What You Need To Know
In the B2B world, the major challenge is to generate qualified leads; but the top challenge is to ensure that every lead is of a high quality.
Here are a few stats and facts about Lead Quality before we get started
- Marketers top objective is to increase the lead quality – Marketing Sherpa
- 71% of those surveyed found generating high quality leads to be the topmost challenge in the same report by Marketing Sherpa
- Only 25% of leads are legitimate but only 56% of B2B organizations verify business leads – CPA Firm
- Most respondents (30%) cited Lead Quality as the topmost challenge in B2B lead generation – Digital Doughnut
- 63% of companies rank their ability to verify and validate data as basic or very basic according to the same report by Digital Doughnut
It is thus evident that most B2B marketers identify that assuring lead quality is their topmost challenge, yet, they are not clear about how to verify and validate their leads.
And here is where Lead Forensics comes into the picture.
What is Lead Forensics and Why is it important?
Lead forensics is how you can validate and verify the quality of your prospects list and database to ensure you are contacting the right prospects at the right time. Lead forensics is typically done using software tools as well as human experts to ascertain the lead quality.
But, why is Lead Forensics important?
Many businesses collaborate with vendors for their demand generation campaigns; who in turn supply third party data or a stale database.
Here are a few reasons why Lead Forensics is crucial in a present-day demand-generation scenario
- Leads could be over-distributed to many businesses.
- They may contain invalid data like disconnected contact numbers, missing email addresses, or a list of people who no longer work for a company (or account) you are targeting.
- It sometimes happens that vendors may plant bogus leads.
- Some affiliates or vendors fabricate leads or tamper with the lead database. For example, they may tamper with a customer call recording and serve it as a lead, even when the customer has not agreed to participate or sign up.
So, before reaching out to your prospects you must ensure that you have
- Validated lead data
- Updated and detailed prospect records
- Consistent and clean lead database
- and a buyer persona which is the best fit for your company (and your products or services).
The Cost of Bad Leads
Bad leads are BAD for your business. Here is why
- Imagine you are contacting a prospect who no longer is associated with your target account. You may end up losing a future business association too, apart from an embarrassment of not having researched your target audience well before approaching them.
- Loss of business credibility which may cost you a fortune. For example, one of our clients; a top media house in the US was hired by an IT giant for their B2B BANT program. This media house further outsourced the task to an agency that performed only basic checks for a few of the leads, while some were bogus leads, and some call recordings were tampered with.
All this put our client’s business relationship and credibility in jeopardy.
- Apart from this, there is a huge financial loss associated with the bad leads. You can never measure your actual return on investment, your conversion rate will be low, and you won’t be able to justify the campaign cost.
- When bad leads infiltrate your database it can consume significant man-hours to look for problematic leads and clean up your database. It can cost you your team’s time and resources.
Lead Forensics is The Solution for Most of Your Demand Generation Problems
Lead forensics is a scientific approach of using software tools and human intelligence to detect lead fraud rampant in the demand generation industry.
Did you know many fraudulent leads can be generated by bad computer bots like form bots?
The best solution is to ascertain the quality of your vendor or affiliate supplied leads.
Yes, It’s a herculean task especially if you have hard-hitting deadlines and limited resources.
But, we have you sorted.
To help you combat lead fraud, run all your leads through tight Quality Control (QC) checks, and maximize your RoI we have launched our flagship service The QC Platform.
With The QC Platform, you can easily control, manage, and access your Lead QC campaigns, customize requests for quality checks, get complete lead forensics report at the click of a button.
Click here to learn more.
Or SignUp to launch your Lead QC Campaign.