By: Solange Abraham, Founder of House by Solange
Do you ever feel overwhelmed by all the data involved in lead generation? You're not alone. Many businesses struggle with what's called "data paralysis" – being so focused on getting the exact numbers that they're prevented from moving forward.
In this blog post, I'm going to share a simple framework for optimizing your Google Ads lead generation strategy without getting bogged down in technicalities.
The first step is to understand your prospect's journey. This means understanding how they move from being aware of your product or service to becoming a paying customer.
Here are a few questions to ask yourself:
What channels do my prospects use to research products or services like mine?
What are their pain points?
What motivates them to make a purchase?
Once you understand your prospect's journey, you can start to map it out. This will help you identify the different touchpoints where you can reach your prospects with Google Ads.
The next step is to visualize the funnel. This means creating a visual representation of the different stages in the lead-to-sale journey.
Here's an example of a simple funnel:
Leads: These are potential customers who have shown interest in your product or service.
Marketing Qualified Leads (MQLs): These are leads who have taken a specific action, such as downloading a white paper or signing up for a newsletter.
Sales Qualified Leads (SQLs): These are MQLs who have been qualified by your sales team.
Closed Deals: These are SQLs who have made a purchase.
Once you have a visual representation of the funnel, you can start to link it to your Google Ads campaigns.
For example, you might use an awareness campaign to reach leads at the top of the funnel. You might then use a consideration campaign to reach MQLs. Finally, you might use a conversion campaign to reach SQLs.
The next step is to attach values to each stage in the funnel. This will help you determine how much you can afford to spend on each lead.
For example, let's say your average closed deal value is $10,000. If your conversion rate from SQL to closed deal is 25%, then each SQL is worth $2,500.
Once you know the value of each lead, you can start to use value-based bidding. This means setting your bids based on the expected value of each lead.
For example, if you know that each SQL is worth $2,500, you might be willing to bid up to $500 per lead.
It's important to remember that you don't need to have perfect data to get started. Even if you only have estimates, it's better to use some data than no data at all.
Optimizing your Google Ads lead generation strategy doesn't have to be complicated. By following the simple framework outlined here, you can get more out of your campaigns and generate more leads.
Solange is a B2B Growth Specialist and a fellow ex-Googler. She’s based in Dublin, and now runs a consulting firm that creates elite sales strategies for women-led B2B companies.
You can find her on LinkedIn