How do all of these lead generation companies stay afloat?

Recurring demand.

Every B2B business, SaaS, services, consulting, you name it, needs leads. Constantly. That makes lead gen companies recession-resistant.

But here's what actually keeps them afloat:

• Recurring Revenue Models: Most run on monthly or annual SaaS pricing. Whether it's data tools like Apollo or services like Belkins, they make predictable income.
• High Margins: Once the data infra or outreach engine is set up, the cost to serve each new customer is low, especially for database tools.
• Agencies Outsource to Them: Many marketing agencies white-label or rely on these providers instead of building their own ops.
• Huge TAM (Total Addressable Market): Every B2B startup or SMB is a potential customer. And new ones enter the market daily.

So even if churn happens, there's always more demand coming in. Lead gen isn't a trend, it's a utility.