Prospecting for new leads on LinkedIn is not new and it is the most effective social media platform for Lead Generation. LinkedIn was founded back in 2002 and since then, it has grown into a powerful platform that businesses everywhere leverage to their advantage. In case you did not know, Microsoft purchased LinkedIn in 2016 for $26.2 billion and it is now an integral part of Microsoft’s ambitions. But how exactly do businesses and entrepreneurs use LinkedIn to generate new leads? Are there any LinkedIn secrets business owners should know about? Millions of users around the world can't be wrong. Although many business owners join the platform, some become quickly disappointed because they don’t get the quick results they expected. Others though, remain active and use prospecting on LinkedIn as a way to engage with myriad potential clients. Here are 8 interesting facts about prospecting on LinkedIn you probably didn't know about before and that will help you with Lead Generation.
- You can tap into LinkedIn's 500 Million user database to generate leads or find new clients. What better way to market your business than by having access to a huge database of potential clients for lead generation? Prospecting on LinkedIn has huge potential enabling you to connect with millions of users to help you land your next client. By growing your network you reach other people's contacts which increases your reach and very often uncovers some great opportunities for lead generation.
- Once you rocket past 500 connections, you can market yourself as an authority in your industry. A business owner with few connections inspires little credibility. On LinkedIn, the number of contacts below 500 is shown but as soon as you exceed 500 contacts the number is shown as 500+ so people don't know if you have 501, 5000, 10000 or 20000 or more contacts. With the right techniques and tools, you can rapidly connect with hundreds of people and look like a real authority within your niche, and thereby generate leads.
- You can present yourself as an expert in your industry. With a little help, you can use the facilities that the platform makes available to you and be seen as an expert in your niche! You can add links to videos or blog posts, give and ask for endorsements, in short, you can build a rich profile designed to show you in the best light. Do that and you will find that you can generate leads with greater ease.
- According to research in 2103 the average LinkedIn member was wealthier than average. LinkedIn members in the U.S. had an average household income of $83,000 per year and twice the purchasing power of the average U.S. consumer, the company said. In addition, 3 million were MBA graduates, 1.39 million were Ivy League alumni, and 7 million were C-level executives, presidents, and VPs. You simply do not get this on other platforms like Facebook or Twitter which makes LinkedIn by far the best platform for lead generation, especially B2B leads.
- Marketing your business to target clients can be done on LinkedIn free of charge. It's no secret that using LinkedIn can be free and that if you wish to target your niche on other platforms it can become quite expensive. That makes for a huge advantage if you are currently using or considering paid adverts on other platforms like Google or Facebook to for lead generation.
- You can join groups and find new prospects or even local clients for your business. LinkedIn is a trusted network that is permission-based so you have to grow your network over time by building connections. Each new connection widens your network because their first level connections become your second level connections. In addition, you can create or join existing groups and leverage tools to prospect within these groups of business people with common interests.
- You can engage and keep in touch with your connections. It's good business practice to find ways to stay in touch with your clients and LinkedIn provides tools to make it easy to stay in touch with your network. LinkedIn offers you the possibility to market your business to potential customers and stay in touch with them if they connect, whether or not they become clients.
- You can partner up with other businesses or entrepreneurs to grow your business. You can join forces with other business owners or entrepreneurs and support each other as you grow both businesses by lead generation. Making allies with complementary businesses or even the competition can help in more ways than you can imagine.