Guest Column: Leveraging analytics for effective lead generation
Companies must use structured marketing data analytics to improve lead proposition, lead qualification and lead retention for cross-selling & upselling, observes Shanker Murudappa, Founder & CEO, LeadGen Technologies
Did you know that 70 per cent of leads produced by organisations through in house marketing efforts result in 40 per cent decrease in sales pipeline for the marketing team? Why does this happen? It is because the leads generated through crude marketing efforts like telecalling either are not relevant or fail to be nurtured in a systematic way. Despite this, most companies generally hire tele-callers, give them a list of readymade database and ask them to keep calling endlessly to find the right quality lead. Our experience shows that there is a whole science behind lead generation that companies need to understand, we call it “the science of marketing”.
This science of marketing is supported by pillars of analytics, insights and research.
We identified the potential of analytics decades ago and now we see many companies gradually becoming aware of the importance of analytics in sales. Finally, the humble looking job of lead generation is getting its due attention from the marketers.
Lead generation has changed. Have you?
Every marketer hopes to arrive at a magic formula that would guarantee a consistent and large quantity of quality leads for the sales team. However, it is difficult to bring quantity and quality on to the same page, especially when consistency comes into the picture. So how can companies address this? The answer is simple-- leverage the power of analytics.
Companies can leverage analytics to ensure that they chase the right lead, with the right message, for the right duration, at the right time, so that the probability of converting that lead into a customer is multiplied manifold.
Lead generation optimizes sales
Companies that leverage analytics have higher changes of optimizing their spending in sales. That is because the companies are able to focus on the right leads and conduct the most effective lead generation programmes. In-fact companies can base the entire lead generation process on analytics comprising of market research, segmentation, creation of marketing lists and organizing focused campaigns. Moreover, analytics help interpret buyer behavior by translating actions and responses into numbers.
Besides this, there is a clear need to tap the huge underlying data generated every moment on the internet. The company’s presence on the web and the avenues where customers define, rate and engage with the company are increasing many fold. This requires marketers to use structured marketing data analytics to improve lead proposition, lead qualification and even retention of leads for cross selling and up selling.
How to design a ‘smart’ lead generation campaign
The three tier approach to successful lead generation campaign involves -- Lead Qualification, Lead Nurturing and Customer Acquisition. Use of automation tools combined with analytics enables a company to capture relevant data qualified as leads. The qualified data is then drilled down to the last detail, delivering insights to formulate the right marketing strategies.
For instance, LeadGen recently engaged with an organisation who is a leader in doctor engagement for the pharmaceutical industry. They required therapeutic data in various geographies. We began with identifying, or ‘capturing’, the doctors’ details. Then we leveraged analytics to map the right kind of doctors in a specific geography for a particular specialisation, and hence ‘qualify’ them. Our insights driven campaign helped us identify and ‘nurture’ key opinion leaders for specific therapeutics and aided useful engagement models. The results helped in data analysis specific to the customer requirements. The net result was a 300 per cent increase in sales pipeline for the client!
Evaluating a lead generation campaign
The marketing strategies should be measured against return on investment (ROI) that it generates. We believe that ROI gives a robust parameter for evaluation of a campaign and encourages businesses to invest in only the most successful strategies. To maximize ROI, companies should include innovative approaches like influencer engagement driven by analytical choice of influencer, and creating and marketing the right content to them.
The author is Shanker Murudappa, Founder and CEO, LeadGen Technologies.
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