Lead generation is a win-win activity for both the customer and the business.
A customer can ask for information from various businesses that offer the same product or service that they are currently looking for and the seller is given the opportunity to show their product or service to a user who has given them permission to do so.
Conversion rates on generated lead commonly have a higher success rate in conversions than cold contacts, as the prospect is pre-qualified before you ever receive the lead.
Keying out your target audience is the initial step of the lead generation process.
Successfully reaching them and selling your product/service to your ideal customer would be almost impossible if you don't know exactly who that is, so it's important to research your audience and come up with a clear idea of who they are, their location, what they like to do, their income, what their lifestyle and personality is like, etc.
There are a few ways you can promote your business, and again, you will want to use your marketing plan to identify the most effective methods for your business.
These days, it is vital to have a customer relationship management (CRM) database that will help you keep track of potential customers through the process.
When you have established contact with prospects, it's time to use those customer relationships so you can take them from the lead stage to a sale (and eventually another sale!).
Also, once you have leads in the database, you can use social media to communicate to them and find out more about what their wants and needs.
Lead generation should be seen as a process for the long-term growth of your business. Fundamental lead generation principles are the same across industries, so this shouldn't weigh too heavily in your decision, but it's a factor.