Generally, marketers are responsible for generating quality leads so that the sales team can acquire new customers as quickly and efficiently as possible. But, in the B2B industry, the competition is tough, and prospects are limited. That’s why lead quality is crucial to growing your bottom line. Here comes the question “how to improve B2B lead quality?
According to a recent eMarketer article, obtaining high-quality leads continues to be a challenge for B2B marketers. Along with measuring ROI and long sales cycles, difficulty obtaining enough quality leads is a challenge identified by 42% of B2B marketers surveyed.
According to Kelly Abner, “A 10% improvement in lead quality can result in a 40% improvement in sales productivity”. Improving lead quality requires a commitment from sales and marketing to focus on both quality and quantity, not just one or the other. If your team excels in quantity but lacks in quality, try these five methods to improve B2B lead quality.
1. Understand specific sales objections.
The fundamental requirement for any effective B2B lead generation program is, having a fully functioning feedback loop between the people generating the leads (marketing) and the people qualifying the leads (sales). Your marketing and sales teams should be working hand-in-hand to increase sales and revenue. However, some organizations often overlook the importance of alignment of goals and strategies.
If the sales team is indicating that a lead is not acceptable quality, the marketers need to understand why they are not willing to buy. Once marketers better understand the reasons, they can devise plans to test modifications in ad networks, audience targeting, ad serving, messaging, calls-to-action, assets and landing pages.
2. Qualify Your Leads Early in the Game.
Most marketers believe that reducing friction in the early stages of the sales funnel will help generate quality leads. Yes, less friction may help you generate more leads, but they may end up being poor quality. Don’t waste your sales team’s time by letting them ask the qualifying questions during their sales call. They’re not the ones in charge of qualifying your leads – you are.
Decide on a lead scoring system with your sales team to ensure that both departments are aligned. A lead scoring system will allow you to classify your leads according to their readiness to purchase or business size. This way, your sales team knows which leads to prioritize and what sales tactics to utilize on a particular lead.
3. Use Innovative Lead Nurturing Strategies.
When leads are not ready for a purchase, it doesn’t mean you should throw them out. An effective B2B marketer knows and understands that every prospect needs nurturing to some degree. Try various tactics such as email marketing, content marketing, or even cold-calling to follow them up. Experiment with other marketing channels to see which ones work best for your audience.
Reach out to them through multiple platforms and touchpoints. A study reveals that it takes at least ten touchpoints before a prospect is converted – use them. Think beyond the inbox, and engage them on multiple platforms such as Facebook, Twitter, or LinkedIn. Use targeted multimedia content such as interactive calculators, white papers, or even direct mail to build value-based relationships that you can invest in.
4. Purchase the Most Effective Lead List
As much as you would like to organically build your list and generate your leads, your company may not have the time it takes for your inbound marketing strategies to reap ROI. A lot of marketers and industry leaders will discourage purchasing a contact list. But despite all the negativity, list buying remains a serious marketing strategy for B2B businesses.
Of course, you need to take precautions when purchasing lists. You need to make sure that the lead list you’re purchasing maintains the four foundations of a high-quality lead. Again, that’s depth, accuracy, reliability, and functionality.
Find a reputable lead generation or list provider who is consultative. Meet with them or speak with them through a video call, so that you can determine whether he or she is making an effort to understand the quality of the leads you need.
Find out how they source their lists, whether it’s done through keywords, SIC code, or both. You can also ask them if they can determine whether the leads from the list have already purchased a similar product in the past.
Understand that your lead list is an investment and that quality leads can be costly. For as long as you’re getting high-quality leads, then you’re actually saving on costs and enabling your organization to achieve its ROI quicker and more efficiently.
Finally, always test the leads in the list you’re purchasing. Generally, if more than 1 out of 20 leads fail your test, that means that the list needs cleaning and verification before it can be used. Assign someone on your team who can monitor, update, and maintain your lead lists.
5. Know and Understand Your Ideal Customer Profile
In any marketing campaign, knowing and understanding your buyer persona is the first crucial step. Who is your ideal customer? Create buyer personas for every possible customer profile in your target market.
When leads are generated and qualified, you’ll know exactly when you’ve hit the gold mine. As such, sales reps can prioritize these leads and have a better chance of converting them.
You can have the best marketing automation software and thousands of leads. But, if the quality of your leads is poor, then you could be wasting your time and resources trying to convert prospects that never had the intention or the capability to purchase right from the start.
When it comes to deciding whether to focus on the quantity of your list versus the quality of your leads, it all boils down to quality. The best way for you to grow your business is to focus more on the good leads and focus less on the bad.
If your question is “I Have Leads. What Is The Next Step After Lead Generation?” Then Read this article.