Leveraging LinkedIn for Lead Generation

1
a guide from
LEVERAGING LINKEDIN
FOR LEAD GENERATION
THE ULTIMATE TOOL FOR FINDING PROSPECTS

LEAD GENERATION FROM LINKEDIN
www.modernb2b.co
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CONTENTS
Introduction 3
About us 4
Background 5
Getting started 8
1. Understand your market and your best customers
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 12
Not all connections are equal 14
Finding target businesses 15
How to use the data in this search
Case study 18
Building a multi-million dollar sales pipeline from scratch
Case study 19
Achieving 30% conversion to meeting on cold direct mail campaigns
Finding individuals 21
Searching for people
Case study 23
Five-fold response from telesales using LinkedIn data
So now you have the data, what next? 24
There are other ways to generate leads from LinkedIn 25
» LinkedIn Groups
» LinkedIn Ads
» SlideShare via LinkedIn
Summary 27

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INTRODUCTION
Leads, leads, leads: it’s what we all want. Leads are the lifeblood of B2B
organisations. Anyone can generate leads, but they’re of no value if they aren’t 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 we’ve done with our clients, we’ve 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
We’ve 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 you’re going to do and
how you’re 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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ABOUT US
Modern is an award-winning B2B technology marketing agency offering integrated
digital campaigns to drive growth. We focus on lead generation and customer
engagement through search, social, PR and content, underpinnedwith strategic
thinking and solid metrics. This guide has been created to share some of our
experience of generating leads from LinkedIn with you. We’d welcome the
opportunity to show you how you can really make LinkedIn work for your business.
Why not give us a call?
The Modern Media team
0117 332 6700

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BACKGROUND
We love LinkedIn. It’s a fantastic tool to showcase who you are and what you’re 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 they’re doing. Whilst that is one way you can use LinkedIn, it certainly
creates a lot of noise. It can prove difficult to standout, however it’s not impossible.
Using LinkedIn in this way is an important part of a social media strategy for you
and your company, but it’s not the only use of 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. We’re 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 currently, there for
the taking.
LINKEDIN’S RICH DATA
Over the last few years, professionals have spent a lot of time creating 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 it’s
been well know that LinkedIn is a fantastic tool for human resources, it’s equally a
good a tool for lead generation and sales.
For years, marketers spent thousands of pounds 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 it’s up-to-date for you.

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Better still, you get to know the person a little bit better. Knowing the person’s 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 prospect’s colleagues by name
» Understand the level of experience of a prospect
» Identify if they’re the right person to talk to or if you need to go
up or down the chain
» Know what they look like
» Know what they’re interested in on a personal level
» Determine how you’re connected to an individual and whether
there is a referral opportunity.
Once you know who it is you’re targeting, it’s easy. What’s difficult 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, we’ll outline how to use LinkedIn to get that valuable information.
We’ll 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.

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WHO WILL FIND THIS GUIDE USEFUL?
Who will find this guide useful?
This guide is ideal for any businesses that are looking for new clients. Typically, this
is suitable for:
» Businesses that sell to other businesses
» Businesses 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, let’s get started.

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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 they’re in. By knowing these two things,
you can slice and dice the data effectively.
It’s no good just stating that you target SMEs in the South West. It’s too vague and
it’s unlikely that you’ll be able to find value in the search results. For LinkedIn to
work, you need to be specific.
1. UNDERSTANDYOUR MARKET ANDYOUR 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. It’s common knowledge that
20% of our customers generate 80% of our revenue, but which 20%? And if you
could find more like them, wouldn’t you want to do business with more of these
customers?
It’s worth spending some time working out who your best customers are 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 there’s 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 you’ll get more value from the LinkedIn search results.

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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. They’ve
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 a 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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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. It’s best
to try and get results in the low hundreds, that way, the search is manageable.
Free accounts show limited results, therefore if the result volumes are high, you run
the risk of not being able to view all results. In addition, it is unlikely that you’ll 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), we’d recommended broadening the
search criteria to include more potential results.
The optimum number of results in a search is around 100 as it’s 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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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 you’ll 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 you’re 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 weren’t
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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LEVERAGINGYOUR NETWORK TO ACCESSYOUR
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 weren’t even aware of. By leveraging your connections, you can literally walk
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.
» It’s then possible to click on the company and find out who you’re
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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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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NOT ALL CONNECTIONS ARE EQUAL
Just because you have a 2nd connection in the company, doesn’t mean that
the connection is any good. Not that I’m 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 don’t know whether their relationship to the intended 2nd
connection is strong. It could be that they don’t 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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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, it’s growing every day and more and more
companies are adding company pages. It’s 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 don’t add criteria for your
connections. You simply search by the criteria that fit your target company.
Remember, keep your searches simple and don’t 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.
It’s 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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If the sector you’re in still has too many results, try a keyword to limit the results.
This might work well if you’re looking for a specialist services that you supply to.
Only you know what these are, but if you’re going to use keywords, try to keep
them to one word or use “inverted commas”. If you use two words such as ‘saas
software’, you’ll get back results for everything with ‘saas’ in and everything with
‘software’ in. So be careful.
It’s 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. It’s great for understanding the market size and getting visibility of
the companies within it.
How to use the data in this search:
Once you’ve got this data, you now need to understand if it’s 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?
Tip!
We target the south and M4 corridor,
so would search using cities along
that route. Searching on the UK
would be too broad.

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

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CASE STUDY:
BUILDING A MULTI-MILLION DOLLAR
SALES PIPELINE FROM SCRATCH
Eka sell commodity risk management software to large agricultural
businesses. Having been successful in the agri-sector, they
wanted to expand, so adapted the software to work within the
mining and minerals sector based on the knowledge that the
sia-Pacific region was about to explode.
They set up an office in Australia to service this new market and
placed one sales director 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 sales
director’s 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 Eka’s requirements were found.
The remit was also to find named individuals within companies.
These were separate searches and identified additional
companies which hadn’t 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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CASE STUDY:
ACHIEVING 30% CONVERSION-TO-MEETING
ON COLD DIRECT MAIL CAMPAIGNS
It wouldn’t be right if we didn’t 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 don’t 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, it’s 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 you’re 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, it’s 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 we’d 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 it’s likely that the Marketing Director is the
best person for us to engage with. If there is no Marketing Director,
then it’s likely the Sales Director or the Managing Director is the next
best person. Either way, we’ve 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?
KEY FACTS
» understand size
of market
» create a list of
prospect names
» research companies
» follow-up with
an InMail.

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This information coupled with the company information makes for
fantastic personalised communications. We don’t connect with
them on LinkedIn and we don’t 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 we’ve 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 you’re lucky.
So we’re thrilled with 30%. We couldn’t do that without LinkedIn.
It works because the data is good and the message is specifically
targeted. If you can get good data, then you’re onto a winner.
Tip!
Think about how
you’ll use the data.
If you’re 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.
That’s because the
data is hand selected
and checked so that
it fits with your target
audience.

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FINDING INDIVIDUALS
We’ve 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 doesn’t matter if they’re
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 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.
SEARCHING FOR PEOPLE
In comparison to company searches, people searches offer more options. LinkedIn
have set it up so that it’s 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 we’d 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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Here’s what the advanced people search looks like with a paid account:

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CASE STUDY:
TELESALES RESPONSE INCREASES
FIVE-FOLD USING LINKEDIN DATA
It wouldn’t be right if we didn’t practice what we preached. Well
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 that the data was too vague or they didn’t 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 Innovation’s 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
» 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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SO NOWYOU HAVETHE DATA,WHAT NEXT?
Once you’ve spent time working out your target company profile
and/or who your key stakeholders are, you’ve done a number of
searches and you’ve compiled a list of really hot leads – what do
you do next?
It’s too tempting to simply connect with them. We’d strongly
advise not to.
It’s also too tempting to send them an InMail. We’d also strongly
advise not to.
We’d recommend thinking carefully about how you’re going
to use that data. It might be that it simply informs your current
lead generation activity. It might be that it’s 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 you’ve 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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THERE ARE OTHER WAYSTO GENERATE
LEADS FROM LINKEDIN
Once you’ve spent time working out your target company profile We’ve 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. Here’s a quick
overview:
LINKEDIN GROUPS
The groups allow you interact with like-minded people, or with people who may need
your services. By following what’s happening in certain groups, you can offer up your
services when someone is looking for your expertise. It’s 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 LinkedIn’s 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. Don’t forget you’ll need a good company page or
landing pages to support any advertising activity.

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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 view or
download of your work, building up a slow and steady stream of leads.
Generating leads off the back of your own work or credibility is one of the best ways
to identify potential buyers for 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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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 you’re targeting, who your best customers are and how to find more like them
in LinkedIn.
We hope you’ve found this guide useful and ultimately managed to create a list of
prospects for your business. We’d love to hear how you’ve 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.

28
LEVERAGING LINKEDIN
FOR LEAD GENERATION
THE ULTIMATE TOOL FOR FINDING PROSPECTS
info@modernb2b.co
modernb2b.co
0117 332 6700

Leveraging LinkedIn for Lead Generation

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