If you’re like me, you have a strong feeling that you should be eating better food. Organic, free range, farm fresh, leafy green food that is full of natural goodness. You do your best and commit (and re-commit) to these healthier choices. But alas, the processed garbage that is so ubiquitous somehow finds its way into your stomach more often than you’d like to admit. The convenience in the short run sometimes trumps your rational long-term objectives.
Generic prospect lists are the potato chips of demand generation. They promise you that quick and easy pick-me-up but can be hazardous to your sales and marketing health in the long run. How so? In a recent post I discussed the need for a persistent, rigorous, and systematic approach to sales outreach. I argued that many leads are abandoned prematurely because the sales rep was discouraged after a few no shows. The data shows that it takes 10+ touches to qualify an inherently good lead.
Now consider a bad lead. If it is challenging to reach and convert a strong, qualified prospect into an active opportunity, you can imagine how wasteful (and expensive) it is to have your skilled outbound rep working leads that are dead ends. It can take the same number of touches (10+) to disqualify a bad lead as it takes to connect with a good one! That’s a recipe for disaster.
A few numbers to prove how unhealthy a bad lead is.
- Contact lists deteriorate at ~25% per year. People change jobs, they change roles, they change companies, they move. Your CRM contact data is growing stale. (source: Marketing Sherpa)
- 25% of a rep’s selling time is wasted on bad leads or leads with incorrect information (source: B2B Fusion)
- Up to 60% of company’s CRM data is either bad or duplicate (source: Ringlead)
To quantify this impact, imagine if 25% of each rep’s time is spent chasing bad leads, and each rep costs $35 per hour for a 40 hour week. That adds up to an eye popping $455K of loss every year. Beyond the wasted time, even the most efficient and dedicated reps may become disillusioned after working through bad lead after bad lead. That junk food is killing you and costing you a fortune!
Now there are many great tools available that help with the cleaning your existing CRM data, but what about your new incoming leads?
At Compile, we are focused on providing leads to our customers that are only comprised of organizations and decision makers and have exhibited clear buying signals. Every lead we deliver is worthy of the 10+ touches it may take to engage with your prospect. Our contacts are dynamically sourced directly from the opportunity. This ensures that the contact information is fresh and current when we deliver it. What’s more, along with these qualified leads we also provide your reps with the relevant context that helps them craft the most resonant message.
So isn’t it time you served your team their sandwiches on 9-grain sprouted wheat bread, grain-fed antibiotic-free turkey and replaced those potato chips with quinoa salad? And as a side, offer them only high quality leads that motivates them to close more deals.
By leveraging data-science and machine learning techniques, demand generation teams can now automate the opportunity identification process, completely reshaping how public sector marketing is driven.