There’s a ton of mediocrity in lead generation- both in-house and outsourced. However, there are many things good insourced operations and lead generation companies do well. While lead generation is not brain surgery, there are plenty of moving parts in a well-run lead generation machine. Failure to perform and organize all of the moving parts could lead to poor results.
Here is DECK 7’s top 5 check list for lead generation to see where your company stands:
LEAD DEFINITION. Let’s define a Lead. Does every team in your organization share the same definition of what a lead is? A universal lead definition (ULD) clarifies what a lead is to everyone in your organization:
-It fits the profile of your ideal customer
-it has been qualified as sales-ready
-it spells out the responsibilities and accountabilities of Sales and Marketing
-it makes Marketing and Sales more efficient.
TARGET, SEGMENT and TEST. How frequently does your team analyze lists? Bear in mind that there’s no such thing as a good list, and remembering that more expensive lists are not always more useful than cheap ones. The only solution to keep your team productive is to make sure your data is fresh by cleaning it regularly. Analyzing points that indicate tendencies to buy, and continually testing to optimize segmentation efforts.
In one situation, we consulted with a client that was about to mail 750 $20 “lumpy” packages. I asked if they had tested the list for validity. They had not. They believed they had paid a lot of money for the list that it must be accurate. We offered to test the list for free and discovered that over 50% of the list would have gone to the wrong targets. Many of the company names had no contact associated with the record. The mail house would have mailed those packages anyway.
RESEARCH. There is some disagreement on the value of research. Some argue that you should just pick up the phone and make the call. Others believe that cold calling is not needed and ineffective. The biggest reason for this is that lists are not always accurate. Why else would someone in the lead gen business get multiple calls and emails from lead gen firms every week and a multitude of calls over time from the same firms? What should you do that is different or unique? Employing a 4 x 4 research approach is to spend a total of four minutes looking at four different data sources:
-The prospect’s website
-The contact’s LinkedIn profile.
-The topics of the prospect’s twitter feed.
-A general online search to see what appears.
MULTI-TOUCH. Oftentimes your lead-generation efforts can only improve with the amount of times your prospects are being contacted, whether through phone or email. Establishing multi-touch campaigns can help identify what leads are more likely to be ready to take action and when.
NURTURE. Are you getting maximum return on marketing programs? Lead nurture programs done well triples your B2B sales lead generation marketing ROI. Often underutilized, lead nurturing done well can increase your lead rate from 5% to 15%. With effective list management for every lead you generate you should also generate one “pipeline.” A pipeline is normally a prospect that is just one or two additional actions from being converted to a lead. Typically 20-25% of the time pipelines do become sales qualified leads. Also, you will likely want to identify what we call “nurtures.” Nurtures are the right company and the right contact, just not yet the right time.
If any of these areas might have some room for improvement, DECK 7 can help get your organization where you need to go. Contact us today.