Don't throw the baby out with the bathwater when dealing with inbound leads
It amazes us how many companies we talk to that still arbitrarily disqualify large numbers of inbound leads (IB) based on relatively flimsy logic.
When asked why they do this without even cursory attempts to identify the prospect we hear things like:
“Leads with private emails don’t want to be identified”
“It takes too long to research the lead and try and figure out who the prospect is”
“If the lead doesn’t have a direct phone number its worthless”
“We have no way of figuring out who the prospect is from a private email”
One particular client was discarding up to 50,000+ inbound leads per month for simply reasons like a missing attribute or a private email in the email field.
There are plenty of good reasons for processing these normally discarded leads and attempting to recover details on the prospect and their company. Here’s just a few:
High ROI on recovering normally disqualified leads
You can apply your own variables here based on your business buts let’s use some reasonable variables to calculate what arbitrary disqualification of IB leads might be costing you. For the purposes of this exercise:
Average Transaction Size = $10,000 (sale or subscription)
Average IB lead count = 1,000 per month
Arbitrary Disqualification Rate = 40% (400 leads)
Average conversion of lead to qualified pipeline opportunity = 50% (200 leads)
Average conversion of pipeline opportunity to closed sale = 10% (20 opps)
Estimated loss of new monthly pipeline = $2M ($24M Annually)
Estimated loss of new monthly revenue = $200K (2.4M Annually)
It would probably surprise you to know that you can address this problem for about $600 per month or $7,200 per year. That represents a potential ROI of 3,330%!
So, spend $7,200 a year to recover $2.4M in extra revenue. Bit of a no-brainer isn’t it?
Validate Ideal Client Profiles (ICP)
Even if your prospect submitted minimal data in the web form, it doesn’t mean that data isn’t useful.
If you can recover the prospects corporate persona, even from flimsy inbound lead data then you are going to find out elements like:
Regardless of whether the prospect tried to cover their tracks and isn’t ready to talk, identifying who they are and what they do goes a long way to providing you with more extensive trends and patterns with respect to who your product messaging is resonating with.
Inbound leads with private email addresses can be up to 40% of your IB Lead total. If you don’t find a way to process those leads to identify at least some of the prospects, then you are missing out on valuable demographic and firmographic data that could drive more effective nurture and ABM marketing campaigns.
This allows you to tune follow up campaigns to focus on those ICP cohorts and improve your overall response levels, lead conversion ratios and close opportunities.
Identify the prospects corporate email for further nurture
Let’s be clear about something. An inbound lead with a private/freemail email address will not stop you identifying the prospect and their company in many cases. You just aren’t using the right vendor. As we mentioned in the previous section, identifying a prospect with a private email unlocks access to their ICP profile data. Once you have that you can segment the different types of prospects out into different nurture tracks based on their Title, Department, Seniority, Industry etc.
Although the prospect initially masked their trail with a private email, a follow up nurture campaign that appeals to their role, seniority, industry etc. may succeed in reaching them because now you know who they are, what they do and who their company is. That makes a huge difference in ABM driven marketing.
Prioritize Leads Based on More Granular Data
Even for the leads you don’t immediately discard there is value to be had in enriching the lead before you pass it to Sales. For example: What if you know that Directors of Finance in 5 specific industries in certain US states are 50% more likely to buy your product? You would definitely want to prioritize those new leads for follow up but not if you haven’t enriched the new inbound lead to add that data before assigning it to Sales.
We know of several companies that arbitrarily drop fresh leads because they don’t have enough BDR/SDR resources to respond to them all. If you have found yourself in that situation then enrichment of inbound leads followed by logic-based prioritization could save you a small fortune in revenue you may be discarding.
You put a lot of time, effort and money into the campaigns that generated those inbound leads. It seems a bit illogical to trip yourself up at the finish line and not explore all your options for processing inbound leads for a higher level of quality and viability, right?
And of course, we have an app for that. ContactPERSONA takes leads you send us freshly collected from web forms, marketing systems and other events in near-realtime and within a few minutes we will turn them around fully enriched, validated and ready to work with higher confidence. We can recover leads with as little as 3 fields of information and turn them into a comprehensive lead record with up to 36 fields of information. We can even identify leads with only private emails provided.
Read more at: http://bit.ly/2ImmWpu
We offer a trial clean of 50 leads of your choice after a conversation with you. Reach put using the contact form on our site for more details or call us at (855) 462-6499