Lead generation is a crucial part of any long-term business growth strategy, but it’s especially important for marketplace platforms. Marketplaces exponentially increase in value as they attract more users. Thankfully, there’s no shortage of ways for marketplaces to obtain more leads on potential vendors and customers. Here are some of the most effective techniques.
Referral Programs.
Asking customers or clients for referrals is one of the oldest, easiest and most effective ways to learn about prospective leads. Many customers know other people or businesses who might be interested in what a company offers, and this is just as true in the online marketplace sector as it is in any other industry.
Creating a referral program takes this tactic — asking customers for prospective leads — to the next level. A program gives current customers a financial incentive to refer others, and it may even attract some industry influencers who aren’t customers but would like referral commissions. Best of all, cookies make it easy for platforms to set up and run one of these programs.
Many major marketplaces have referral programs, often called “affiliate programs.” EBay, Zazzle and Etsy all do. Amazon’s is one of the most successful (and most complex).
Giveaways.
Giveaways can increase a marketplace’s exposure and visibility, while also gathering potential leads’ basic information. From local shops with bows full of business cards to advanced social media giveaways, lots of businesses have sponsored giveaways. All that’s needed is a prize, entry requirements (e.g. contact information) and a drawing to determine the winner.
While marketplaces themselves often don’t have exciting products or services to give way, their vendors almost always do. Marketplaces can either pay for an item and give it away, or they can ask vendors to donate items in exchange for increased exposure. Many vendors will be willing to offer small tokens if their shop is promoted in return. Small items can be grouped together to create a package that generates lots of interest.
Once a package is assembled and the formalities are taken care of, all that remains is to promote the giveaway on social media, a marketplace’s blog and other websites.
(Some giveaways may have to meet certain legal requirements. Marketplace owners who are unsure of what requirements they must follow when sponsoring giveaways can seek professional legal help from someone in their area.)
Exclusive Content.
Content marketing involves a lot of blog posts, social media updates and other free content. It doesn’t have to be limited to pieces that anyone can access for free, though.
Marketplaces can use premium content that’s hidden behind a wall to obtain information from potential leads. Anyone who wants to access the information can be required to submit their name, contact information or other detail. After they do, they’ll receive the exclusive content via download, email or special link.
This is a particularly effective way to get contact information for potential vendors, as sellers are often looking for in-depth reports. Whitepapers, long guides and case studies may tempt vendors to submit their details.
Some of the information that’s collected will likely be inaccurate, as it’s impossible to verify a name via intake form. A lot of people, however, will provide accurate information that sales teams can then utilize.
Email Courses.
Email courses are a special form of exclusive content. They work just like any other premium piece — interested vendors or customers enter required details in exchange for receiving the content.
Email courses, however, get a marketplace’s content into prospective leads’ inboxes regularly for a short period of time. Most courses send an email each day for several days. During or just after this time, sales can follow up with an individualized inquiry.
Access To Forums.
Many marketplaces have forums for vendors and customers, and sometimes a forum for each. These are places where current users ask questions, offer tips and otherwise help each other.
Although forums are primarily designed for current users, they might also be of interest to prospective leads. These forums offer a glimpse into how people use a marketplace, what features they like and what the marketplace’s weaknesses are. All of this is of interest to people considering joining a marketplace platform.
Because forums have so much value for prospective users, they’re often willing to provide information so they can access a forum. Opening a forum up in exchange for basic information can provide a steady stream of highly promising leads.
(When expanding a forum to include prospective users, it’s wise to include a designation that shows whether someone is a current or prospective user when they post on the forum. For example, users can have an avatar with the number of listing they’ve sold listed below.)
Contact Page.
Of course, the basic contact page must not be ignored. While not the most visited page on a website, people will still look for — and use — a contact form when they have a specific question.
A contact page might not provide a large number of leads, but the leads it does provide will be of the highest quality. After all, anyone who sends an inquiry has already taken the time to find a contact page, submit their information, and type a question or comment.
Pay-Per-Click Advertising.
Pay-per-click (PPC) advertising is frequently used to sell products or services, but it can also help obtain prospective leads’ information. Rather than sending people who click on an ad to a listing page where they can make a purchase, ads can direct them to a landing page that requests their contact information and other details. These pages might offer special discounts, offers or content (e.g. exclusive content) in exchange for the information.
Because gaining leads’ information isn’t as lucrative as making a sale, marketplaces may be hesitant to spend a lot on PPC campaigns. Many niche platforms are in non-competitive industries that have low advertising costs, though. PPC campaigns can have excellent return on investments for these platforms.
Whether your marketplace platform is brand new or well established, it can benefit from attracting more vendors and customers. Implement a few of these strategies, and watch your platform’s audience — and value — grow.