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Lead validation: You’re killing your own marketing efforts if you’re not validating leads…JGRobo Marketing, Inc.
In terms of marketing, there is no question that invalid or inaccurate data is the single biggest factor in damaging marketing and advertising ROI.
As we enter 2022 and beyond, new marketing philosophies are being utilized on a nearly constant basis. For example, search engines such as Google & Bing are changing their algorithms monthly, while trends in social media mean that advertising strategies and platforms often need to be adapted just as often.
One constant, however, is that valid data is required to be effective, no matter what marketing platform you are using to obtain leads. This rule applies not just to leads you obtain through traditional marketing channels, such as print, radio or television advertising, but also to leads obtained using social media and other online approaches. Unfortunately, this very important aspect of successful marketing is often overlooked.
- Dun and Bradstreet Study
- How can we Improve our Conversion Rates? Improve Conversion Rates Using Lead Validation
- Keap Lead Validation: Why Having Invalid Leads is a Waste of Your Time
- Keap Lead Validation: What if We Told You… Most of Your Contact List isn’t Contactable?
- Lead Validation Services: Can this service be integrated into my existing CRM?
- Lead Validation Services: Will I be able to use multiple sources of lead capture?
- Lead Validation Services: Enhanced Demographics
Dun and Bradstreet Study
Within the last few years, Dun and Bradstreet released the results of a year long study. Much of what they revealed, as part of an analysis of nearly a billion records across organizations, was startling. Here are two big takeaways:
- Most companies have “questionable” or worse e-mail data in terms of deliverability — effectively paralyzing their marketing efforts via this medium.
- Accurate phone records — the lifeblood of any sales team — not only are, on average, in an even worse state than email, but are generally on the decline in quality when compared year over year.
To effectively implement and engage [today’s marketing] strategies and capabilities, you need to ground them with a foundation built on good data. Prioritizing a data strategy to rapidly improve the quality of sales and marketing data will enable you to take full advantage of these investments while distancing yourself from the competition.Dunn & Bradstreet.
Then, several technical issues make it increasingly important to have accurate e-mail data. For example, businesses doing email marketing must consider both the increasing use of technologies such as Anti-Spam Blocking Firewalls (ASBF) and ISPs becoming more hostile to direct email communication. Added to the mix are consumer privacy issues and legislation. So, it’s no wonder why email deliverability is a huge concern.
Another major issue is that for many businesses…
How leads are generated and in turn how e-mail addresses and phone numbers are collected lead to inherent problems.
For example, for lead marketers collecting leads via inbound phone calls, even the very best call centers struggle to accurately collect valid e-mail data — variants in how people spell their name, the ever-growing length of email addresses, and other issues all conspire to make typos and errors in many cases more likely than not. It’s, thus, easy to see how 30% to 50% of your leads end up uncontactable.
A big problem, right? You betcha! But it doesn’t have to be.
Actually, if you solve your data quality issues in the right way, you can create major new opportunities to increase revenues and in turn improve your bottom line. In other words, the right solution can not just neutralize data quality issues, but create even more business for you.
So, what exactly does this look like?
If you are like many businesses, you spend hundreds or thousands of dollars marketing your newest product and/or service. We all know that getting consumers to your website or having them give you a call is the hardest part of marketing.
So, assume you spend $5,000 on Facebook and cultivate 100 potential buyers (implying a CPL of $50.00). Our research shows that without using some form of correction service upwards of 30 to 40 percent of these potential buyers will have invalid email, phone or physical address data (or some combination of these issues) — making marketing to them impossible.
Assuming a 35% loss rate due to invalid data, you are now left with 65 potential buyers, despite still spending $5,000. So, in this scenario, your actual CPL has increased by significantly more than 35%; it is now $5000 divided by 65 leads = $76.92 per lead — a 53.84% percent increase in your CPL.
Here is what the CPL increases look like in various lead loss scenarios
As you can see above, as lead loss increases, your cost per lead increases at a much faster rate. A 35% lead loss rate means you’re paying 53.85% more than you would if you had not lost leads due to bad data accuracy.
Let’s look at another scenario. In this scenario, you’re a live event marketer that funnels leads to a callcenter that obtains the caller’s information and registers the caller for your live event.
Those in the business know that lead acquisition costs can be quite high; traditional media such as radio and television is often used in such scenarios, meaning that making the phone ring generally costs $150 or more per caller. So, on this basis, let us establish the following scenario:
A marketer spends $15,000 on traditional media. At $150 per caller, and perfect conversion, that would lead to exactly 100 leads. However, callcenter lead conversion rates tend to be in the range of 65%, meaning we have a net lead total of 65 callers registered. If we assume the industry norm of approximately 45% attendance, our $15,000 advertisement leads to approximately 29 attendees.
Let’s assume that we know approximately 30% of those attendees will ultimately buy our product, which brings us $3,000 per sale in revenue. Let’s also assume that our event costs, such as the event speaker, travel expenses, hotel venue expenses, and so on, are fixed at $5,000.
We can summarize this as follows:
Not bad, but if we have even a few less people purchasing than we expect, we’re going to lose money. But what if we could somehow improve the effective callcenter conversion rate?
How can we Improve our Conversion Rates? Improve Conversion Rates Using Lead Validation
Improving lead conversion rates is precisely what the JGRobo Lead Automated Management Service (LAMS) can do.
This is especially effective for event marketers using call centers; typically, we are able to “heal” 45% or more of otherwise invalid leads. Exactly how we do that is something I’ll come back to you. But in the meantime, let’s look at the results of doing so in another example below:
All else being equal, “healing” 45% of leads — that is, correcting invalid e-mail/phone/physical address data — causes our effective conversion rate to increase from 65% to 80.75%. This causes a boost in attendees and a major boost in the bottom line profit.
Here’s a summary:
And, what does this lead validation effort look like in terms of ROI?
Well, we know that the total marketing cost in our first scenario, without the JGRobo LAMS, was $15,000. At a cost of just $3 per inbound lead, the JGRobo LAMS increases this marketing investment to $15,300. But we should compare the profits…
In our default example, we obtain $26,325 in revenue on $20,000 in costs, for a net ROI of $6,325.
However, in our JGRobo LAMS example, the same seminar yields $32,704 in revenue on $20,300 in costs — for a 96% increase in ROI to $12,404.
So, what do we mean by “lead healing?”
Instead of thinking of invalid leads as a problem, we suggest changing your marketing perception to realize there is already a solution.
Until just recently, e-mail and phone validity data were only available to large Fortune 500 companies. This technology was great for these huge money-making companies, as it allowed them to scrub even entire databases, but it left everyone else in their dust. Moreover, outside of these powerful companies, most people didn’t even know this technology existed, let alone how to implement it into their systems.
Take heart! The rest of this article will explain, quite frankly for most people, how “Your Marketing efforts suck if you can’t validate your leads” — but more importantly, how you can easily fix them!
Keap Lead Validation: Why Having Invalid Leads is a Waste of Your Time
If your company is a large lead-generating machine this becomes a much larger problem a lot quicker.
If you are spending $50,000 per month on marketing and 30% of your leads are invalid, you just left $15,000 on the table. That is 15,000 reasons why Invalid Lead Data is directly hurting companies.
The amazing thing about Lead Validation Services (LVS) is that they can quickly turn a lead loss into lead profit. Instead of throwing away a lead that you can’t contact, we can show you how we can turn that invalid contact automatically into a contact that you can sell.
For consumers, everyone wants the newest and best iPhone. There is no denying the popularity and amazing uses of this device. When it comes to business, there is no denying that companies are flocking to this amazing lead validation technology.
It is having immediate positive effects on their Return On Investment and it makes the jobs of everyone in their company a lot easier.
Your sales team doesn’t have to waste time calling contacts with bad phone numbers. Your marketing team doesn’t have to remove contacts from your marketing funnel due to bad emails. You can stop sending out postcards to mailing addresses that don’t exist. Time is money and so is manpower.
Now that we have identified the problem, you need to understand the solution better.
- How exactly does Lead Validation Services (LVS) work?
- Can this service be integrated into my existing CRM?
- Will I be able to use multiple sources of lead capture?
- What about Enhanced Demographics… is this an option yet?
- Can I get access to advanced analytic reporting?
- Is it true that businesses can see a 45% increase in their ROI with automation?
Keap Lead Validation: What if We Told You… Most of Your Contact List isn’t Contactable?
Lead Validation Services is a relatively new technology that has been utilized by all the top Fortune 500 companies across the world.
Walmart, Apple, Chase, UnitedHealth Group, AT&T, CVS, Berkshire Hathaway, etc. All of these companies are using various types of lead validation services. Simply put… it works!
This technology will take a lead that has invalid data and turn it into a contactable lead. The days of invalid emails, bad phone numbers, or incorrect mailing addresses are over!
The JGRobo Lead Automated Management Service (LAMS) runs a cutting-edge lead validation service that validates all processed leads in real-time. If at any time invalid data is processed through this service, a powerful verification analysis is initiated on that lead. By utilizing 250,000,000+ online profiles this service can find the correct information for that contact and replace the invalid data with valid data.
Lead Validation Services: Can this service be integrated into my existing CRM?
Lead Validation Services sound great but if they can’t integrate with your existing system you’ll probably pass on the idea.
Running an entirely new system that works differently from what you are using now, sounds like a nightmare doesn’t it? Again, this doesn’t have to be a problem as there is already a solution.
The JGRobo Lead Automated Management Service (LAMS) can be integrated with most of the popular CRMs such as: Infusionsoft by Keap, SalesForce, Ontraport, Active Campaign, and GreenRope.
You do not have to change your system, you do not have to train your staff. JGRobo simply integrates their service with your existing CRM and professionally processes all of your leads.
Lead Validation Services: Will I be able to use multiple sources of lead capture?
The problem with running multiple marketing campaigns is it can become complicated.
Finding out what lead came from your website, or what lead called in from a specific radio number can be a challenge for even the most proficient marketing professional. That is why the most popular type of marketing is Funnel Marketing.
With the JGRobo Lead Automated Management Service (LAMS) you can run an unlimited amount of marketing campaigns that all get funneled neatly into your CRM. With advanced custom reporting, you will know exactly where your leads came from, the validity of each lead, plus your leads are more POWERFUL as they are now enhanced with extra demographics.
Lead Validation Services: Enhanced Demographics
Enhanced Demographics is yet another new technology that is just becoming available for use. Having more detailed information about a potential customer will allow you to tap into the consciousness of the buyer.
There are numerous ways to approach a contact based on their Lead Score. Unfortunately, there is a fine line between capturing detailed information and trying to keep forms as short and quick as possible. The last thing you want is to lose a contact because they felt your form was too long and it would take too much time to complete.
Just as technology is moving at an accelerated rate, the human psyche is always trying to continually move. The longer a form, the more likely that contact will leave your website.
The mantra of Internet Marketing is to keep everything simple. Quick, short, and to the point.
With Enhanced Demographics you can have both sides of the marketing pie.
You can still have a short form, and on the backend, capture all the demographic markers.
As said above, there are numerous ways to approach a potential buyer when you have more details of that person.
You are going to treat a person who makes $250,000 per year in a $1,000,000 home differently than a person who makes less than $20,000 and lives in an apartment. When it comes to Enhanced Demographics this information can be the difference between a sale and a tire kicker.
The big question has always been, “Is this technology available to me, and how I can utilize Enhanced Demographics?”
Great news, as the answer is a resounding YES and we’re going to show you how you can utilize it right now!
You are a smart person, and intellectual when it comes to marketing. You don’t need a person telling you why these types of demographics are important:
- Marital Status
- HomeOwner Status
- Secondary Email address
- Linkedin profile
- Facebook page
- Purchase Data
What you do need to know is how to acquire this information in your current marketing efforts.
The JGRobo Lead Automated Management Service (LAMS) is leading the way in allowing everyone the ability to capture lead demographics. Through this service, you will tap into an extraordinary amount of marketing information that will assist you and/or your sales team in closing the deal!
The art of the deal has always been about knowledge. The more information you have of your lead, the easier it will be to turn them into a buyer.
This is one of the reasons why Fortune 500 companies have immense data on their leads and why advertising companies throw billions of dollars on demographics.
The most detrimental element affecting marketing and advertising ROI is invalid data. Correct data is essential to be effective, regardless of the marketing platform used to generate leads. This guideline applies not just to traditional marketing channels like radio and television advertising but also to social media and other digital approaches.
JGRobo Lead Automated Management Service (LAMS) allows validating your leads effortlessly and, hence, increasing your conversion rates by up to 80%!
LAMS is a full suite of lead validation services, including email address validation services, address validation services, and it gives you access to Enhanced Demographics. With LAMS, you can ensure that your list is 100% accurate and up-to-date.