Extending W. Edwards Deming’s 1-10-100 principle, it takes $1 to prevent bad leads; $10 to correct it; and $100 if you don’t. The real numbers are significantly larger if you ask the sales reps, product marketing teams and lead generation practitioners in your organization.
There is a systemic loss of value in the entire lead generation process, in terms of time and money spent to convert a ‘bad lead’ into a ‘good’ one – a lead that is ready to be pushed into your CRM.
So what is a bad lead? Four key classifications are:-
1. Cold Lead – A prospect who has “no intent or interest” – A contact which doesn’t show interest in your product leading to a reduction in your sales reps efficiency
2. Unqualified Lead –An “out of filter” sales qualified leads which does not fit the campaign defined specifications resulting in lower effectiveness and time lost
3. Non Standardized Lead – Leads where the data is not as per the standardized set of values and marketers spend money and resources correcting it. These non-standardized values when input into your CRM result in a reporting and analysis nightmare
4. Incorrect Lead – Leads with “incorrect contact information” e.g. the email ID, Phone Number, and Address. Sales reps waste a lot of time not only contacting the wrong address (email/ telephone) but also following up and correcting this information
So how do you keep these leads out of your CRM? What additional information does your lead generation teams and partners generate which could be a game changer? How can you translate Firmographic and Technographic information into incisive talking points that your sales teams could use to close the deal?
All these questions are worth examining. Marketing professionals are more productive spending time on nurturing and enabling your sales reps with high quality prospects to target rather than fighting excel spreadsheets to correct, standardize and verify ‘bad’ leads.
At Marketboats, our proprietary “Lead Quality Engine” cleanses, standardizes and enriches leads ensuring quality at the top of funnel. Our clients have realized 45% less rejects, less time spent on excel corrections & integrating with their CRMs and meaningful conversations at the middle and bottom of the funnel, leading to faster time to market and higher conversion rates.
Write to us at firstname.lastname@example.org to know more