Recent advances in data-driven technologies have definitely created new ways to improve customer acquisition process. Imaginative and Careful marketers are finding innovative ways to acquire quality leads, convert better and keep customers happy with delightful experiences.
Being a data analytics company primarily dealing with B2B Clients, a lot of clients inquire about lead generation use-cases. While we have approached the topic in a variety of ways, most people keep asking ways to get data about prospects who are searching for a certain product on the internet.
There is no straightforward way to solve this problem. I heard sometime back in China that people used to get calls from advertisers immediately after they search something on a search engine. Those days are long gone even in China. The only way you can get access to this privileged information is if you would have created a search engine 25 years ago (and of course you should be prepared to be called 'evil' for the same).
However recent advances in data-driven technologies have definitely created new ways to improve customer acquisition process. Imaginative and Careful marketers are finding innovative ways to acquire quality leads, convert better and keep customers happy with delightful experiences.
We have worked with several clients over the last couple of years to improve their customer acquisition strategies. Just wanted to touch base on a few which have produced most significant results:
1. News and Social Media Feeds
News is moving at a speed of light. A lot of feeds which seem like random text can tell a lot about the next sales opportunities.
For example, when we worked for a leading global cable manufacturer, they were very interested to know how their sales team can get hold of leads which are opening up new offices in particular regions. Mining the news articles or social media feeds can create significant uplift to the business by not only pointing to the right opportunities but also at the most appropriate time.
They even asked us to create alerts about Tenders and Projects which can highlight prominent sales opportunities without having to go through a series of articles and finding appropriate keywords.
2. Website Visitors
It should not come as a surprise that the best prospects that you can get for your business are the ones visiting your websites. Carefully nurturing these prospects to leave their contact information with the business can help gather proper leads.
The business needs to identify the customer journeys which are leading to conversion. Also, they need to find inefficiencies in the journeys which are causing prospects to drop off.
Personalization of communication on the website can be as effective as Email marketing or Google Advertising. The best part is that you don't have to spend anything to do that.
Tracking and Tag management can help businesses create huge databases of leads. It can also significantly improve conversion rates by adding insights from browsing behaviours of the prospects.
3. Online Databases and Scraping
A lot of companies these days are maintaining online databases of businesses and key decision makers. Most of them have teams to manually gather information from websites, news, online portals, blogs, and social media, etc. Some of them could be very rich in information especially if they are segmented by geographies, industries, and demographics.
However, if you are looking at cheaper alternatives, good old fashioned scraping can help. Scraping is still a grey area for the most part. But be careful about the privacy laws and site rules while going for any of these routes. Generally shortlisting the segments that you are interested in and not going for bulk lists helps.
4. Clean-ups, Prioritisation, and 360-degree profile
Once you have the database, it is time to proper clean-ups. Cleanups of names, emails, phone numbers, and addresses are very important as using the data without cleaning up can significantly increase the costs. Not only in terms of operations but sending improper communications can have significant opportunity costs to your business.
Lead prioritization models can alert marketers about which leads to prioritize for their communications. One of our clients saw an uplift of 118% once they started using conversion models for their communications. Sophisticated models which cover a lot of information and can practically qualify your leads through their activities generally not noted by humans.
Getting public information about the prospects, understanding their browsing behaviours and social media profiles can throw significant information about the kind of products they are likely to be interested in. Creating product recommendations models using similar profiles of customers can cut short the guesswork that salesmen use to shortlist the best products for the customers. Customers also don't feel that they are being hard-sold and have better reception to these inquiries.
5. Real-Time Alerts
Last but not least, an automated system is needed where some of these opportunities are shared proactively without being discovered by the sales and marketing teams. The platform helps a lot since its free from human errors and nudge the salespeople in the right direction. It also helps in saving time and reaching the prospects while they are hot.
I will deep dive into some of these strategies one by one in my upcoming posts. Please do let me know which one of these would you like me to elaborate further. Cheers!
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