Marketers want their marketing campaigns to work and generate leads. So, it is more beneficial to make campaigns relatable to the demography you are targeting. ChatGPT can generate leads by qualifying prospects and identifying those most likely interested in a product or service. This can effectively help marketers to save time and money on lead-generation campaigns.

    Chatbot Development

    Marketers Using ChatGPT for Chatbot Development
    Marketers Using ChatGPT for Chatbot Development

    Another great use of ChatGPT for marketing companies is personal AI chatbots. ChatGPT can assist in the development of chatbots that improve customer service and engagement. Chatbots powered by ChatGPT can handle complex queries and provide personalized recommendations and solutions based on the customer’s behavior and interests. This is a great integration benefit of ChatGPT that many API developers will go for it. Even OpenAI is providing free access to developers for this purpose.

    Customer Service and Customer Retention

    Marketers Using ChatGPT for Customer Service and Customer Retention
    Marketers Using ChatGPT for Customer Service and Customer Retention

    Customer service is a significant part of the marketing sector, and ChatGPT can be used to improve this by providing customers with quick and accurate answers to their questions. ChatGPT can also effectively help improve customer retention by analyzing customer data and behavior. By providing personalized recommendations and solutions based on the customer’s preferences and past purchases, ChatGPT can increase customer loyalty and satisfaction. It will also help with reducing customer frustration and improving customer loyalty.

    Brand Reputation Management

    Marketers Using ChatGPT for Brand Reputation Management
    Marketers Using ChatGPT for Brand Reputation Management

    A lot depends on brand reputation amongst consumers. ChatGPT can help monitor the brand’s reputation online by analyzing customer feedback and reviews, as people would give feedback and write reviews mentioning what works and what doesn’t. By providing marketers with insights into how customers perceive the brand, ChatGPT can assist in developing strategies to improve the brand’s image and reputation. This will result in better service and improved profitability.

    Influencer Marketing

    Marketers Using ChatGPT for Influencer Marketing
    Marketers Using ChatGPT for Influencer Marketing

    The recent Budlight fiasco highlights the need for a correct strategy for influencer marketing. A lot of leg work, the right market, and target audience research become crucial. Budlight learned its lessons, but more brands do not need to make the same mistakes. Influencer marketing is a prominent segment now, and ChatGPT can identify relevant and high-performing influencers for a brand’s influencer marketing campaigns. By analyzing influencer data and metrics, ChatGPT can provide insights into which influencers can be most influential in promoting the brand’s products or services.

    Social Media Management

    Marketers Using ChatGPT for Social Media Management
    Marketers Using ChatGPT for Social Media Management

    The use of technology and modern tips and tricks can have a significant impact on profitability. Proper social media management is one such trick. ChatGPT can assist in managing social media accounts by generating engaging and informative content and responding to customer inquiries and comments. With ChatGPT’s help, marketers can ensure that their social media accounts are active and engaging, increasing customer engagement and loyalty. Social media can help marketers to reach a wider audience and to generate more engagement with their content.

    Email Marketing

    Marketers Using ChatGPT for Email Marketing
    Marketers Using ChatGPT for Email Marketing

    Last but not least, ChatGPT can also help create personalized and engaging email campaigns, which is extremely important as more and more businesses spend heavily on email marketing. It can analyze customer data and behavior and give you great insight into what sells and what doesn’t. By developing compelling email content that aligns with the customer’s interests, marketers can increase open rates, click-through rates, and conversions, and ChatGPT is happy to help.

    Conclusion

    ChatGPT can assist marketers in numerous tasks— from content creation and copywriting to customer retention and market research. Using ChatGPT, marketers can improve their marketing strategy effectiveness and create more personalized and engaging campaigns that resonate with their target audience and lead to profitability and customer satisfaction.

    FAQs

    How can ChatGPT be useful to Marketers?

    Here are 11 ways ChatGPT can be useful to Marketers-

    • Content Creation
    • Personalize Content
    • Copywriting
    • Research
    • Generating Leads
    • Chatbot Development
    • Customer Service and Customer Retention
    • Brand Reputation Management
    • Influencer Marketing
    • Social Media Management
    • Email Marketing

    How can ChatGPT help in Content Creation?

    Marketers can use ChatGPT to generate high-quality content, such as blog posts, social media captions, email campaigns, and articles. It can be used for writing product descriptions tailored to the target audience’s preferences and interests. This can save marketers a lot of time and effort, plus it can be helpful to ensure that their content is engaging and informative.

    How can ChatGPT be helpful in Generating Leads?

    ChatGPT can generate leads by qualifying prospects and identifying those most likely interested in a product or service. This can effectively help marketers to save time and money on lead-generation campaigns.

    How can ChatGPT help in Chatbot Development?

    ChatGPT can assist in the development of chatbots that improve customer service and engagement. Chatbots powered by ChatGPT can handle complex queries and provide personalized recommendations and solutions based on the customer’s behavior and interests.

  • Most Important Lead Generation KPIs to Analyse Lead-generation Strategy

    “The Lead Generation Process Starts by Finding Out Where Your Target Market Lives On The Web.”

    Lead generation is among the most crucial components of a digital marketing strategy and it would be an important tactic for B2B organisations to boost income by the generation of new leads consistently.

    Although enterprises use a range of lead generation tactics and spend a substantial amount of time, energy and funds to generate new leads, evaluating whether such approaches are beneficial can indeed be challenging. Assessing the correct key performance indicators is the finest approach to measuring the performance of such strategies(KPIs).

    Those were unique measurements that correlate your entire business operations and fewer generation goals to tangible metrics. It could assist you in determining whether you’re on the correct path and getting the results that you wish.

    To assist you in analysing the potency of your lead generation efforts, now let us look at a few of the lead generation KPIs to keep a watchful eye on.

    Lead Generation KPIs

    How to generate leads?

    Lead Generation KPIs

    Some of the most Important Lead generation KPIs are discussed below.

    Customer Acquisition Cost (CAC)

    Customer Acquisition
    Customer Acquisition

    The customer acquisition cost ( CAC) is a useful indicator for calculating the amount of obtaining a new customer. At the basic level, you could figure it out by dividing the estimated total promotional cost by the number of new customers gained throughout the campaign.

    Ways to Reduce CAC:

    Direct attention to lower your CAC:

    • Conversion rate improvement
    • Developing better effective marketing strategies
    • Boosting organic traffic by optimising your content
    • Evaluate your marketing budget and minimise any unwanted expenses.

    Customer Acquisition Cost by Industry | CAC Benchmarks
    Customer acquisition cost is the price you pay to convert a lead into a customer. Read to know CAC benchmarks by industries & marketing channels.
    StartupTalkyRishabh Rathi

    Sales Closing Ratio

    The sales closing ratio is a metric that reveals how effective a selling process is. You can compute this for each sales representative separately or in smaller groups. Simply divide the total number of successful marketing by the overall number of prospects that arrive at this value. Next, multiply the value by 100 to get the end outcome. It is a percentile depiction of the sales closing ratio.

    Sales closing ratio= closed deals/ total sales leads ×100

    Ways to Boost

    • Evaluate your marketing strategy to see if there are any flaws
    • Request on thoughts to learn much on why prospective customers took a separate path.
    • Ensure that the significance of your product is fully articulated in your promotional efforts.

    Number of Leads

    It is an essential KPI because it gives you and your next prospective clients. As an outcome, when this KPI is ready lower, likely, you would not be welcoming numerous new customers relatively soon. A large number of leads does not always signify a large number of customers. The advertising crew is in charge of assessing the efficacy of those leads and determining whether or not just they are recognised as a possibility and viable customers

    A unique lead for instance could be a learner who has signed up for a trial version but would not be a customer since it is only for experimental reasons. This number on the whole gives you a clearer insight into how impressive your enterprise is. However, you should rely more heavily on the number of qualified leads. Admittedly these are the people who could come to customers and give you a little bit of money in the latter part of the month.

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    Revenue and ROI

    The only measure that would count to a customer is revenue received. The most common responses we got from marketers are revenue and return on investment customers and marketers both at the final moment of the day would want to relocate the revenue and ROI lancets. But it happens a long way to the future generating leads.

    Every marketer must measure ROI. Because digital marketing approaches took time to start taking impact and might be a substantial outlay. Return on Investment that customers cherish much more.

    Cost Per Lead and Cost Per Acquisition

    A customer must not spend much to obtain more than the money they make. From the start of a business model, a lead must be fruitful. Calculating the price per lead and a CPA might assist you in better knowing your overall profit. Evaluate and compare uncharacteristic transaction rates with your CPL and CPA.

    Rate of Conversion

    The conversion rate of your site is a strong predictor of how well your marketing and lead generation activities are working while a guest or visitor conducts specified action, this is alluded to as conversion. The task can be a direct acquisition of your goods/service, ebook downloads, newsletter signups, whitepaper, ask for quotes, form submission or any other activity that moves the user nearer to being a potential buyer or valued customer.

    To calculate your site’s rate of conversions, add up the visitor total number over a given specified timeframe and divide the total number of conversions over that same timeframe; this, when your conversion rate is higher, you must have a glance at your website. Figure out what you did best and implicate them in future strategies.

    Average Session Duration

    Average Session Duration to measure Lead-generation KPIs
    Average Session Duration to measure Lead-generation KPIs

    The average visit duration is the timeframe of users engaged on your site, longer periods suggest that your stuff is intriguing and the users are much more likely to be converted. Fewer latencies are typically associated with an elevated bounce rate and exit rate.

    There is perhaps one loophole, visitors would prefer to consume content vastly if your web pages feature huge photos and only a few paragraphs, ending in short visit timings. The session lengths to be much longer on web pages with significant word counts.

    Bounce Rate

    The amount of visitors who arrive at a web page on your site and leave by not visiting any other web pages or processing through the sales pipeline is known as the bounce rate. While a person bounces back, it is termed a bounce back.

    The bounce generally occurs when a visitor is routed to your homepage from the search listings and then exits to the result page by not visiting other pages or hitting catch of your website’s hyperlinks.

    The bounce rate of your site is derived by dividing the number of users who turned away from your website during that specific timeframe by the number of visitors during the time range. The bounce rates above a certain threshold are a sign of lower conversion rates and prompt action to be taken.

    Conclusion

    “Getting leads is the first step but converting those leads into satisfied customers is one of the most important and most challenging tasks of a business”.

    Certain other KPIs to focus on are:

    • Exit rate
    • The pricing of each lead
    • Rate of click-through
    • Conversions for leads, prospects, and revenues.
    • The proportion of individuals who saw your ad and how many instances they saw it.

    FAQs

    What are the important KPIs for Lead Generation?

    Most Important Lead Generation KPIs are:

    • Customer Acquisition Cost (CAC)
    • Sales Closing Ratio
    • Number of Leads
    • Revenue and ROI
    • Cost Per Lead and Cost Per Acquisition
    • Rate of Conversion
    • Average Session Duration
    • Bounce Rate

    What is Customer Acquisition Cost(CAC)?

    The customer acquisition cost ( CAC) is the amount spent on obtaining a new customer.

    How is Sales Closing Ratio calculated?

    Sales closing ratio= closed deals/ total sales leads ×100

    What is most important lead generation?

    Lead generation is important to build visibility, credibility, trust, and interest from potential leads.

  • What Is a Sales Pipeline And How To Build One For Lead Generation?

    Do you feel that your business and sales processes are falling short somewhere?

    If your marketing efforts are proving insufficient results for lead capture and generation, it’s possible that your sales processes are faulty. The process of converting awareness into action is slow and can lose many potential customers.

    Even if you start from scratch, the growth of your business doesn’t come from putting in endless working hours alone. One of the most effective tools to build a reliable revenue stream is a sales pipeline.

    What Is a Sales Pipeline?

    Sales Pipeline is not just another buzzword!

    You must have heard about the ‘Sales pipeline’ in the meetings or conversations. It’s not just jargon but an effective system that can change the game for your sales figures. A sales pipeline is a visual representation of opportunities in different phases of the sales process.

    Sales Pipeline
    Sales Pipeline

    It presents a clear outline of prospects, leaks, and loopholes in your sales process. A well-defined sales pipeline educates the salesperson about what step comes ahead and how to go around it. It also gives valuable insights to the managers and helps in decision making.

    Sales pipelines give way to:

    • Insights into financial metrics.
    • Accurate assessment of team performance.
    • Preview of monthly revenue.

    Now let’s look at how to build a sales pipeline for lead generation

    Identify the Potential Buyers and Place Them in the Right Stage

    Consolidating all your potential buyers is the first step in establishing a sales pipeline. It is important to ascertain that your prospective customers are placed in the right deal stages based on their affiliation with your product or service.

    When a potential buyer has contacted you to know more about your product or service, he is in the ‘interaction phase’.

    Placing your prospective customers in the right compartment helps you deal with them most effectively. You can approach them accordingly and convert the lead into business.

    Segregate and Assign the Sales Activities

    Knowing which phase your potential customers belong to can lay out a clear set of sales activities.

    Suppose you know your possible buyer belongs to the ‘awareness’ phase where the information flow is the most important. In that case, You will send out emails, brochures, and catalogues to them or target them through infographics and interactive quizzes.

    In short, you know what to do and how to take them to the next stage. This way, your salesforce also has clarity on performing the task in the best way possible. Assigning sales activities to each stage of the sales pipeline is crucial for enhancing the effectiveness of sales efforts and the efficiency of the salesforce.

    Define the Sales Cycle Length

    Your lead source is the biggest factor in defining the length of your sales cycle. How quickly you close the sales depends on the channel through which you approach the potential customer.

    Leads generated through emails or calls will have slow sales cycles. Organic leads achieved through websites have a quicker sales cycle.

    The above makes it crucial to define the sales cycle length by streamlining various lead sources. If you have a sales cycle defined, it would be easy to know which deal would convert into action and which one has become useless for the business.

    Ascertain Your Pipeline Size

    If one of your sales representatives targets 50 deals a month and loses 10-12 of them in the sales process, you may raise the bar and give him a target of 70 deals instead.

    That’s how you decide the size of your pipeline and meet your target sales for the month. There is no doubt that not all the leads make it to the end of the pipeline. The contingency plan is simple. Start with extra deals so that any leak along the way does not hamper your sales target.

    Take Out the Inactive Leads

    If certain deals have gotten stagnant, there’s no point waiting for them to convert because the chances of winning such deals are very low. If a deal has gone past its sales cycle, there is no point in wasting sales efforts or campaigns on it.

    It is important to know when to stop putting marketing efforts!

    One of the effective ways to keep a tab on stagnant leads is to have a specialized software or AI tool that can notify you about deals that aren’t moving to the next stage. It will help you clear the space and make way for new leads.

    Timely Review of Sales Pipeline Metrics

    Even after establishing an efficient sales pipeline, there is no way to predict the exact outcome. Sales activities change, targets change and with that, strategy changes. A timely review will allow your team to make the necessary changes and bring in more leads to compensate for any lag in the plan.

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    Conclusion

    Businesses that put effort into knowing what their customers want succeed in converting leads into purchases. From awareness to action, it’s a journey for buyers and an open opportunity for you to retain them at any given stage. Sales pipelines provide the perfect set-up for managers for ascertaining the success of sales campaigns and marketing efforts.

    FAQs

    What is a sales lead pipeline?

    A sales lead pipeline is a representation of prospects in different phases of the sales process.

    How do you build a lead pipeline?

    Identify the potential buyers, assign sales activities, define sales cycle length, remove inactive leads, and constantly update your sales timeline.

    What is a lead in sales?

    A lead in sales is a person or a business who might become your future customer or client.

  • Tips to Convert More Leads Into Sales for SaaS Startups

    Designing a website for your business and creating an appealing & attractive online presence can bring you numerous website visitors, who are your potential clients. Converting those potential customers into loyal paying customers needs a proper strategy. A visitor takes micro-moments on your website to decide upon your brand, capturing those moments strategically can create sales for your business. A good conversion strategy helps you boost your business exponentially.

    Here are some tips shared by entrepreneurs from SaaS industry, about how to convert more leads into sales

    Shayak Mazumder, Co-founder, Eunimart

    Identifying the ICP (ideal customer profile) and buyer personas lead to very pointed GTM (go-to-market) strategies. In our case, we studied the market and realized the exact definition of our customers and what kind of roles in those companies were driving the sales. Based on that, we defined the biggest problem statements they had, the solutions they needed, and our competitive edge. This customized approach led to clarity among the end-users. This led to targeted messaging per customer. This is the secret sauce to converting more leads.

    Robin Das, CEO of Brandintelle

    Here are certain things you could do convert more leads-

    • Define your ICP or ideal customer profile.
    • Make sure your MVP is best suited for your ICP including all your marketing communications and positioning.

    Pramod Gummaraj, CEO, Aprecomm

    Always understands the customer and his pain points. Do not rush to sell something to the customers without understanding them. Understand their problems and the priority of those, their budget constraints, and then try to see if there is something our product can solve. Be flexible with product features to appeal to the customers.

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    Mr Arjun Gupta, Founder, Courseplay

    Stay in touch! I tell this to my sales team at Courseplay all the time. The easiest thing to avoid if you have reached out to the customer at the wrong time is that you forget about them and, even worse, they forget about you. Regular follow-ups and connecting with different people at different levels of the organization would help ensure you are there when they need you.

    Shreyan Gandhi – Director and Co-founder, Comket Solutions

    Shreyan Gandhi - Director and Co-founder, Comket Solutions
    Shreyan Gandhi – Director and Co-founder, Comket Solutions

    Based on the product we’ve built, the best approach to conversions are demonstrations. Being a product that has a ‘wow’ factor that sells itself, we only have to make sure demos happen frequently and through all channels possible.

    Sarvagya Mishra – Co-founder & Director, SuperBot (PinnacleWorks)

    Sarvagya Mishra - Co-founder & Director, SuperBot (PinnacleWorks)
    Sarvagya Mishra – Co-founder & Director, SuperBot (PinnacleWorks)

    If the lead gets qualified, i.e. the person is interested in taking your products/services, then the one tip to convert that lead into sales is rigorous follow-up. The consumer memory is very weak and fickle. If we do not approach them on time and take regular follow-ups, they tend to forget their enquiries as well as get dicey about the need of the same. Also, in a competitive market like today’s the one who approaches first and repetitively, is the one who gets the conversion. Thus the tip is “timely communication”