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How Healthy is Your Sales Lead Data?
Business begins and ends with its customers. They are the lifeblood of any business venture. In our modern world, the business has branched out from simple bartering to today's complex trading. One thing is the same, the customers. The core of a business is in how it attracts, satisfies, and retains the customer.
The biggest wall to any business is in how it will attract a customer and convert it to sales. In our world today, the advancement in technology has created unique avenues of approach for getting that sale. One such approach is through sales lead.
A sales lead is defined as a person or even a business that can be converted to a paying customer. It usually starts when a would-be customer contacts the business for the product or service we are offering. They usually contact the business after they gained information through physical and online ads, product trials, social media, or from a survey.
In any business, the sales-lead data is often a driver of revenue. Businesses heavily lean on getting to know the would-be client and cater to whatever they need, and at the right time. The best sales lead data provides the correct information to convert that pitch into a sale.
Sales Lead Data Management
In a Forbes-Insight paper, 27% of CEOs of US-based businesses were highly satisfied with their ability to extract value from their data. This paper underscores the immense importance of what accurate data means for a business. Having the correct set of data is positioning the business to offer the product or services at a natural time. If done properly, the sales process will be smooth and will be a pleasant interaction for all parties. It would even result in a repeat customer.
The health of sales lead data is intricately entwined with data management. Data management must be able to check for any error or duplicates and verify the information provided by the would-be client. This will result in the sales lead to be sent to the appropriate sales force. Having the foreknowledge of what the customer wants will make it easier for the sales force to convert the interaction.
In the world of big data, it is a huge task to organize data streaming in. An investment in a robust data management will be a huge plus in the long run. Analysis of data is crucial in the customization of our offers to the clients.
Data management also deals with privacy. Privacy is a serious issue. We need to ensure that we safeguard the client's details while it is under our purview.
Bad Sales Lead Data
Ever had the experience of being cold-called by a telephone marketer about the importance of having an espresso machine at dinner? Or, being pushed into making an unsolicited purchase of something you don't need by an aggressive marketer?
Unpleasant interactions like these can often push a client away. It will even taint the company that is offering the product or services; thereby, depriving the company of future sales.
Bad sales lead data can take many forms. Inaccurate contact information, the product is not what the client wants, a mistiming of the product offer, etc.
All of these result in non-conversion. Non-conversion means no revenue.
Good Sales Lead Data
Imagine a would-be client saw our ad for a product and filled out a survey form. A superb data management would have this survey form inspected and forwarded to a salesperson that can customize the offer according to what the client wants.
A good sales lead data is when the information used to interact with a would-be client result in a conversion. The correct contact information will provide sales force with the optimal way of contacting the client. Accurate information will forestall any negative interaction due to catering to the client's interest. Contacting the client at the right time is also a hallmark of a good sales lead data.
In short, good sales lead data leads to revenue.
A simple sales pipeline would look like this – data in, data management, data out, sales pitch, conversion, and aftercare. As you can see, a breakdown of one may lead to a non-conversion. It is like stacking blocks, push one and it all comes crashing down.
A simple sales pipeline would look like this – data in, data management, data out, sales pitch, conversion, and aftercare. As you can see, a breakdown of one may lead to a non-conversion. It is like stacking blocks, push one out, and it all comes crashing down.
Here comes the crucial part, data management. In data management, the business evaluates the multitude of data coming in. Evaluation screens the data and ensures that all of the information provided was correct. The correct data is stored for future reference and forwarded to sales.
A salesperson armed with the correct data knows who, when, where, and what the customer wants. Sales can package the pitch to completely suit the would-be client's interest. A customized sales pitch would sound better to a would-be client. Meeting the client's requirements will often lead to a conversion.
Aftercare is the service provided after the conversion. It may take the form of services connected to the product purchased which can be an additional source of revenue. It can also be taken as a check on how satisfied the client is with the product.
An indication of healthy sales data is revenue conversion. A good conversion rate from sales leads data is above 10%. This applies to all company size and industry. A quarterback is like a sales lead data. Evaluates the field, call out the play, and provide guidance to get that ball into the end zone. Extract whatever value we can get from the data.
A company's brand can be successfully imprinted with the help of sales lead data. Know the customer, anticipate the needs, and provide access. Interactions after the sale will be a reminder of how the company attended to the client's needs. Imprinting will help generate a loyal and lifelong customer.
Fundamentally, the success of a business rests in one adage – keep the customer happy.