I was recently invited to speak on a panel about lead generation which
covered everything from the state of the current market, the issues faced by
lead buyers and sellers and a sneak peak into what the future holds for the
fledgling UK industry.
As part of the panel we were tasked to come up with a series of lead
generation tips for the audience and myself, Andy Purbrick from Dennis
Publishing and Sean Sewell from Performance Horizon Group put our heads
together to come up with a top 20.
Last week we covered the first 10 lead generation tips, and this week we bring you tips 11 to 20.
11. Follow up as soon
In the world of online lead generation it is minutes that
make the difference and not hours!
A study in the US by InsideSales.com found
that the odds of contacting a lead increase by 100 times if attempted within five minutes versus 30 minutes. And the odds of qualifying a lead increase by 21
times if attempted within five minutes versus 30 minutes.
Moral of the story: the quicker the response,
the better the lead performance.
12. Tracking of leads
The receipt of leads is never the objective of an OLG
campaign. Ultimately, it’s all about conversion whether that’s today, tomorrow
or two years into the future.
What this means is that you need to have the
software to measure the entire journey from lead to sale no matter how long it
takes and no matter how many steps involved in the process. If you can’t track leads
from all the way to conversion then you are potentially wasting your money.
13. Measure results
over an adequate time period
It’s not just about having the
software, but making sure you are looking at the correct time period by which to
measure the results of a campaign.
Even a high value finance campaign where
leads are processed in a call centre and the majority of sales will happen in
the first few days of lead receipt there are still incremental sales to be gained
over time so the same campaign measured over different time frames can give you
a very different outcome.
Week one might break even but by week five you may be into
14. Nurture leads for
While it is absolutely imperative to follow up every lead
within minutes there is plenty of value to be extracted over time from lead
nurturing techniques to manage your prospect list.
Remember, the consumer might
be at various stages of the buying cycle when they fill in the lead form so, even if they are interested when you first make contact, they might not be in a
position right now to hand over their credit card details.
This is especially
true for certain products, for example mortgages, where you rely on so many
more factors than just the consumer’s purchase intent. If you can nurture leads
over time then your campaigns will be much more successful.
15. Have a solid
Just like any marketing campaign, you need a clear objective
before you start spending any money.
Without objectives you have nothing to aim
at and no way to benchmark success. Also, communicate these objectives to your
lead suppliers as they will be able to give you a realistic idea of whether the
objectives are reasonable.
This will allow you to fine tune your campaign in
advance rather than after the leads have been delivered when you have no way to
affect the outcome of the campaign.
16. Lead = multiple
Every lead should be seen as multiple revenue opportunities
whether it’s cross-selling into multiple products, repeat sales or further monetisation
opportunities in the future.
All revenue generated from each lead either directly
or indirectly should be measured and attributed back to the original source.
It might be that two campaigns perform the same on a
like-for-like basis but if one campaign offers far more additional revenue opportunities
this might be the one to allocate more budget to.
17. Allocate an appropriate
Lead generation is a numbers game but you need to make sure
you have a large enough sample to see those numbers play out.
If a campaign has
a CPL of £50 then you need to make sure your budget is large enough to get a
big enough sample of leads or other variables will have a greater weight in the
outcome of the campaign and you won’t get a true reflection of lead
18. Make sure that
the method of data capture is appropriate for the campaign
If you are looking to collect high value finance leads to
put through a call centre then don’t buy incentivised co-registration leads. However,
if you are looking to build a prospect list as quickly as possible at low cost then
perhaps you would want to consider incentivised traffic.
Each campaign should be judged on its own
merits and the objectives of the campaign should shape everything from your
budget to the method of origination.
19. Cheaper leads
aren’t always better
It is human nature to want more of something so naturally a
lead buyer with a fixed budget confronted with the option of buying thousands
of leads or hundreds of leads will more often than not opt for the cheaper
leads because they get more of them.
However, lead buyers should not be fooled
by lead price. To generate good quality leads can be quite expensive so if the
supplier gets a fair payout for their efforts they can spend the budget on premium
inventory and generate better quality leads.
20. Volume is not an
I often get emails from advertisers and agencies with briefs
for lead generation campaigns along the following lines “We need 1,000 leads for
‘x’, can you deliver?”.
All leads are not created equally and 1,000 leads from one
supplier might be totally different in origination method and quality to another.
It is better to get one lead that converts into a sale than 1m leads that
don’t generate any revenue!