So, you were looking for ways to streamline your sales and generate better revenues through inbound/outbound marketing.
You have come to the right place.
Today we will discuss how to increase lead conversion rate by using a process called “Lead Enrichment”.
What is Lead Enrichment
Lead enrichment is the process to acquire and improve on customer data. Data collected using lead enrichment techniques provides actionable insights to sales and marketing departments across companies. Sales and marketing teams can leverage data collected through the lead enrichment process to increase sales and improve customer experience.
Lead enrichment can run in tandem with lead generation or can be run as a standalone process.
Benefits of Lead Enrichment
One of the major advantage and USP of lead enrichment is the conversion of leads into customers. This will automatically increase sales efficiency and reflect in a better bottom line. It also allows you to build up a consumer-focused sales team. Salespeople can develop a customized sales pitch for each and every lead that they contact.
Other advantages include but are not limited to :
- Automatic updates on existing information
- Links multiple data points in a single location
- Better retention: users do not like adding information on multiple sites so they would stick to yours.
For example: for a cosmetics company cold calling all their B2C leads for a men’s shampoo will be less efficient than calling only the Men. That’s where lead enrichment will come in, knowing the gender of your customer.
An example of a B2B scenario could be a construction material whole seller trying to promote road construction material by calling a company which does not do road construction.
Use Case for Inbound Lead Enrichment
1. Reduced Form length = more conversions.
The heading of this paragraph could have been “Increasing conversions through reducing form length” but the current heading “Reduced Form length = more conversions” is easier to read. In the same manner, having fewer data fields will make it easier for your visitors to fill the web-form.
When a form is easier to fill, more users are likely to fill and submit the form. This directly translates into greater conversions. One of the tricks could be to combine fields wherever possible. For example: Combining first name and last name into a single name field.
Running A/B testing will greatly help you in eliminating unrequired data points and lessen the fields. A form with 4 fields will have more conversions than a form with 11 fields.
2. Work around conversion-reducing fields
A lot of people (basically no one!) will not like to give away personal information through web-forms. A study by Unbounce reported an average 5% dip in conversion rate by including a phone number field. A phone number is a very personal thing and the fear of spam calls definitely stops a visitor from converting to a possible lead.
Other things that could be removed from the forms for better conversions are:
- Twitter handle
- Facebook id
- LinkedIn URL
- Company revenue
3. Identifying extra contacts for your account based strategy
While executing an account based strategy contact several people in a company and not just the inbound leads.
So a mid-level executive has become your inbound lead, you know that this executive is not in a position to close a deal. This mid-level executive might be an influence. The marketing team can now contact some other mid-level executives to explain the product being offered.
By the time a decision maker requests a demo, you will have people on the panel who already know the benefits of your products. This will allow better interaction during the demo, allowing you to eventually close a deal.
4. Identifying similar prospects for the outbound campaign
It is really easy to track people visiting your website. Automation software can easily identify people visiting your site and provide you with their company name, position, and location.
After a number of similar prospects have been inbound on your site, it is a good time to reach out to them for a meeting or a demo.
Some tools such as “Aeroleads.com” scrap through LinkedIn profiles and could easily help you identify similar prospects.
5. Extra data points for personalization
Communication which includes a personalized message is most likely to lead to conversion.
While writing the copy for email or preparing a pitch to be delivered over the phone make sure to include some business specific data and statistics.
For Example: For a firm advertising a home automation solution, including electricity usage statistics and ease of usage of this relatively unknown technology will definitely make an impact. Such data-driven sales pitches will surely increase conversions.
6. Lead Grading
Before we proceed further it is worth noting that lead grading is different from lead scoring.
While lead scoring includes user behaviour such as time spent on the website, the number of views and pages viewed.
Lead Grading deals with firmographics and demographics. Firmographics includes the name of the firm, company domain, the title of the lead. Demographics means the location of the company, the number of people working.
Some of the leads might be ready for sales while others might need some nurturing. It is also common to have leads which are unqualified. Such leads should be removed from the database.
Points that could be enriched are
- Number of employees
- Alexa and Quantcast Ranking
- Company revenue
- Company domain
- Social media following
- Yelp reviews
- Payment types accepted
- A list of subsidiaries and associated business concerns
7. Qualifying lead using subjective or rare criteria
A lot of marketers lose out on quality leads because of inadequate research done by the research team. Some research into such leads would result in better lead quality. This research might sometime become the difference between a lead being qualified or unqualified. Even small changes in lead quality would result in greater sales, ultimately increasing revenues.
8. Equipping sales reps with the key data points
71% of sales reps say they spend too much time on data entry. And only 33% of inside sales rep time is spent actively selling. A lot of effort and time is spent to convert leads into actual sales. This flow can be speeded up while putting up lesser wasted efforts, by making information accessible to salespeople in a streamlined way.
A single, coordinated and actively managed lead enrichment process will cut down the amount of time the salespeople spend on data entry.
Less wasted time equal more customer engagement and increased sales.
9. Enriching closed lost in-bounds
You have a database of leads which have been marked “closed lost”. They are lying idle in a corner doing no useful work for you.
Over time a lot of data might have changed for such leads. Budgets, product mixes competition and financial parameters will surely change. Such changes could increase upgrade the lead from unqualified to qualified. Old lists of inbound leads could hold immense potential, unraveling this potential will really help you achieve your targets and better your KPI’s.
Lead enrichment is a great technique for companies who want to make an informed decision about their customer engagement strategies. By knowing more about an existing lead, the sales team may discover and convert more leads. It also helps in designing a roadmap for the upcoming sales campaigns.