Databases full of dead leads?
If you’re in the lead generation business and really want to put yourself in a bad mood, just add up the number of dead leads you have sitting idle in your database. Fortunately, it doesn’t have to be like that.
Just like we often tell our lead buying clients…”There is always potential left in those Internet inquiries.” There was some original intent in that first inquiry. Something changed that made the person unresponsive, but often with the right data management and lead nurturing these leads can be monetized.
This is the idea behind data monetization strategies.
Let’s discuss some of the fundamental principles of data monetization and aged lead management:
1. List Review and Enrichment – The number one reason for lead failure is bad data. Whether it is intentional, accidental, or age a significant number of Internet inquires have data errors that make them difficult, if not impossible contact.
Internet consumers are not static data–they’re people. That means that they are imperfect and are given to change on a whim. That volatility is reflected in your dead leads. For example:
● Many consumers have a preference for how they want to be contacted, yet we often make all of the contact fields mandatory. The result? They simply give us good contact information for their preferred methods and bogus information for the rest.
● Humans err. Humans on keyboards, with fat fingers err even more. A combination of impatience and Web form usability can contribute to a whole host of data errors from misspelled email addressed to transposed telephone digits.
● Consumers are more mobile than ever. The recession combined with proliferation of digital communications have made people more mobile than ever. We change home addresses to move for a new job. We change email addresses with new Internet providers. Or, we get a new mobile phone carrier and change telephone numbers. A few weeks can completely change the validity of the contact info on a lead.
This is why the first step in any data monetization program is a simple data scrub. Identifying, replacing, and appending bad data with updated data can give an immediate boost to your lead data.
2. Telephone Screening – Much of the data scrubbing process can be done in a systematic way. Looking for common errors or cross-referencing and appending from lead quality databases can be a quick and cheap way to recover the monetization opportunity on much of your data. However, if your goal is to not only recapture the lead data’s saleability, but also return it to a real-time rate card and viability you need to step-up to telephone screening.
Telephone screening or as the marketing spin calls it: “Hot Transfers” are a great way to get your dead leads back into the market. This data monetization strategy not only allows you to correct inaccurate data on the lead, but also often reactivates the person’s intentions towards their original inquiry.
3. Email Nurturing and Monetization – Much like the telephone screening approach, email lead nurturing can re-engage the prospect and reactivate their original intentions.
A simple email campaign can strengthen the viability and long-term monetization of those one-time Web inquiries. These email lists can become very high ROI lead opportunities with a variety of additional monetization strategies that can be layered into your overall lead generation strategies.
Data monetization is the answer to getting more from your lead generation investment. Are you interested in finding out more about all of the creative ways you can get more money from your “dead” leads? Contact Troy at Next Wave Marketing Strategies and ask about his data monetization programs and how they can help squeeze more dollars out of your Internet and aged leads.