How to Keep Your Cost Per Lead Low? (4 Practical Tips)

• admin
• Aug, 13 2021

Capturing more leads isn’t the only goal of a holistic marketing strategy. One also needs to focus on the overall acquisition cost.

So, a more sensible goal would be to get more leads in the most cost-effective way.
This brings the cost per lead (CPL) and how to keep it as low as possible in the conversation. You need to devise an ROI-centric lead generation strategy.

While the task is a challenge in itself, there are a few things you can do to reduce your cost per lead.

Here are four practical tips:

Analyze relevant data 

So many business owners and marketers (still) undermine the importance of data. Don’t be one of them.

Look at different data, right from consumer behavior to competitors’ campaigns. 

Look at the data of your previous campaigns.

Analyze the data to uncover key insights. Thereon, turn those insights into actionable key points that help you decrease cost per lead. 

Be clear on the target audience

When you don’t know who you’re targeting, you will end up spending a lot of time and money in finding your audience and qualifying them for conversion.

In comparison, if you already know about your target audience, you can reach out to them in the most cost-effective ways; you can reach out to a relatively more qualified audience that’s more likely to convert.

So, define your buy personas and get a clear picture of your target audience.

Personalize your message 

The right message, on the right platform, with the right CTA, can do wonders for cost-effective conversion.

Meaning, you would capture many more leads if you can convey to the target audience that you have the exact solution they are looking for.

This requires you to personalize your message per the pain point of your target segments. (This is one of the reasons why you need buyer personas.)

A higher level of personalization can shorten customer journey before conversion, efficiently and cost-effectively grabbing their attention, driving them into a meaningful conversation, and converting them quickly.

Get help from experts

At times, your in-house expertise may not be sufficient. You may not have enough data points to optimize your lead generation strategy to reduce CPL. In such cases, it’s a good idea to get help from a third-party solution provider. 

Get in touch with one of the lead generation companies in the USA. 

Google “lead generation companies near me“, go through the top names, do some research, and on-board a reliable lead gen company. 

On the back of their extensive experience and real-world data, these experts can help you devise an effective lead generation strategy that captures leads at the lowest cost.

Final Words

What exact steps you should take to reduce cost per lead largely depends on your current lead generation strategy.

For instance, the steps would vary if you’re using a chatbot on site as compared to using Google ads or you’re using Facebook ads as opposed to LinkedIn ads.

In any case, the above-mentioned are the basic tips that will help you get an upper hand, providing you enough opportunities to decrease cost per lead and maximize return on investment.