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Lead Gen Challenge With $500 Budget
11/20/2017 at 4:51 PM ET
I’m participating on a project team at work that is supposed to help us learn about lean product development and working as a start up within an established organization. Basically, we have two weeks, start to finish, to develop a minimum viable product targeted at professionals (think along the lines of an infographic or whitepaper with “Top 10 Tips to do XYZ” that can be downloaded in exchange for an email address). Obviously, we need to develop a web page and a lead gen form, but the part that frightens me is we only have $500 to spend on marketing. No one in the group has any specific experience in lead gen.
-How would you make that $500 go as far as possible?
-What are the best free ways to generate leads?
-Any other tips? For instance, given the two week time frame, I was going to build the web page and lead gen form on day one and let people pre-register to receive the product.
-Any recommendations for quick reading and resources? (Obviously, I'm going to use MP's resources.)
More details: There are five teams competing and the winner is the one who generates the most leads. We cannot associate the MVP with our company in any way. Also, asking you guys is not cheating...we're encouraged to use all the resources at our disposal.
Thanks to anyone who can provide a thoughtful and informed response. I appreciate you sharing your expertise. I'm hoping to learn a lot by doing during this assignment.
11/20/2017 at 4:59 PM
The part that should frighten everyone is identification of your target audience. You can't even begin to create a strategy unless you have...in detail...identified your target audience. There is no such thing as a FREE LEAD. Just searching LinkedIn, won't bring you a free lead, due to the time/energy invested in your search. Performing the search takes you away from another "project" that you should/need to be paying attention.
What is a lead? Can you identify a lead?
Are you wanting "cold" leads?
What is a warm lead?
What is a hot lead?
I think there needs to be more research into what it is you are "really" trying to achieve.
11/20/2017 at 6:22 PM
If you get 1,000,000 random email addresses are you likely to win? Or, do you need to capture real people's addresses that are truly interested in your offering? You could pay each person that signs up for information a $1 (for example) – or pay one person $500 and spread the word about "free money". There are many affiliate networks that you could leverage - if you pay them for the click thrus.
11/20/2017 at 7:34 PM
Sorry, absolutely should have mentioned We have a very clearly defined target audience...extensive segmentation has been done. We know what their most pressing problems and pain points are as well as what age, gender, profession, location, seniority levels would apply.
I doubt they are going to verify that the leads are â€śgoodâ€ť but weâ€™d like to make a good faith effort to get real leads. Winning would be cool, but this is more about learning.
The affiliate marketing is an interesting idea, but Iâ€™m not sure we have enough money to make that work. And Iâ€™m not sure what credible affiliate would promote a â€śproductâ€ť in this situation.
11/21/2017 at 7:26 AM
Is there any way you can share with us what your general products "are"? And, if they are not verified leads, why would you not just list and explain what each marketing channel provides and take the check?
There is a lot more to this project than meets the eye. Marketing development is a set to tasks that head to a developing strategy.
11/21/2017 at 8:11 AM
In addition to considering white papers and webpages and Internet related stuff, can you consider tangible products targeted to professionals?
You could produce some very nice indoor plant arrangements, suitable for a professional's office. I personally would very much prefer a nice office plant, rather than a white paper. You could make 10 of them and have a drawing, and attend events, and do all sorts of fun stuff…
11/21/2017 at 10:36 AM
Thanks for the input everyone. I know this was a bit of an unusual question.
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