Lead generation needs multiple channels because any single source has a ceiling. Budget three times your initial spend for a new channel and give it 90 days to mature. Don't steal budget from what's working to test something new.
Marketing is not a set science. You can't do one lead gen source. There is a max amount of leads that could be generated from any of these sources at any given time. I'm not going to be able to generate all my leads from canvassing, and I might not want to because of the spend. Likewise, if I look at my cheapest source, which is email, I would not be able to generate 2,197 issued appointments on an annualized basis only off of email. So everything has to be mixed. Okay, this is just a sample. You can take a picture of it, but the numbers aren't real. One thing we did not talk about was when do we add new lead gen sources to our marketing mix? Here's the biggest mistake was made in our business early on and might be being made in your businesses as you start to grow, is not allocating the right amount of money to that new source. My belief is you need to give every source 90 days to mature at a minimum. Meaning if I'm going to spend $5,000, $6,000, $8,000, $10,000 on a new source, I need to have 3 times that available for the marketing team to play with and gamble. The other mistake I see is we pull from this lead source to move to this testing of this other lead source. Can't do that either. Lead source maturity and diversification is an investment and newfound money being used, which is also why you see a lot of businesses that are on a very strong growth rate start to get a little bit less profit because they're investing so much money back in the marketing and not all sources work. So they start eating out of their profit away, but you need to do it that way. You can't steal from one source to play and try another source. Make sense?
