Lead Generation Data: Sources of the highest-quality leads

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Methodology and limitations for this data are at the bottom of this article. But let’s jump right into an analysis of the data, the data itself, and some experiences from fellow marketers and entrepreneurs.

Any time I see data, it usually does one of two things for me. It reaffirms something I already believe. Or it surprises me and challenges me to look at things in a new way.

I will color myself a little surprised to see LinkedIn as the top source of the highest-quality leads, by a wide margin. I’m not as surprised when B2B marketers say this – which is why I asked for the B2B/B2C breakdown you’ll see below. But LinkedIn was also the top source for all marketing professionals, and even B2C marketing professionals (albeit much closer to the second- and third-most-effective sources than with the B2B and overall data).

If you had asked me to guess, I would have said referrals or events would generate the highest-quality leads. Those sources came out tied for second.

Why might they have underperformed LinkedIn? Well, marketers are incentivizing referrals more and more, which may increase the quantity of those leads, but could decrease the quality.

As for events, they may not have fully recovered from stoppages due to the COVID-19 pandemic, so marketers may simply be using this tactic less. I know I attend far fewer events than I used to before COVID-19 personally (I don’t miss the travel at all, but I do miss the in-person interaction).

And when we discuss B2C, LinkedIn isn’t the first lead source many marketers or entrepreneurs think of. But remember, the survey asked ‘highest-quality’ not for the largest volume. I would imagine brands might try to attract a B2C audience on LinkedIn for the same reason they advertise in a business publication like The Wall Street Journal – the audience skews more professional (i.e. more disposable income).

There is a conventional wisdom to avoid B2B on Facebook (clearly not followed by all brands) because while the right eyeballs may be on the social network their minds may not (people go to Facebook for a break and may not want to think of business). LinkedIn could be the opposite. People at work could appreciate a B2C distraction.

LinkedIn B2C may also work better in some industries than others. For example, as Step #4 mentions in this case study – B2C Marketing: How Woodbury University used strategic branding to increase website traffic 4,000% – LinkedIn makes a lot of sense for higher education but that doesn’t mean it would work equally well for CPG.

Those are just my humble opinions. Below we show you all the data, along with personal experiences by your peers. And to avoid repetition, I will tell you that Tomancheck and Meis were involved in the study, and the rest of the sources were not involved.

Sources for highest-quality leads

Chart #1: Which of the following sources provide the highest-quality leads for your business? (Select up to 3)

51% of marketing professionals say LinkedIn is one of the sources that provides the highest-quality leads

Help LinkedIn users improve professionally or make business decisions

“Marketers looking to boost their lead generation efforts on LinkedIn should first focus on creating high-quality content that helps LinkedIn users improve professionally or make business decisions. After creating high-quality ads and thought leadership content, brands can gather real-time audience insights to see how people are engaging with their content and then update their campaigns if needed.

Additionally, marketers should be using LinkedIn targeting filters and Matched Audiences to segment audiences and reach the right decision makers. And lastly, marketers can create Lead Gen Forms for their Message Ads and Sponsored Content that are pre-filled with LinkedIn profile data.”

– Jim Tomanchek, Vice President of Partner Strategy and Development, Sprinklr

72% boost in LinkedIn followers after just 3 months of regular posting

“As the CEO of a digital marketing agency, I’ve found inbound marketing provides the highest-quality leads for most B2B and B2C companies. Our clients see the best results when we focus their marketing on educating potential customers through valuable content like blog posts, videos, and webinars.

For example, one software client saw a 58% increase in qualified leads after we refreshed their blog and LinkedIn content strategy. We targeted key decision makers with insights on industry trends and thought leadership. Those leads converted into $1.2M in new annual revenue.

Social media is also key. When clients post valuable insights, thought leadership, or behind-the-scenes footage on platforms like LinkedIn and Twitter, it establishes them as industry experts. One client saw a 72% boost in LinkedIn followers after just 3 months of regular posting. Those new followers led to several enterprise deals, boosting revenue by over $500K.

While paid advertising has its place, inbound marketing is ideal for long-term lead generation. When you focus on educating and serving your target audience, it builds trust in your brand. That trust leads to more qualified leads, higher close rates, and lasting customer relationships.”

– Jay Owen, CEO, Business Builders

Sources for highest-quality B2B leads

Chart #2: [B2B] Which of the following sources provide the highest-quality leads for your business? (Select up to 3)

35% of B2B marketing professionals say referrals are one of the sources that provides the highest-quality leads

When current clients refer us to colleagues, we can hit the ground running

“As the founder an accounting firm focused exclusively on dentists, my experience shows that word-of-mouth referrals from existing clients provide the highest-quality leads. Dentists value working with specialists who understand their unique needs and pain points. When current clients refer us to colleagues, we can hit the ground running by providing custom solutions based on our dental industry expertise.

For digital marketing, educational content posted to our website and shared on social media also drives high-quality leads. By sharing insights on practice growth, cash flow management, and tax strategies, we position ourselves as trusted advisors. Dentists who engage with our content are primed to become new clients.

To build trust in new markets, partnering with local dental associations has been key. Sponsoring or speaking at association events raises our visibility and credibility. Dentists in attendance often follow up to learn more about how we can support their practices. While a long-term strategy, developing these relationships results in a steady stream of referral and word-of-mouth leads over time.

For paid advertising, Facebook's lead generation campaigns have generated the best results. By targeting dentists in specific locations, ages and interests, we reach those most likely to become new clients. The leads from these campaigns tend to convert at a higher rate because the dentists have already expressed interest in our services. Personalizing our messaging based on their needs and concerns is critical to turning high-quality leads into new clients.”

– Jared Duckett, partner and co-founder, Duckett Ladd, LLP

Sources for highest-quality B2C leads

Chart #3: [B2C] Which of the following sources provide the highest-quality leads for your business? (Select up to 3)

31% of B2C marketing professionals say referrals are one of the sources that provides the highest-quality leads

Leads that are already primed to trust our brand

“In my experience, customer referrals and online advertising are the top sources of high-quality leads for my business. As a B2C company, word-of-mouth referrals from satisfied customers are incredibly valuable, as they bring in leads that are already primed to trust our brand.

While it can be challenging to track word-of-mouth referrals, we've implemented a few strategies to help us identify and measure their impact:

1. We always ask new customers how they heard about us when they make a purchase, whether in-store or online. This helps us track the source of the lead and identify any patterns or trends.
2. We incentivize our existing customers to refer their friends and family by offering loyalty rewards and discounts for successful referrals. This encourages our customers to share their positive experiences with others and helps us track the source of the referral.
3. We monitor our online reviews and social media mentions to see if customers are sharing their experiences with others online. While this doesn't always provide a direct link to a sale, it helps us understand the broader impact of word-of-mouth on our business.

By using these methods, we're able to get a sense of the role word-of-mouth referrals play in driving high-quality leads for our business.

Online advertising, particularly through Facebook and Google ads, also delivers strong results by allowing us to target specific demographics and interests. I've found that leads from these two sources tend to have higher conversion rates and are more likely to become repeat customers.

While social media and email marketing also generate leads, they don't quite match the quality and consistency of referrals and online advertising. I've experimented with various lead generation strategies, but these two remain the most effective for my business. By focusing on delivering exceptional customer experiences and targeted online ads, I'm able to attract leads that are genuinely interested in our products, setting us up for long-term success. By leveraging these two channels, I'm confident in our ability to continue driving growth and expansion.”

– Saj Munir, founder, Chorlton Fireworks

Methodology

Sprinklr and LinkedIn, in partnership with Ascend2 Research and TopRank Marketing, developed a custom online questionnaire to survey 613 marketing professionals working for organizations across varying industries throughout North America and Europe.

These individuals represented roles of manager and above at organizations with over $250 million USD (or its equivalent in the relevant currency) in annual recurring revenue. The survey was fielded from March 29 - April 11, 2024.

For our fans keeping score at home, you’ll notice the sample sizes of the B2B and B2C segments don’t equal the overall sample size of the study. That’s because they also had a ‘B2B and B2C equally’ segment that I didn’t include in this article, because I felt it was already represented in the first chart.

Limitations of the data

All data has limitations, factors that should be considered when interpreting the findings and applying them to different business contexts.

For example, let me address what a skeptical reader might be thinking. This data shows that LinkedIn is the top source for the highest-quality leads. LinkedIn is also one of the companies involved in this research.

As you can imagine, I pushed back extensively on that when MarketingSherpa was first pitched the exclusive for this data. After some back and forth, I’m pretty satisfied that efforts were made to ensure the accuracy, objectivity, and integrity of the data, for two reasons.

One, LinkedIn didn’t conduct this research itself. And second, I believe companies conduct this type of research all the time. When the ball bounces in their direction, they’ll tout and share the data. Who wouldn’t, right? But if the results didn’t flow in their favor, they probably just move on to pitch something else to journalists.

Of course, I asked this question directly, and here’s a little more insight into how the study was fielded.

“To ensure accuracy in the study, the survey was tested rigorously for accessibility and respondent fatigue. Data was collected via a secure online platform that ensures respondent anonymity and data integrity. Participants were assured that their responses would remain confidential, encouraging honesty. While no formal third-party validation was conducted, we adhered to industry best practices throughout the process. Internal reviews and checks were also implemented to maintain the quality and reliability of the data,” said Theresa Meis, Content Marketing Manager, TopRank Marketing.

I wanted to share this info with you today because it addresses the top challenge we hear from marketers – lead quality.

The main drawback I see from the data is that all of the social media networks other than LinkedIn were grouped into one response. That is probably less important for the B2B segment than the B2C segment, but it would have been good information to know. Of course, you can only include so many lead sources in a single question. So by condensing those social media platforms into one response, it did allow the researchers to include a diverse array of other lead sources.

This article was distributed through the MarketingSherpa email newsletter.

Related resources

B2B Social Media Marketing: DocuSign's targeted LinkedIn InMail strategy creates 3 large pipeline opportunities

Content Marketing and Advertising: Be mindful of the ‘curse of knowledge’ (podcast episode #89)

Email Marketing for Business Training Companies: Success stories about A/B testing, LinkedIn newsletters, and virtual events

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