Far too often, B2B companies treat their conversion rates as the most important metric to watch.
While there’s absolutely no doubt you should always work on improving your conversion rates, that won’t necessarily lead to a better bottom line.
When companies forget to monitor their cost per lead (CPL), they run the risk of seeing better conversions without bigger profits.
If their CPL gets truly out of hand, more conversions may not even be enough to keep them in business for long.
3 Ways to Reduce Your Cost Per Lead Quickly
That’s why you need to keep a close eye on this metric.
It’s an even better idea to constantly work to continue reducing it. These three methods are extremely easy to implement and effective.
1. Make the Most of Your Social Media Platforms
Your B2B company has a number of free – or at least very low cost – options for advertising themselves.
Social media marketing is a great example. It costs next to nothing to update your profiles regularly and use these platforms to interact with your market.
The idea is that the more you’re able to leverage free methods of gaining mindshare among your prospects, the cheaper it will be to convert them later.
If a prospect is already familiar with your company through social media and has a good impression of it, they may actively seek out your site – saving you a pay-per-click (PPC) charge.
2. Start Taking Blogging Seriously
94% of B2B buyers go online to do research before making a purchase.
This is one of the reasons PPC marketing is so popular in our world.
Like social media, blogging is extremely cheap, especially if you can do it in-house. You just need to take it seriously by posting high-quality content and doing so often.
Even if you have to outsource your blog, it’s worth it.
The great thing about content marketing is that Google will index your pages forever and for free. So, while you only pay for a blog post once, it can continue bringing you traffic for years and years.
3. Incentivize Others to Provide You with Referrals
Think about your buyers.
What other products and services do they need?
Which companies do they go to for them?
Set up a referral program that will incentivize these companies to send business your way. As long as the commission you payout is less than your current CPL, you’ll save money on each referral.
The Easiest Ways to Drop Your Cost Per Lead Immediately
The three tips we just covered for dropping your cost per lead will definitely go a long way toward improving your profit margins.
However, there’s one final method you can utilize to plummet the amount you’re paying for leads.
Better still, you can implement it right away and see the results almost immediately.
Best of all, you won’t need to change anything on your site – including your landing pages.
All you need to do is leverage Hushly.
Our brand promise to you is that we’ll improve your conversions by at least 51%. Sound too good to be true? Check out our demo to see how it works for yourself.