Where Are Your Leads Coming From?
Most B2B marketers spend a great deal of time analyzing the performance of their programs and initiatives. The reason is obvious: With the growing pressure on marketing to produce measurable results, it's critical that every marketing dollar is invested wisely.
That's why I'm surprised when I come across companies selling complex products or services that fail to accurately track their lead sources -- arguably one of the most important pieces in the performance metrics puzzle.
Every lead has a "source" -- something that drove that individual to contact your company. Whether it is a clear, obvious reason -- or a combination of reasons (campaign that led to a Webinar?that led to a white paper?that led to an inquiry) -- if you fail to properly classify the inquiry's source, you will invariably end up with flawed data. And flawed data can lead to poor marketing decisions.
Of course, many organizations have their campaign information and web request form data automatically fed into their CRM system. But the lion's share of the leads may still be coming in via incoming calls, direct mail, and outbound telesales -- and that's where many of the "lead coding" problems occur.
**Are You Properly Tracking Lead Sources?**
I know of a very successful technology company that still clings to an inadequate, overly simplistic lead source tracking system. As leads come in, their inside sales folks are forced to code them with one of only four "source" descriptions:
1. Telesales Outbound
2. Account Executive Outbound
3. Web Lead
4. Customer Referral
The problem with these limited definitions is obvious: There's no way to account for leads generated through direct mail, email campaigns, trade shows, advertising, press coverage, webinars, or any of the many other marketing vehicles this company employs.
Secondly, this approach mixes the reason a prospective customer made an inquiry ("customer referral," for example) with the vehicle the lead used to contact the vendor (the vendor's website). Not a good idea.
When I asked them why they limit their "source" categories to these four, they explained it had something to do with their financial reporting -- not with gathering marketing intelligence (I'm not kidding!). Bottom line: marketing is making budgeting decisions every year based on very limited and misguided information.
My recommendation to this company -- and something I'd urge you to consider if you haven't already -- was to develop a much broader lead source classification system. I recommended they develop methods and rules for classifying leads. Rules and definitions that made sense to everyone (including the accounting department), and provided marketing the information they need to make better decisions.
**4 Steps to Improving Source Tracking**
Here are some suggestions on how you can improve the tracking of your lead sources:
* Hold a meeting. Make sure to include at least one account executive or outside rep in the discussion, besides your telesales/inside sales team. They may help provide a different perspective on source definitions.
* Brainstorm a list of every possible lead source you can think of. Don't judge any suggestion yet. At this point you're simply trying to generate a thorough list of possible sources.
* Narrow the list down to a manageable number of categories. For example, if you typically exhibit at both, trade shows and conventions, you may decide to combine these categories into "trade exhibits".
* Agree on the rules for classifying inquiries. Tracking lead sources is not always as clear-cut as it may appear. For example, a trade show could have generated a warm inquiry that never materialized. Yet, because of your lead nurturing program (email, telesales, and direct mail, for example), you were able to "revive" this prospect into a true opportunity 8 months later.
How would you classify it the second time around? You may decide to use the last vehicle that triggered the interest (direct mail, for example), or you may want to give full credit to the trade show that sparked the initial inquiry. Or maybe even split the credit between the two. The important thing is to get complete agreement from your team as to how leads will be classified, and to stick to your agreed-upon rules when classifying.
When you properly code incoming leads, you end up with more accurate data. That means you'll have a better grasp of what's working and what's not, and will be in a position to make more effective marketing decisions.
© Copyright 2005, Ed Gandia. All Rights Reserved.
Ed Gandia helps software companies write direct-response and marketing communication pieces that feed pipelines and drive revenue. Ed's focus on producing results-oriented copy stems from a successful, 11-year career in hi-tech and industrial sales. To learn more -- or to subscribe to his monthly lead generation e-newsletter -- go to http://www.edgandia.com
 Google News Updated : Sun, 07 Sep 2008 08:08:09 GMT Sarah Palin may have women flocking - to Barack Obama - New York Daily News
New York Daily News - BY KENNETH R. BAZINET and MICHAEL McAULIFF WASHINGTON - If John McCain wanted to poach the women's vote from Barack Obama, he shouldn't have tapped a running mate who dubbed herself a "pit bull with lipstick. Sarah Palin's appeal to working-class women may be limited A feminist's argument for McCain's VP Publ.Date : Sat, 06 Sep 2008 18:10:33 GMT 'Wrestler' wins Golden Lion - Hollywood Reporter
Hollywood Reporter - By Eric J. Lyman ROME - Darren Aronofsky's "The Wrestler," which set the Venice Lido abuzz after its world premiere Friday, won the festival's top prize Saturday. Video: Mickey Rourke Pinned in 'The Wrestler' Will victory at the Venice Film Festival help 'The Wrestler' in ... Publ.Date : Sun, 07 Sep 2008 05:36:04 GMT Tim Tebow leads Florida past Miami - Los Angeles Times
Los Angeles Times - * at No. 5 Florida 26, Miami 3: Tim Tebow threw two touchdown passes for the Gators (2-0), who ended a six-game losing streak against the Hurricanes with their first win in the on-again, off-again series since 1985. Tebow's maturity key to Gators' win over Canes - College Football Marve's debut gives Miami (Fla.) reason for hope Publ.Date : Sun, 07 Sep 2008 06:58:47 GMT 'Home: A Novel' by Marilynne Robinson - Los Angeles Times
Los Angeles Times - Drawing on the characters of prize-winning novel 'Gilead,' Marilynne Robinson revisits an Iowa town. By Emily Barton UNLIKE novels that delight in plot twists and structural play, Marilynne Robinson's Pulitzer Prize-winning "Gilead" is seemingly ... Back at home, troubled siblings look for refuge Their Father's House Publ.Date : Sun, 07 Sep 2008 07:04:58 GMT Health Buzz: Immunosuppressive Drug Warning and Other Health News - U.S. News & World Report
U.S. News & World Report - The Food and Drug Administration has asked the manufacturers of Humira, Cimzia, Enbrel, and Remicade—which belong to a class of medications known as tumor necrosis factor alpha blockers (TNF-alpha blockers)—to strengthen the warning for risk of fungal ... FDA urges more caution over TNF blocker infections Arthritis Drugs Linked to Risks From Infection Publ.Date : Fri, 05 Sep 2008 15:23:08 GMT Yes, the mosquitoes were nasty this summer - Yakima Herald-Republic Yakima Herald-Republic - by Ross Courtney PROSSER - Cody Jansen sloshes through a pasture, his rubber boots squishing in muddy puddles as he goes. He dips a ladle into a tiny pool and looks closely. Rockland resisted West Nile virus query Aerial survey being conducted to find mosquito breeding grounds Publ.Date : Sun, 07 Sep 2008 06:47:33 GMT Gates outacts Seinfeld in Back To The Future - CNET News
CNET News - Which is why Crispin Porter Bogusky, the agency responsible for the otherworldly new Microsoft TV spot featuring the clowning Bill Gates and Jerry Seinfeld, is already happy. Microsoft's Renewed Vista Strategy Journals week in review: news from One Microsoft Way Publ.Date : Sun, 07 Sep 2008 00:01:52 GMT Display RSS Feeds on Your Website |
PARLOT::Ebooks, Scripts,
Websites, and more... Contrary to popular belief, the best use of business cards... Read More Do you ask prospective clients to go too far?Must your... Read More How often do you sit around and wonder how to... Read More I think selling and marketing today often feels a bit... Read More If you are not using flyers in your business you... Read More As a professional service provider, you're paid for what you... Read More What's in a name?Think of your business name as an... Read More Motivating strangers to give their money away is one of... Read More HOW YOUR LIST AFFECTS POSTAGE COSTS AND WHAT YOU CAN... Read More Every day I talk with professional service providers who do... Read More Have you ever been among a group of people exchanging... Read More Over the years as I have attended trade shows, networking... Read More Value proposition is treated as the standards or service that... Read More When conducting strategic planning for any company -- online and/or... Read More What do Klingons, giant rubber bands, and monster trucks all... Read More What Is A Joint Venture?A joint venture is an agreement... Read More Do you own a business and need ideas on how... Read More In my view, nearly all government statistics about reasons for... Read More Social scientists have proven that people experience what they come... Read More Are you having trouble understanding basic situational marekting concepts? Then... Read More The following 3 simple selling tactics produce sales by responding... Read More A simple answer to that is: Yes, Marketing Miracles happen!... Read More The phone rings. Good news... it's a potential client. You... Read More You could end up with poor results when designing a... Read More Business card size works well for invitations to special events.What... Read More
Adsense
websites
5 Ways to Use Your Business Cards More Effectively
Attracting Clients With Incremental Marketing
Raise Your Income!
Small Business Marketing Tip - Focus on a Niche or Target Market
Using Flyers In Your Business
Your Secret Marketing Weapon
How to Pick a Winning Business Name
How to Write Fundraising Letters That Motivate Donors To Make Donations to Your Non-Profit
How Your List Affects Postage Costs
Getting Your Services Used
Promotional Pen - A Pen by any other Name?
Whats In a Business Card?
Value Proposition is the Key to Success
SWOT Analysis -- Strengths, Weaknesses, Opportunities, and Threats
Spike TV - Know Your Audience
50 Unbelievable Benefits Of Joint Venture Marketing
7 Great Ways to Market Yourself and Your Business to Help Increase Sales
The Top Seven Marketing Mistakes
Loan Officer Marketing ? How Branding Shapes Your Prospects Perceptions
Want to Increase Your Business? First You Need to Understand where You are at!
3 Simple Selling Tactics
Marketing Miracles - Do They Just Happen?
Do You Really Need a Brochure?
Practical Advice to Generate Successful Campaigns Using Merged Lists
Using Business Cards as Invitations
Affordable and Reliable Web Hosting Starting at $4.49/Month
Direct Mail Postcard Rules
It's a fact that your customers are your best leads.... Read More
Postcard Direct Mail Marketing Works (Its Cheap, Quick, Affordable and More)
Used the right way and with the right audience, postcards... Read More
Ditch Coupons Before Customers Ditch You
Everyone wants to feel like they're getting a good deal.... Read More
Promotions That Build Profit
Promotions are everything you do to let your customers know... Read More
How Testimonials Can Put You in the Spotlight
If you need evidence that a testimonial or referral can... Read More
Does Your Marketing Plan Need Changing?
Change is good, right? Not always. But when is it... Read More
Testing Your Way To Prosperity
I have always enjoyed talking to a Realtor friend of... Read More
High Response Marketing With Low-Cost Postcards
Postcards can drive a huge amount of traffic to your... Read More
Direct Marketing: Overlooked, Underappreciated, and Unstoppable
Every business needs customers, but more importantly every business needs... Read More
The Battle of Positioning -- Altruism or Paranoia?
Competition in the past has embodied such beliefs of "kill... Read More
Nurture Sales Leads with Direct Mail Marketing
Direct mail is a cost-effective way to make sales and... Read More
Trade Show Videos Need to be Planned
A few months ago, we attended the recent Austech 2005... Read More
Top 10 Dos and Donts for an Effective Business Referral Network!
Every business - particularly small, entrepreneurial or professional businesses -... Read More
5 Steps to Success: A Surefire Way to Achieve Your Goals
No doubt you started this year with some big ideas... Read More
Smart Ways To Rocket Launch Your Profits
If you really want to pull more profits from your... Read More
Growing Your Brand Assets
Okay. Raise your hand if you think brand management is... Read More
Reverse The Risk And Boost Your Profits
As a business owner or marketer, if you don't reverse... Read More
Time for Marketers to Clean Up Their Act!
Some years ago, a prominent Australian hi-tech company... Read More
Fundraising Renewal Letters: Four Goals to Strive For With Each One You Write
In the fundraising profession, appeal letters that you mail to... Read More
Your Plan For Marketing Success
The most important, yet overlooked aspect of marketing is an... Read More
5 Ways to Use Your Business Cards More Effectively
Contrary to popular belief, the best use of business cards... Read More
Marketing With Brochures
With the explosion of the internet and online businesses many... Read More
Mark Twain?s Great Marketing Idea
To tell you the truth (and about 53% of this... Read More
Client Attraction Technique #3: Study the Competition!
One very powerful and cost-effective marketing strategy is to study... Read More
One-Two-Three Punch Marketing
Printed material is just as important today as it was... Read More
Marketing |