How Lead Validation Works
As a marketer, one of your jobs is to ensure that your sales team has access to high-quality leads. So how do you go about screening your lead lists for accuracy? Believe it or not, most marketers are doing very little to measure the quality of their leads , leaning heavily on the lead scoring tools in their marketing automation platforms to help screen leads. But this is not enough and is only one small part of the bigger lead validation picture. In fact, according to a study conducted by Straight North, about half of the leads generated by your marketing campaigns are not actual sales leads.
In our previous blog, ‘Custom Lead Scoring and How it Works‘ we touch on the perils of lead scoring. So what can you do to ensure you’re handing off high-quality leads to your sales team? Service Objects’ DOTS – Lead Validation solution is a good place to begin.
How Does it Work?
Now, you’re probably wondering how does Service Objects “know” whether or not a lead is a legitimate person or viable contact? Without getting too technical or giving away trade secrets, I can tell you that we use a combination of our best-of-breed data quality tools to look at key elements of a contact record. By examining a combination of the contact record’s data points like; name, email, address, IP address, device, etc., we are able to derive an overall lead certainty and quality score for each contact record. This is what DOTS Lead Validation does.
Once you have these lead quality scores, you can create specific rules and actions based on the scores. To give you some real-world scenarios, let’s run through a couple quick examples showcasing how you can use Lead Quality scores to develop rules-based actions that will streamline your marketing and sales processes:
Chip’s Call Center
After implementing DOTS Lead Validation API into their lead capture process, “Chip’s Call Center” sets up the following rules for their incoming, real-time leads, making it more efficient for their sales team to prioritize and respond to their potential customers.
If the lead’s quality score is between:
- 75-100, Lead is systematically moved to the top of the call center’s call list and assigned to the best performing sales reps.
- 60-74, Lead is assigned secondary priority on call list and sent to second tier sales reps.
- 50-59, Lead is sent an email asking for further confirmation/interaction
- 25-49, Lead is placed on an email drip campaign (cost effective)
- 0-24, These leads are largely considered time-wasters and ignored or placed on a monthly newsletter with low-conversion expectation
Martha’s Marketing Agency
Martha is driving traffic from multiple channels and audiences within these channels, and needs to decide the best way to allocate her monthly budget. The sales cycle for her company is 9-12 months, so she has little concrete data from which to base her decisions.
- Most of Martha’s leads are delivered from external sources like Adwords, LinkedIn and Facebook. With Lead Validation, Martha can easily determine the lead quality scores for these channels. Here’s how that score report might look:
- Adwords – Campaign#1, average Lead Quality score of 78
- Adwords – Campaign#2, average score of 36
- LinkedIn, CEO Audience – 90
- LinkedIn, IT/Developer audience – 54
- Organic, average score of 87
Based on these average scores, Martha decides to place the majority of her marketing budget in the top scoring channels.
Heather’s House of iPhone Accessories
Heather wants to buy a highly-targeted email list to drive traffic to her online store. In the past, she has purchased lists that did not perform and needs a reliable way to pre-determine the quality of these lists before buying them. As part of her negotiation with the list broker, she asks them to, “Please bounce your email list against Service Objects’ Lead Validation service and let me know the average score. I only want to buy leads that score a 50 or higher.”
The point I’m highlighting here is that by investing in a Lead Validation Service to determine Lead Quality scores, your company can create whatever strategies, rules, and actions that best fit YOUR experiences and needs. Even more importantly, you can preset sales quotas and expectations around the different lead quality scores.
The Power of Lead Validation
DOTS Lead Validation is the first step in recouping the inevitable 50% of unusable sales leads coming in. You have been shown a great resource to increase ROI on your marketing campaigns, save your company unnecessary costs, expand marketing and sales efficiencies, as well as elevate overall company morale. The benefits of incorporating a lead validation system will bring about a successful, sustainable business and we would love to help you get started!