For B2B companies, generating high quality leads in greater numbers is crucial. Data is the lifeline used by the sales and marketing teams to devise revenue-generation campaigns. Beyond data, let’s assume an enterprise has created a campaign to generate more leads and built a fantastic website with great content. But what should be done when a person checks out your website and leaves an email address? As per reports, 57% of research happens before anyone visits your website. Not to forget, generating sales leads is an elaborate process. Not one but several people are involved in the process; the enterprise behind that person has its challenges, methods, and culture.
Companies cannot just waste time and resources looking for new leads that will likely bounce back. A typical day for a sales rep involves sorting leads and deciding which one to reach out to. But what if there’s a way whereby sales reps get to know which leads are most likely to convert? The answer here is lead enrichment which can assist sales representatives in getting the key to turning a prospect into a customer. Sounds like magic, isn’t it? This blog will cover everything about lead enrichment and how it can be incorporated into the sales process.
Lead enrichment involves finding and adding more information, such as company and contact data and social media profiles, to a lead record. These grease the wheels of lead qualification and routing. Let’s imagine, for example, that you have access to the attendees’ names and email addresses from your breakout session at a different event. You want to engage them since they have expressed interest in your business, but whom should you speak with first? How can you make the discussion engaging and pertinent for them?
Lead enrichment occurs when you upload details – such as their role, industry, or firm size – about event attendees to your CRM or Marketing Automation Platform (MAP). This takes various forms – from manually putting data from LinkedIn into your CRM or MAP to integrating real-time lead enrichment technologies into your MarTech stack. It is crucial to fill in the blanks concerning your leads to quickly and precisely discover your best fit and ascertain their best next step.
Lead enrichment is also helpful here if your contact information has become outdated. With so many individuals leaving their employment in the last two years, chances are that some of the information you have about your leads may be outdated by the time your sales team gets to it. Your records are up-to-date when you have recent and accurate lead enrichment data.
The most pertinent question is: Which kind of data should be used to enrich the leads? Usually, two kinds of data – demographic and firmographic data – are used to decide whether a lead matches the ideal customer profile. When you have fitting data, your team will need less time to check for qualified leads.
Lead scoring from lead enrichment can help a company qualify leads. It can answer crucial questions like to whom they should assign a particular lead, which segment the lead belongs to or which sales region it falls under. It is constructive to nurture the leads and get a clearer picture of what the potential customer wants. Businesses can also use Account-based Marketing solutions to generate a much better offering depending on the information about the B2B customer. Lead enrichment can help companies position a potential lead in the buyer’s journey, and when you clearly understand your customer, you stay ahead of your competitors.
Furthermore, when businesses segment the leads based on information received, the sales reps have their task cut out. Talking about lead segmentation, email marketing is one of the most common tools used to boost sales. With lead enrichment, companies can classify leads into different segments, which can help increase customer engagement.
Alternatively, B2B businesses can also automate marketing and sales activities – from lead qualification to lead routing – by integrating a lead enrichment solution into their tech stack. They can as well optimize their funnel – from top to bottom – when enrichment data is activated in real-time across all your systems and tools.
The end goal of lead enrichment is to make the lead generation process more effective and efficient for the sales and marketing teams. When enriched, leads facilitate additional information and insights about a potential customer, thus proving advantageous for all aspects of business that are dependent on leads.
To cite an example, when provided additional information about a potential customer, marketing teams can qualify and score leads accurately by building accurate customer profiles. As a result, a well-crafted and comprehensive customer profile helps the sales team strike a personal connection with decision-makers. With the right lead enrichment tool, marketers can increase income and pipeline due to the following benefits:
Focus your funnel: If businesses want to grow, they must be able to move the leads down the sales funnel with minimal friction. The first step toward this is understanding the ideal customer, which can help bring the sales and marketing teams together on a custom customer journey – from leads to close – for every target segment.
When you have accurate and enriched data from a lead enrichment service, it is easier to analyze and report on your most valued consumers and comprehend the characteristics they share. This information can be used to reverse-engineer a data-driven Ideal Customer Profile (ICP) based on firmographic data points like location, company size, estimated annual revenue, industry, sub-industry, or vertical, and technologies used. It is very beneficial for all your marketing and sales activities, ensuring alignment between them.
Obtain more leads: If you are a B2B marketer using lead capture forms to fill your funnel, you’ve probably encountered the problem of getting more leads. Nevertheless, you will require fit data, such as firm size, industry, and role seniority, to decide whether a lead is eligible to be sent to sales. Conversely, having too many form fields decreases the rate of form completion. So, what should a marketer do?
They don’t have to pick between the two with real-time lead enrichment. Instead, fit data can be activated on the website to design shorter forms that capture more leads and provide you with the information you need to qualify them on your website.
Rapid speed: It is often said time is money. This summarizes why speed to lead must be optimized. After all, when someone completes a form, they demonstrate their desire and readiness to interact. However, when you don’t have enough information to score and route your inbound leads swiftly, your sales representatives won’t be able to respond as soon (preferably within 15 minutes). Consequently, it becomes more challenging to keep momentum. In other words, you want to act quickly when a lead is hot.
It’s here that lead enrichment can help. When your data is accurate and consistent, you can process leads quickly and automatically. Lead enrichment fills in demographic and firmographic data gaps to automate lead scoring and lead routing procedures.
Reduction in sales costs: If the salespersons have access to accurate lead data, they will save ample time chasing incorrect leads. Lead enrichment tools can smartly identify the right leads and ramp up your efforts with intuitive call-tracking metrics.
Improves sales process: Lead enrichment ensures that the information needed to warm up the lead is correct, allows teams to prioritize leads, makes sure that the lead is passed on to the appropriate salesperson, and offers deep insights into the pain points and the customer’s needs. All these benefits lead to improvement of the sales process.
Lead enrichment is beneficial yet can get too overwhelming for companies. Much depends on how companies implement lead enrichment. Every sector has its own set of challenges that must be overcome.
Contact Binary Demand if you want to create value for your prospects.