5 Best Practices for Successful Lead Generation Management
1. Quality vs. Quantity and Understanding the Real Cost Per Lead (rCPL™)
Marketers have learned the hard way that a poor quality lead, even if it came at a very low price, will cost a lot of money and time to follow through, only to end up with no deal closed. In the long run, that list of low quality, low cost leads that you just picked up may require more time and effort to convert than the sales-ready leads that seem to be a bit out of your budget. The Real Cost Per Lead (rCPL™) takes into account the amount of time and resources your sales people need to engage, nurture, and eventually close a lead into a sale, and adds that figure to the initial lead acquisition cost. Identifying the rCPL™ for a lead purchase may in fact show that purchasing premium, higher quality leads will actually cut costs in the long run.
2. A/B Test Lead Generation Sources and Strategies for Measurable Results
Apply the core principles of the scientific method to your marketing strategy:
- Assign a single, testable variable. People respond differently to different ques. Something as simple as the color of the text on the page can increase lead conversions and click-throughs by leaps and bounds. Make sure to test one variable at a time in order to accurately attribute success/failure to the correct factor.
- Conduct the experiment. Launch each campaign under the same circumstances to minimize bias from external factors such as differing times of day, etc.
- Record your findings. It’s as easy as writing down how many clicks, downloads and conversions each campaign generated.
- Analyze and identify the successful variant for future use. Answer this question based on your findings: Why did campaign A generate more leads than campaign B?
- Repeat! Experimentation never stops. Create new and improved tests using the knowledge you’ve acquired to build upon, and replicate past success.
3. Identify Decision Makers & Influencers
Lots of people play a part in a typical B2B purchase decision and naturally, identifying them is an important activity for any influencer relations program. You need to know who they are, including their name, job and location.
Start by thinking about the different kinds of people likely to be involved in purchase decisions for your products and services. This exercise helps you form a more complete picture of the influencer landscape. It also helps you avoid falling into ruts. This step encourages you to think about new types of influencers that may have emerged in your market and types of influencers your company tends to overlook. Once you’ve identified who buys and who influences the buy, you can begin focusing your sales efforts by priority.
4. Understand Marketing vs. Sales Perception of Qualified Lead Generation
Aligning both marketing and sales is an extremely important issue that should be addressed in order to ensure a positive lead generation experience. Hundreds upon thousands of pages have been written about the inherent communication gap between marketing and sales efforts within a company. Here’s our recent take on it.
5. Don’t Count Your Chickens Before They’ve Hatched (cliche, we know, but it’s still applicable)
The same conversation happens so often:
Sales: Marketing does not know what they are doing, their leads are bad
Marketing: Sales is not smart enough to follow-up on our leads
The core of the problem in lead generation management is the definition of a lead and metrics that are used to measure marketing success. You should consider taking the time to meet with your sales team to determine specific buying personas and define your company’s definition of a lead. It is better to take
the time to work through these details to keep both marketing and sales efforts on the same page.
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