LEVERAGING LINKEDIN FOR LEAD GENERATION

THE ULTIMATE TOOL FOR FINDING PROSPECTS

a guide from

modern media

Lead Generation from LinkedIn

Contents
Introduction 3 About us 4 Background 5 Getting started 8 1. Understand your market and your best customers 8 2. Beginning searches 3. Using keywords 4. Being thorough and logging searches 5. What not to do Leveraging your network to access your target companies Not all connections are equal Finding target businesses How to use the data in this search Case study: Building a multi-million dollar sales pipeline from scratch Case study: Achieving 30% conversion to meeting on cold direct mail campaigns Finding individuals Searching for people 10 11 12 12 13 15 16 17 19 20

22 23

Case study: 25 Telesales response increases five-fold using LinkedIn data So now you have the data, what next? There are other ways to generate leads from LinkedIn LinkedIn Groups LinkedIn Ads SlideShare via LinkedIn Summary 26 27 27 27 28 29

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Lead Generation from LinkedIn

Introduction
Leads, leads, leads: its what we all want. Leads are the lifeblood of B2B organisations. Anyone can generate leads, but theyre of no value if they arent high quality. A lead that turns into a high quality prospect as defined by their fit with your target customer is often a challenge. We all know what bought data lists are like and we all know the success rate of cold-calling. So finding a solution that delivers better quality data and converts well would be great, right? This guide is all about generating high quality prospect data from LinkedIn. LinkedIn is an amazing professional network and home to over 200,000,000 registered users, many of which are business professionals. The wealth of information is fantastic and at this time, free. This guide outlines how to search that network of business professionals to develop a list of your most valuable potential customers. From similar exercises weve done with our clients, weve be able to: increase the conversion rate dramatically on direct mail (up to 20% conversion rate) increase the response rate five-fold for a telesales campaign create a multi-million dollar sales pipeline within a few weeks Weve also used the same exercises to determine the size and scale of the market for certain industries, whether internationally, locally or internally within a business; the information you can glean from LinkedIn is incredibly rich. As with all things related to business, the more you plan, the better the results. It therefore pays to take the time to think about what youre going to do and how youre going to do it. Having a purpose will make creating the output a lot easier. More importantly, the insights or campaigns off the back of the data will be a success.

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Lead Generation from LinkedIn

About us
Modern Media is a digital marketing agency focusing on business-tobusiness (B2B) technology clients. Were experienced digital marketers and specialise in generating demand using search, social media, PR and content marketing strategies. This guide has been created to share some of our experience of generating leads from LinkedIn with you. Wed welcome the opportunity to show you how you can really make LinkedIn work for your business. Why not give us a call? Nicola Ray Managing Director 0117 370 7795

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Lead Generation from LinkedIn

Background
We love LinkedIn. Its a fantastic tool to showcase who you are and what youre up to from a professional or company point-of-view. You can add presentations, case studies, videos or tell the world about your products or services. You can extend your network, find old work colleagues or even find your next role. LinkedIn is not just a broadcast media Many individuals and companies use LinkedIn as a broadcast media to shout about what theyre doing. Whilst that is one way you can use LinkedIn, it certainly creates a lot of noise. It can prove difficult to get standout, however its not impossible. Using LinkedIn in this way is an important part of a social media strategy for you and your company, but its not the only use for LinkedIn. There is plenty of information available that tells you how to optimise your profile so it gets found both on LinkedIn and on the search engines. There is also plenty of information available on how to work the groups so that you can raise your profile. Likewise the finer point so finer points of social media etiquette are well documented. Were not going to cover any of those things in this guide. This guide is about finding those hard-to-reach individuals that are your ideal customers. The data available within LinkedIn is rich and at the moment, there for the taking. LinkedIns rich data Over the last few years, professionals have spent a lot of time creating their profiles for themselves and for their companies. Most large organisations already have an active company page, group and many employees are listed on LinkedIn. Whilst its been well know that LinkedIn is a fantastic tool for human resources, its equally as good a tool for lead generation and sales. For years, marketers spent thousands of pounds on buying lists of data that was often out of date or incomplete. Well, now LinkedIn gives it to you for free and your prospect has made sure its up-to-date for you.

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Lead Generation from LinkedIn

Better still, you get to know the person a little bit better. Knowing the persons areas of expertise, experience and background can allow you to be prepared when you talk to them. You can also put them into context within the organisation and have a clear picture of who their line manager is and how big their team is. All of which is highly valuable information as part of the sales process. In the sales process, LinkedIn can enable to you to: Understand the size of your market Get a clear picture of the size of a team and their level of expertise within an organisation Know the prospects colleagues by name Understand the level of experience of a prospect Identify if theyre the right person to talk to or if you need to go up or down the chain Know what they look like Know what theyre interested in on a personal level Determine how youre connected to an individual and whether there is a referral opportunity Once you know who it is youre targeting, its easy. Whats difficulty is knowing how to extract data out of LinkedIn to create lists of suspects that you can then use within your own marketing. In this guide, well outline how to use LinkedIn to get that valuable information. Well look at: Identifying target companies Identifying individuals with a set criteria (a specific job title or a vertical specialism) How to leverage your network connections to gain easy introductions Case studies and results from campaigns using data extracted from LinkedIn Who will find this guide useful

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Lead Generation from LinkedIn

This guide is ideal for any businesses that are looking for new clients. Typically, this is suitable for: Businesses that sell to other businesses Business selling complex products Businesses selling to niche markets Businesses that need to sell to the key stakeholders within the business Businesses looking to enter a new market or a new territory So first off, lets get started.

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Lead Generation from LinkedIn

Getting started
LinkedIn is a versatile tool, but you can only reap what you sow. First of all, you need to really understand your business and more specifically, who your target market is. For LinkedIn to work for you, you need a very clear picture with who buys your product (the individual) and what sector theyre in. By knowing these two things, you can slice and dice the data effectively. Its no good just stating that you target SMEs in the South West. Its too vague and its unlikely that youll be able to find value in the search results. For LinkedIn to work, you need to be specific. 1. Understand your market and your best customers If you do have a product that can genuinely be bought by any business, then we would suggest you cream off your best customers. Its common knowledge that 20% of our customers generate 80% of our revenue, but which 20%? And if you could find more like them, wouldnt you want to do business with more of these customers? Its worth spending some time working out who are your best customers and determining if those companies have any similarities between them. Are they in the same sector, for example, public sector, manufacturing or finance? Are they a particular size, for example, turnovers between 1m to 10m or perhaps they have between 150-300 employees? You could also look at the individual who buys your products, for example, the customer services director or the finance director. Chances are theres a particular type of person that you start engaging with that is ultimately going to buy your product or service. By gathering this information you can then be more specific and youll get more value from the LinkedIn search results.

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Lead Generation from LinkedIn

Here are some things to think about: Size of company (turnover) Number of employees Geography (where they are located) Sector (manufacturing, finance, engineering) Discipline or department (customer service, legal services, marketing) Job title of key contact Any relevant keywords (purchasing, risk, procurement, virtualisation) By drilling down to this granular level, you will be able to set the search criteria in LinkedIn to match so that it gives you back similar results. This is what we call look-a-likes. From there you can set your search criteria. For example: Company X sells software to energy providers and large agro businesses. Theyve adapted their software for a new sector mining, and want to target mines in a new region Australia. They have a clear sector (mining) and clear geographical region (Australia). They also know that the companies need to be selling a large amount commodity; therefore they will have a large number of employees, probably 500 at least. Therefore, they can specify their target companies as mines, in Australia, with 500+ employees and from there they can match the search criteria in LinkedIn and find all those companies that match that criteria.

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Lead Generation from LinkedIn

2. Beginning searches LinkedIn is by no means a perfect tool, but it does provide really valuable information for marketing and sales. Searching is a very iterative process. Its best to try to get results in the low hundreds, that way, the search is manageable. Free accounts show limited results, therefore if the results volumes are high, you run the risk of not being able to view all the results. In addition, it is unlikely that youll be able to analyse all the companies in one sitting as it takes time to review the results. In this case, tighten the search criteria by searching using the bands. For example, if you searched all companies, narrow the search by selecting companies of a certain size, or select only one industry. If the results volumes are quite low (30-40), wed recommended broadening the search criteria to include more potential results. The optimum number of results in a search is around 100 as its manageable, can be seen by free accounts and be reviewed in one sitting. It also reduces the need to replicate the search.

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Lead Generation from LinkedIn

3. Using keywords Where possible, we try not to use keywords. Using the tick boxes and job titles is usually enough to get the required results. Sometimes though, you may want to be more specific and therefore youll need to use keywords. Using keywords really narrows the results, so consider using them only if you have to. When using keywords, be careful how you write them. If youre using phrases such as risk management, then make sure you use speech marks around the word. This ensures that LinkedIn will include both words as a phrase together. Without the speech marks, LinkedIn will return results that contain risk and results that contain management. This increases your results and muddies them. For example, we have used keywords in a few instances. One was where we were looking for specific types of mines, e.g. iron ore, platinum, gold. We werent interested in general stone mines or quarries. A keyword helped to filter the results. In another example, we used keywords to understand the size of a department within an organisation. We were seeking out large corporates with over 10,000 employees and needed to establish the size of the legal team within the company. By using a keyword related to the department, we would filter the search to only show those that worked in the legal team. The keyword we chose was counsel as the in-house legal team are referred to legal counsel. Searching by using the keyword legal would show anyone who deals with the legal department or legal issues and they may not actually be in the legal department.

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Lead Generation from LinkedIn

4. Being thorough and logging searches Its really important to log all the searches you do. You may get called away, or have to go to a meeting, in which case youll want to be able to duplicate the search again. By keeping a clear log of the search criteria you can always come back to that search. (You can always do this by saving the search in LinkedIn too). This will help you to keep track of what youve done and how far youve got. For example, with Company X above, they needed to extend their search using keywords and so each keyword formed a different search. Dont just keep track of your search criteria. Keep track of your results too. Log the volume of results and all those companies or individuals that hit the mark in a spreadsheet. If you repeat the search at a later date, youll know if the results have increased or decreased and youll know who youve already identified. Keeping the results in a spreadsheet can then allow you to sort, rank and prioritise the data as you need. 5. What not to do When we talk about this process, many of our clients ask if they should connect with the people they find. We recommend that you dont. Its all too tempting to connect to someone youve identified, but, realistically, how often do you connect with a stranger? Its unlikely to work and youll just get marked as a spammer. Likewise with InMail. Its too easy to send an InMail to someone (although the cost does become prohibitive). Theres too much unsolicited email on LinkedIn and if the individual doesnt know you, its likely youre not going to get cut-through. Think long and hard before sending any InMails having a creative strategy where InMail is part of a wider plan is a great way to get traction with those individuals instead. Okay, lets get going with showing the searches.

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Lead Generation from LinkedIn

Leveraging your network to access your target companies

The quickest and easiest way to get good leads from LinkedIn is to leverage your existing network. It may be that you have connections into your target clients that you werent even aware of. By leveraging your connections, you can literally be walked in the door with no cold-calling. To do this, search for companies that fit your target company profile and look at 2nd connections within that company. Step-by-step: Go to companies search page. Use the search criteria on the left hand side of the page. Select the criteria that fit with your target company. For us, this would be: Location: UK Industry: Computer Software Relationship: 2nd Connections Company Size: 51 -200 The default search result is Relevance, but you can change this to Relationship and the companies that you have most connections to appear at the top of the list.

Its then possible to click on the company and find out who youre connected to in that company. The more connections, the greater the likelihood you can be recommended. A 1st connection is someone you know directly that works in that company A 2nd connection is connected to one of your 1st connections

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Lead Generation from LinkedIn

What this result shows: Companies where you have a good number of connections suggest that it will be easier to get an introduction into the organisation. Carefully look at who your connections are and decide whether there are any good connections. This is the simplest and easiest way to get into your target company.

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Lead Generation from LinkedIn

Not all connections are equal

Just because you have a 2nd connection in the company, doesnt mean that the connection is any good. Not that Im trying to rain on your parade, but some connections are actually very weak. 2nd connections rely on a connection going both ways. For example, it might be that your 1st connection (the person that connects you) is a very good colleague, business partner or friend. This is a great connection. However, some of your 1st connections could be quite weak. They could be someone you met at a networking event two years ago and you hardly know them. Even if your 1st connection is a very good connection and you have a strong relationship. You dont know whether their relationship to the intended 2nd connection is strong. It could be that they dont know them that well. If the connection is strong both ways, you could get a good introduction. If the connection is weak at any point, you could still benefit as you can find out more information and gain insights about the prospect and the company. Both are highly valuable.

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Lead Generation from LinkedIn

Finding target businesses

Sometimes, you just want to know the number of businesses in a given location that fit with your target company profile. This is a great way to identify potential businesses that may buy your product or service, or to understand how big your market is. Whilst not all companies are on LinkedIn, its growing every day and more and more companies are adding company pages. Its a really good indicative measure for the size of the market, and best of all its free. This search is similar to the one before, but you dont add criteria for your connections. You simply search by the criteria that fit your target company. Remember, keep your searches simple and dont select multiple boxes within a category. Step-by-step: Go to companies search page Use the search criteria on the left hand side of the page Select the criteria that fit with your target company. For us this would be: Location: UK Industry: Computer Software Company Size: 51 -200

This search result brings back 717 results, which will be far too many to sift through. Its better to try and narrow the search. This could be done by searching via a city, for example, London. The results then reduce to 172 a more manageable amount.

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Lead Generation from LinkedIn

Tip!
We target the south and M4 corridor, so would search using cities along that route. Searching on the UK would be too broad.

If the sector youre in still has too many results, try a keyword to limit the results. This might work well if youre looking for a specialist services that you supply to. Only you know what these are, but if youre going to use keywords, try to keep them to one word or use inverted commas. If you use two words such as saas software, youll get back results for everything with saas in and everything with software. So be careful. Its also worth noting that LinkedIn limits the number of results you can see depending on the type of account you have. So less, in this case, is more. What this result shows: This result shows the number of companies on LinkedIn that form your potential target market. Its great for understanding the market size and getting visibility of the companies within it. How to use the data in this search: Once youve got this data, you now need to understand if its any good. To do this, you need to manually check each company page (another reason why low search results are better). Ask yourself: What products or services do they sell? What type of team members do they have? Are any of those individuals connected to you?

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Lead Generation from LinkedIn

You can also find out more insights by clicking on the Insights tab. This tells you a little bit more about whos new, whos left the company and anyone with new job titles. On this screen you can also see similar companies.

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Lead Generation from LinkedIn

Case study:

Building a multi-million dollar sales pipeline from scratch

Eka sell commodities trading software to large agricultural businesses. Having been successful in the agri-sector, they wanted to grow into other commodities. They adapted the software to work with the mining and minerals sector based on the knowledge that the Asia-Pacific region was about to explode. Once the software had been developed and tested, they decided to drive sales in their new market and new territory. Eka placed one sales director in Australia to manage the whole region. The sales director had no knowledge of the sector or the territory and so asked us to help him gain a picture of the marketplace. Modern Media carried out the LinkedIn research using the Managing Directors LinkedIn account. The remit was to identify mining companies in Australia with 500+ employees. In addition, he wanted to know the CFOs and CEOs of mining organisations in Australia that dealt with metals and minerals. Given that mining is a global business, Modern Media specifically looked for businesses with headquarters in Australia (which you can specify in the search criteria) and used keywords that were relevant to the sector such as coal, steel, gold, iron ore or platinum. From the results, we found over 800 potential companies, however on further analysis of those companies, it was found that some were owned by the same parent company. After filtering out the duplicates, over 100 mining companies that had headquarters in Australia and matched Ekas requirements were found. The remit was to also find named individuals within companies. These were separate searches and identified additional companies which hadnt appeared on the company results. (Often people are on LinkedIn, but their company has not created a page yet). The search resulted in over 75 named individuals at C-level working in mines in Australia. Over 50% of these were previously unknown to EKA and within 3 weeks, they had created a $2m sales pipeline with one of the contacts identified in the search.

Key facts: LinkedIn was used to: understand size of market understand relationships between mines see connections to key individuals in the market

seek out CFOs and CEOs of mining companies Specific search criteria were used, including: headquarters only in Australia

using relevant keywords for both company and people searches

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Lead Generation from LinkedIn

Case study:

Achieving 30% conversion to meeting on cold direct mail campaigns

It wouldnt be right if we didnt practice what we preached. Well we do and we get fantastic results. In our first year of trading, we had to start from scratch to get clients. Cold calling is painful and I dont like talking blind to prospects. I like to be armed with as much knowledge about their company as possible, so the conversation can be informative. First though, its important to do your research. Using LinkedIn allowed us to scope out ideal clients and understand the market better. Having visibility of the number and size of market allows you to make clear business decisions about who youre going to target. It also shows you who their competitors are, which is useful if you work in marketing like us. As a B2B marketing agency that works with software and hardware companies, its difficult to source good lists of companies. Most are based on SIC codes, which are expensive and not as targeted as we need. By using LinkedIn to search for companies based on their size and sector, we could quickly identify if they were right for us and if wed be able to help them. With information on their company page and with links directly to their website, assessing the companies was easy. We select companies we want to work with based on whether they are a good fit with our target company profile. We then determine the most appropriate people to talk to in that business. We work in marketing, so its likely that the Marketing Director is the best person for us to engage with. If there is no Marketing Director, then its likely the Sales Director or the Managing Director is the next best person. Either way, weve got a named individual, a picture of them, detailed background information and in some cases we can see what they like to do at the weekends using the interests section. What more could a sales person want to know?

M
Key facts: LinkedIn was used to: understand size of market create a list of prospect names research companies follow-up with an InMail

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Lead Generation from LinkedIn

This information coupled with the company information makes for fantastic personalised communications. We dont connect with them on LinkedIn and we dont cold call them (not yet anyway). First of all we send them a highly tailored letter. We demonstrate that we know their industry and typical pains. We also demonstrate that weve researched their company by talking about specific colleagues. We then invite them for a coffee. Rarely do we get a phone call off the back off it. But when we follow up with an InMail through LinkedIn that references the letter, we get a 30% conversion to meeting. Typical response rates for direct mail are 2-3%, if youre lucky. So were thrilled with 30%. We couldnt do that without LinkedIn. It works because the data is good and the message is specifically targeted. If you can get good data, then youre onto a winner.

Tip!
Think about how youll use the data. If youre good at cold calling, then dive straight in. Our clients have typically had 5x the response using data sourced from LinkedIn than buying list data. Thats because the data is hand selected and checked so that it fits with your target audience.

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Lead Generation from LinkedIn

Finding individuals
Weve talked a little bit above about finding companies and finding individuals within those companies. Those searches were based on a particular type of company driving the query and work particularly well when you have a very tight niche or a particular vertical. Sometimes though, you need to find certain types of individuals across various different sectors. For example, a company that offers customer service software may target enterprise organisations with a call centre. It doesnt matter if theyre in utilities (water companies), retail, travel and tourism or financial services. In this case, the common element is the job title. The customer service software company would then search for contact centre managers in organisations that would be big enough to have a large call centre (5000+ employees). The search results supplied back show the companies that they should be targeting. From there, they can then identify the correct person to contact. In this example, the Contact Centre Manager is not usually the individual who makes purchasing decisions for customer service software. Instead, the appropriate person would be the Customer Service Director, Head of Marketing or Head of Customer Experience. This is where knowing who buys your product becomes very important.

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Lead Generation from LinkedIn

Searching for people In comparison to company searches, people searches offer more options. LinkedIn have set it up so that its easy to find old colleagues, people with specific skills, people with specific job titles or in specific industries. Most of the features are available to everyone, however if you have a paid account, there are additional search criteria which are worth paying for. These include being able to search on seniority level (C-level, Owner, VP, etc), groups and company size. These become very useful when searching by people and wed recommend upgrading if you intend to use LinkedIn as we outline here. Typical searches for people would include: Job title (current) Seniority level Location Company size

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Lead Generation from LinkedIn

Heres what the advanced people search looks like with a paid account:

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Lead Generation from LinkedIn

Case study: Telesales response increases five-fold using LinkedIn data

Cubik Innovation specialise in electronic design and manufacture for small runs and prototypes. Cubik Innovation provide services to manufacturing, automotive, aerospace and entrepreneurs as well as a wide range of other industry sectors. Historically, Cubik Innovation had bought in data with varying results, but they wanted to get smarter, mainly because they were finding the data was too vague or they didnt have access to the decision maker. Providing specialist services meant that they needed to reach out to the right person the key stakeholder in their target organisations. For Cubik Innovation this was the Electronic Engineer or Product Engineers. By using a search on specific job titles within LinkedIn, we could identify organisations across verticals and get a clear understanding of what those organisations do. From the initial research, it was apparent that Cubik Innovations services were particularly relevant to niche sectors of manufacturing, such as chemical processing, food production, machinery or industrial engineering. With LinkedIn it was possible to actually select based on these niche industry sectors. Cubik Innovation then went on to expand the data with telephone numbers and added them to a telemarketing campaign. From the list of 92 individuals they developed 6 strong leads with an imminent need for their services within 6 months. Typically they would expect 1 strong lead from each batch of telemarketing activity using 100 prospect names. The telemarketer also commented on how much better the data was. Virtually all the leads were the right person; those leads understood what he was trying to offer and were willing to engage with him. Fundamentally, the leads were relevant and therefore delivered a better response rate.

Key facts: LinkedIn was used to: create a list of prospect names for tele-marketing find people based on job title within certain industries follow-up with a telesales call

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Lead Generation from LinkedIn

So now you have the data, what next?

Once youve spent time working out your target company profile and/ or who your key stakeholders are, youve done a number of searches and youve compiled a list of really hot leads what do you do next? Its too tempting to simply connect with them. Wed strongly advise not to. Its also too tempting to send them an InMail. Wed also strongly advise not to. Wed recommend thinking carefully about how youre going to use that data. It might be that it simply informs your current lead generation activity. It might be that its the basis of market research and understanding the size of a market. Or it might be to get deep background information on your lead and their business. However you decide to use the data, make sure you think it through so that you get the best response. As youve seen from the case studies here, not one of them asked to connect with the leads in their list. They thought about how they could use the data effectively and tailored their communications to those individuals.

Tip!
A good plan about what you do next is essential. Think about the best way to reach out to those leads and how best to communicate to them.

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Lead Generation from LinkedIn

There are other ways to generate leads from LinkedIn

Weve only covered using the LinkedIn search tool to generate lists of potential leads. There are other ways in which you can use LinkedIn to generate leads though. Heres a quick overview: LinkedIn Groups The groups allow you interact with like-minded people, or with people who may need your services. By following whats happening in certain groups, you can offer up your services when someone is looking for your expertise. Its a slow, but opportunistic way of finding leads, but nevertheless, it can work. LinkedIn Ads LinkedIn advertising is a great way to reach out to your target buyers. The targeting criteria is fantastic as you can target based on pretty much all of LinkedIns search criteria, including geography, industry, gender, job title, size of company, groups, seniority etc. The advertising is based on a cost-per-click model, which means you only pay when your ad gets clicked. Additionally, you can collect leads with their Lead Collection service very useful indeed. Dont forget youll need a good company page or landing pages to support any advertising activity.

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Lead Generation from LinkedIn

SlideShare via LinkedIn LinkedIn recently bought SlideShare, a social networking website where you can post and share presentations and other documents. Slides from SlideShare can be pulled into your profile which is a great way to showcase your latest work, your case studies or your most recent presentation. SlideShare also has the ability to tell you who downloaded or viewed your content. By creating an account, you can get notified of those hot prospects that take notice of your work and slowly get a nice stream of leads. Generating leads off the back of your own work or credibility is one of the best ways to identify potential buyers of your products or services. This kind of lead generation should be closely tied to your social media strategy and content marketing strategy.

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Lead Generation from LinkedIn

Summary
LinkedIn is a highly valuable tool for generating rich prospect lists of individuals or companies that are highly relevant to your sector. The key though is to know who youre targeting, who your best customers are and how to find more like them in LinkedIn. We hope youve found this guide useful and ultimately managed to create a list of prospects for your business. Wed love to hear how youve got on, so get in touch. Likewise, if you found this guide helpful, please pass it on and share it socially, maybe even on LinkedIn.

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LEVERAGING LINKEDIN FOR LEAD GENERATION

THE ULTIMATE TOOL FOR FINDING PROSPECTS

a guide from

modern media
info@modern-media.co.uk www.modern-media.co.uk 0117 370 7795