Challenges and Solutions in Lead Generation for 2024

💡 THIS ARTICLE IS THE LAST OF A 4-ARTICLE SERIES WRITTEN TO PROVIDE HIGH-QUALITY AND ACTIONABLE INSIGHTS FOR SALES & MARKETING PROFESSIONALS.

Martech is a $122 billion industry that’s growing by 22% year over year, and 70% of CMOs are increasing their investments in it (Harvard Business).

However, there’s an ongoing challenge related to generating ROI with marketing technologies (Gartner).

This article reveals insights into industry challenges for 2024.

We know what you’re thinking…

“Where do these insights come from?”

Since Incloud’s mission is to help its clients better leverage their technology stack, we have decided to mandate a market research firm to conduct a survey among sales and marketing leaders across Canada to provide deeper knowledge on how to better leverage marketing technologies to generate higher revenues.

Survey Demographics goes as follows:

  • 12% are enterprise level above 1,000 employees.
  • 44% are small-medium enterprises with 101-1,000 employees.
  • 44% are small entrepreneurs with less than 100 employees.

If we look at the breakdown of the industries represented in this survey, it reflects the Canadian sector where distribution, manufacturing, IT, financial services and retail are the main industries and then various service-oriented industries are represented.

Moreover,

On October 3rd 2023, 3 marketing leaders from 3 different industries commented on these research findings during an Incloud panel discussion event:

  • Pierre-Francois Lyonnais
    Director of Ecommerce & Digital Strategy at Mondou
  • Martin Aubut
    CMO at nesto
  • Marie Josée Laramée
    Associate Vice President, Sales Support and Digital Strategy at National Bank Investments

And now, we’re going to share this event’s insights in a nutshell:

As marketing technologies continue to evolve, new challenges and innovative solutions are emerging in the landscape. In this fourth article, we cover three survey results and provide panelists insights as well as our own take on these topics.

Survey results:

  • YES 57,1%
  • NO 40%
  • Not sure 2,9%

Approximately 60% of businesses consider 360-degree customer journey mapping as a crucial step towards effective lead generation.

Challenge:

However, implementing this strategy can be a challenge. It requires gathering and analyzing data from various touchpoints across multiple channels, which can be time-consuming and complex.

Solutions:

  • Automation and AI-powered tools: To overcome the challenges of customer journey mapping, businesses can leverage automation and AI-powered tools. These technologies can help streamline data collection, analysis, and segmentation processes, enabling more accurate and targeted lead generation efforts.
  • Personalization and targeted messaging: By utilizing customer data collected through 360-degree mapping, businesses can tailor their marketing messages to individual prospects. Personalization helps create a more engaging and relevant experience, increasing the chances of converting leads into customers.
  • Collaboration between marketing and sales teams: Effective lead generation requires seamless collaboration between marketing and sales teams. By aligning their strategies and sharing insights, both teams can optimize the lead generation process and ensure a smooth handover of leads from marketing to sales.
  • Continuous tracking and optimization: Lead generation is an ongoing process that requires constant monitoring and optimization. By tracking key metrics, analyzing results, and making data-driven adjustments, businesses can stay ahead of the competition and maximize their lead generation efforts in 2024.

Survey results:

  • YES 60%
  • NO 40%

According to the survey results, 60% of respondents expressed concerns about the challenges associated with lead scoring and analysis. This suggests that determining the potential customers who show interest in buying may not always be straightforward, especially if the customer journey is not fully understood.

Challenges: 

  • Overreliance on bottom-of-funnel (BOFU) leads: Focusing solely on BOFU leads can neglect the 95% of potential leads in the top-of-funnel (TOFU) and middle-of-funnel (MOFU) stages. Overprioritizing BOFU leads can result in missed opportunities and limit the overall lead generation potential. 
  • Ineffective content marketing automation: While marketing automation tools can help establish key metrics for identifying and scoring leads, there may be challenges in utilizing them effectively. It is important to ensure that the automation process is proactive, audience segmentation is accurate, and the customer experience is enhanced. 
  • Lack of accurate intent data: Accurately determining purchase intent is crucial for successful lead generation. Relying on incomplete or inaccurate intent data can lead to wasted resources and ineffective targeting. Marketers need to invest in reliable intent data sources and strategies to ensure accurate lead qualification.

Solutions:

  • Automation: Implementing robust marketing automation tools can streamline lead generation processes, improve efficiency, and enable effective lead scoring and analysis. By automating repetitive tasks, marketers can focus on high-value activities that drive better results. [2]
  • Personalization: Tailoring marketing messages and content to individual leads can significantly improve engagement and conversion rates. By leveraging data and segmentation strategies, marketers can deliver personalized experiences that resonate with their target audience.
  • Collaboration: Encouraging collaboration between marketing and sales teams can help align lead generation efforts and improve overall lead quality. By fostering open communication and sharing insights, both teams can work together to optimize lead generation strategies and increase conversion rates.
  • Continuous tracking and optimization: Regularly monitoring and analyzing lead generation performance metrics can provide valuable insights for optimization. By tracking key metrics, marketers can identify areas for improvement and make data-driven decisions to enhance lead generation efforts.

Survey results:

  • YES 48,6% 
  • NO 48,6%
  • Not sure 2,9%

The survey results indicate that approximately 50% of respondents face challenges with lead qualification. This suggests that poor lead quality remains a persistent challenge in lead generation. It highlights the need for better alignment between marketing and sales teams to ensure that the leads generated are of high quality and have a higher likelihood of conversion.

Challenges:

  • Lack of Alignment Between Sales and Marketing: The survey results also indirectly point towards a lack of alignment between sales and marketing teams. This misalignment can lead to discrepancies in lead qualification criteria and result in poor lead quality. Bridging this gap and fostering collaboration between the two teams is crucial for successful lead generation in 2024.
  • Insufficient Data and Insights: Another challenge in lead generation is the availability of accurate and reliable data for analysis. Without comprehensive and up-to-date data, businesses may struggle to effectively identify and qualify leads. Investing in reliable intent data sources and implementing strategies to gather relevant insights can help overcome this challenge and improve lead generation efforts.

Solutions:

  • Automation and AI-Powered Tools: Leveraging automation and AI-powered tools can greatly enhance lead generation efforts. These tools can streamline repetitive tasks, such as data collection and lead scoring, allowing marketing and sales teams to focus on more strategic activities. By automating certain processes, businesses can increase efficiency, improve lead quality, and drive better results.
  • Personalization and Targeted Messaging: In an era of information overload, personalization and targeted messaging are key to capturing the attention of potential leads. By tailoring content and communication based on individual preferences and needs, businesses can create a more engaging and personalized experience for their prospects. This approach increases the chances of lead conversion and fosters stronger relationships with potential customers.
  • Collaboration Between Marketing and Sales Teams: To overcome the challenge of lead quality, it is essential to establish strong collaboration between marketing and sales teams. Regular communication, shared goals, and joint strategies can help align both teams’ efforts towards lead qualification and conversion. This collaboration ensures a seamless handover of leads from marketing to sales, resulting in a more efficient and effective lead generation process.
  • Continuous Tracking and Optimization: Lead generation is an ongoing process that requires continuous tracking and optimization. By closely monitoring key metrics and analyzing the performance of different lead generation channels, businesses can identify areas of improvement and make data-driven decisions. This iterative approach allows for constant refinement and optimization of lead generation strategies, ultimately leading to better results.
  • Poor Lead Quality: Poor lead quality can be a major challenge in lead generation, leading to wasted time and resources. To overcome this challenge, businesses should implement effective lead qualification processes and use data-driven strategies to identify and target high-quality leads. Regularly reviewing and optimizing lead generation tactics can help improve lead quality over time.
  • Lead Scoring and Analysis: Lead scoring and analysis can be a complex task, requiring businesses to accurately evaluate the potential of each lead. Implementing an automated lead scoring system can help streamline the process and ensure consistent and reliable lead evaluation. Utilizing AI-powered tools and predictive analytics can provide valuable insights for effective lead scoring and analysis.
  • 360-Degree Customer Journey Mapping: Mapping the entire customer journey can be challenging due to the complexity and multiple touchpoints involved. However, understanding the customer journey is crucial for effective lead generation. Businesses can overcome this challenge by leveraging automation and analytics tools to track customer interactions across various channels and touchpoints, enabling them to create personalized and targeted marketing strategies.

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