To bring in deals, sales teams need a pool of potential clients to call or email. That pool must be regularly refreshed with new promising leads that fit a company’s ideal customer profile.
Businesses spend a lot of money and effort acquiring contact information for targeted customers. However, the dirty secret is that businesses often actually have to spend even more resources researching, appending, and validating customer records once they have them in their database than actually acquiring them.
Modern marketing and sales teams rely heavily on automation. Software (and the data you put into it) powers modern business, so it’s no surprise that more and more companies have made lead enrichment a priority.
“Lead enrichment is the process verifying and enhancing customer information coming in from various sources, eliminating outdated entries, and adding key fields to your database,” says Prayag Narula, CEO of LeadGenius, a company that specializes in lead generation and lead enrichment. “Better data means a better chance of closing more deals. Data quality directly affects sales and marketing efficiency.”
Both sales and marketing teams can benefit from data-rich leads as they launch new campaigns and work to bring in more sales. Unfortunately, most customer relationship management systems (CRMs) and marketing automation databases lack one or more of the following basic data points, let alone other key data points needed for automation:
- Title of contact
- Number of employees at a company (general size of company)
- Annual Revenue
- Additional Contacts Within a Company
- Organization Structure
Successful lead enrichment can make a big difference in a business’s efforts. When sales and marketing teams have the information they need, they can use that information to boost an organization’s bottom line. Here are a few important opportunities you may be missing by choosing the wrong lead enrichment solution.
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Capturing Information Changes
Employees leave. Companies move. Professionals are promoted internally, resulting in a title change. When each of these events happen, databases across the country instantly become outdated, remaining that way until the business launches a concerted cleanup effort.
The result is that a sales team can spend years spinning its wheels, making phone calls that go nowhere and launching email campaigns with high bounce rates.
A good lead management system is designed to capture the information a business needs to make well-informed decisions. When something changes, the solution is intelligent enough to update all applicable databases. This means at all times, your sales and marketing teams will have updated information on names, job titles, addresses, phone numbers and more.
Establishing Conversation Points
Talented sales professionals have learned that if they want to make an impact on potential customers, the best thing they can do is inject something personal into the conversation, demonstrating that they’ve taken an interest in the customer. Today’s sophisticated lead enrichment tools can gather information from a lead’s social media sites and other public profiles and input that information directly into the CRM.
From there, it can be accessed by sales professionals, customer service representatives, and anyone else in the organization who regularly interacts with customers.
This information can also prove useful in email marketing campaigns. When launching wide-scale campaigns, marketing teams can call upon details stored in the CRM to personalize messages for better results. Information about a lead’s interests or previous website interactions can be used to create a letter that reads as though it were written personally for that customer.
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Perhaps one of the most valuable aspects of a implementing a lead enrichment solution is that it takes grueling administrative tasks out of the hands of sales professionals whose time is wasted on research and data entry. Instead of spending hours combing through databases and double-checking information, team members will have a workable list in hand from the start. They’ll be able to pick up the phone or stop by an office with full confidence that the information they have is accurate and up to date.
Most importantly, sales team members will save the time they would have otherwise wasted chasing down false leads. When each potential client has been verified as likely to convert, a professional can maximize each second he spends pitching and presenting, whether they’re meeting one-on-one or with an entire group. When a professional contacts multiple people, only to find that phone numbers are inaccurate, he’s most likely to feel as though he has a valuable list and proceed with confidence.
Lead enrichment is an important part of empowering your sales teams to succeed. When they have the right solutions in place, they’ll be more effective in turning opportunities into successes.