How to Optimize Your Lead Gen Data
If you’ve been using lead gen technologies for a while, you’ve probably realized that most of them are pretty terrible. It seems like they all target the same tiny portion of the market, which means you’re battling your competitors for the same leads while prime, harder-to-measure prospects drift away.
That’s certainly not ideal. To survive and thrive, you need access to those prime leads. Otherwise, you’re just spinning your wheels.
So how can you fix this? There are several other ways you can optimize lead generation data that will uncover more leads and boost profitability.
Below we discuss four methods used to optimize lead generation in today’s hotly contested business environments.
Look for “Data Opaque” Companies
When you’re collecting data, you’re likely gravitating to those brands that pump out the most information about themselves. Often, these companies are large, publicly traded firms subject to regulations from stakeholders and government agencies.
But everyone else is looking at these firms, too. You want new leads—leads your competitors are targeting. The best way to find new leads is to examine those companies that don’t publish a ton of data about themselves.
Sure, it’s harder collecting data from these data opaque companies and it will likely require some human intervention—people skills and calling the front desk can get you far here — but you’ll reap a wonderful reward: leads no one, or very few of your competitors, are audience targeting.
Barter For Data
Once you’ve found your data opaque companies, and gathered as much data as possible, consider bartering for data. This method includes creating valuable content, like white papers, trials, widgets, and infographics, and giving them away free in exchange for the information you need.
This method has worked wonders for business-to-consumer brands – and is the reason sites like Buzzfeed exist and thrive. B2B marketers are only just catching on to this approach, but so far it’s proving highly effective.
But remember, your offering must be useful to be effective. If you waste a prospect’s time with a filler research paper or a useless content tool, he or she will associate your brand with that experience.
Re-Evaluate Your Data Matrix
A data matrix essentially allows you to judge the probability that a lead will convert based on the behavior of other, similar leads. It’s important that you re-evaluate how you calculate these probabilities. Make sure you’re updating the whole picture frequently.
If you’re noticing that your probabilities are inaccurate, take another look at your data matrix. Is there a factor you’ve left out? Is the picture incomplete? If so, what’s missing?
Once you find that missing piece, you’ll see your probability results should skew closer to the actual outcome of each interaction.
Last Word—Know When To Consult Experts
If this all seems a bit overwhelming, that’s okay. As a B2B marketer, you’re an expert in human interactions and motivations, not a genius at statistics, probabilities, and data collection to succeed.
So don’t be afraid to contact lead gen experts, like those at LeadCrunch, when it comes to lead generation. But be careful who you bring in. Lead generation companies are often ineffective because their data is, ironically, incomplete or out of date.
This deficiency comes from trying to serve too many markets with not enough information. But that doesn’t mean you should write off the industry. Instead, ask one of our lead gen experts for our white paper and kearn how to evaluate lead generation companies based on what their data analytics should look like.
And don’t be shy about asking every rep to explain how they calculate their hottest leads. That’s information you need to know. Your business depends on it!