The New Lead Generation Model
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The document discusses problems with traditional lead generation models, including poor quality lead data, lack of unified measurement across channels, and inability to track ROI beyond conversions. It then outlines a new lead generation model proposed by Convertr Media that involves three stages: 1) real-time validation of lead data quality, 2) unification of goals and measurement metrics across channels, and 3) closed-loop tracking of ROI by following leads through the sales process. The model is claimed to increase lead quality by 62% and save €2M in costs through invalid lead detection based on a case study with Fiat Chrysler Automobiles UK.
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The New Lead Generation Model
- 1. The New Lead Generation Model PMI Europe 2016
- 2. The Current Lead Generation Problem LEAD DATA QUALITY UNIFIED MEASURMENT ROI 1 2 3 @convertrmedia
- 4. Contact Data Quality is a REAL Problem 85% Of organisations have problem with their contact data. 86% Think their data is inaccurate in some way. 44% Say missing information is among the biggest issue. 42% Of contact data is inaccurate, the biggest obstacle to cross channel marketing. Source: Experian Data Quality @convertrmedia
- 5. The Current Lead Generation Problem To clean data at point of capture. To clean data after capture. If nothing is done with bad data. €1 €10 €100 @convertrmedia Source: Sirius Decisions
- 6. Convertr Data Research 500K • 6 European Countries • 12 Months (2015) • Over 50 Campaigns LEADS ANALYSED OVER @convertrmedia
- 7. The Hidden Cost of Lead Generation 35% • Invalid Data • False Data • Missing DataLEADS ARE INVALID @convertrmedia
- 8. Why Leads Fail 27% Invalid Phone 9% Phone & Email Invalid 23% False Details 9% Duplicate Lead 15% Invalid Emails 18% Combination Of Failures @convertrmedia
- 10. NOT JUST CPL CPL Email Display Social Search ProgrammaticRetargeting Affiliate Content Marketing CRO / LPOSEO Mobile What Is Lead Generation @convertrmedia
- 11. SEM Team / PPC Team / Biddable Team Digital TeamTrading Desk Affiliate Team Specialist Teams Search Team Lead Generation EmailDisplay Paid Social Paid Search Programmati c Retargetin g Affiliate Content Marketing CRO / LPO SEO Mobil e How Performance Is Managed @convertrmedia
- 12. Measurement in Silo’s Programmatic EmailDisplay Affiliate SEM Conversions Engagement Online Sales Ave CPC Conversions Activity Channel Measure Results Varied and Incomparable ROI • Measurements are in silos without any unification • No consistency in reporting • Delivered by different teams Overall Measure @convertrmedia
- 14. Tracking Beyond the Conversion ANONYMISED DATA 1 2 3 AD TEC H Creative & media performance data Behavioral data Conversion data / Online Sales 4 Offline sales - Sale Info - CLV PERSONALISED DATA DATA BLACK HOLE @convertrmedia
- 15. Time Is Money • The chance of converting a lead reduces by 400% after 5 minutes without contact. • 30 - 50% of sales goes to the first salesperson to contact the prospect. • Firms that tried to contact potential customers within an hour of receiving a query were nearly seven times as likely to qualify the lead. @convertrmedia
- 17. Stage 1 - Realtime Validation • Phone validation • Email validation • Address validation • Custom rules @convertrmedia
- 18. Stage 2 - Unification of Goals and Measures Programmatic EmailDisplay Social Search CPVL CPVL CPVL CPVL CPVL Activity Unified Measure Results Unified Measurement - Each channel can viewed on effective CPL and Sales - ROI metrics can be viewed down to channel, publisher or site - Consistency in measurement across all activity Overall Measure @convertrmedia
- 19. Sale Conversion Tracking & Reporting Digital Advertising Activity Lead Generation Email Advertising Display Advertising Social Advertising Search Advertising Call Centre / Sales Real-time Routing Lead Validation Stage 3 - Closed Loop ROI @convertrmedia
- 20. 62%INCREASE IN LEAD QUALITY €2MCOST SAVINGS THROUGH INVALID LEAD DETECTION Example - FCA @convertrmedia
- 21. Michelle Davis Digital and CRM Director Fiat Chrysler Automobiles UK Fireside Chat With… @convertrmedia
Notas del editor
- These are the 3 key areas for performance marketers in driving leads today. Really understanding the quality of leads that are being driven by marketing Creating a framework so that true unified reporting can exist And closing the loop on ROI so that marketers get a view on the real value of their activity
- I’d like to start by asking a couple of questions 1.How many of you in the room have a way of validating your marketing leads in real-time? 2. How many of you track lead to sale?
- The cost of bad data isn’t just about the ‘wastage’ cost of marketing activity. Sirius Decision, a Lead Generation research and consultancy firm in the US has looked at the ‘business cost’ of not validating leads. For every lead generated there is a cost in deciding to employ validation. But the cost of not validating is anywhere between 10x to 100x worse for trying to fox the problem after capture or not doing anything. These are significant costs on a business and often the type that aren’t understood or known
- Convetrr has undertaken it’s first research project this year. We’ve analysed a very large sample of our data from lead campaigns run through the platform over 2015. Its from multiple sources and on behalf of multiple companies in varying sectors and also spread across a wide range of countries: UK, France, Germany, Italy, Belgium and Poland.
- This is a significant figure. If I asked you about activity you were spending marketing budget on where a third of it would be instantly wasted, would you do it? The answer is almost certainly no, but yet the vast majority of you running lead generation campaigns are doing this right now. The mistake that many marketers make, is to focus on what activity is driving success and trying to increase in these areas. When in fact marketers should first look at the failure rate and understand why it’s failing. You will make significantly bigger % improvements by focusing on ‘failure’ issues’, rather than trying to squeeze ‘minor %’ improvements in successful activity
- The reality in lead generation is that a lot of people don’t tell the truth. They lie about their contact details, their name and their location. And our research proves it. Of the leads that fail, nearly a quarter have given deliberately false details and over 90% have given incorrect contact information.
- Lead Generation is a KPI not a type of activity It’s not its own channel Lead generation should be a holistic discipline that spans all of your digital channels The previous barrier to this view was only the ability to measure
- For most organisations, this performance activity is managed in specialist teams The result is individual focus on goals and objectives with no co-ordination or joined up analysis Micro level reporting with little understanding on what is the right balance in activity
- This results in silo’d measurement. With separate goals and measures There is no holistic understanding or unified view on what is driving success
- Question for the audience: How many of you can truly see what happens to your leads from anonymised activity (display, search, social ads etc)? The challenge for brands is to solve the data black hole. The point when anonymised advertising convertrs into personalised data. It’s not enough to know that x activity has driven Y conversions. What is the quality of those conversions? Did they result in sales?
- ROI isn’t only about tracking and reporting on results Time is a critical component in converting leads. Your customers expectations are greater now than they’ve ever been A response time now of over 1 hour is considered slow. Every aspect of lead generation now needs to work in real-time. From generation, tracking, validation, routing and follow up. Every minute counts
- Validation is the critical first step in lead generation. There is simply too much much wastage in your activity to ignore it. If you could improve 35% of all of your activity, wouldn’t you do it? Any validation isn’t only about getting the right contact information. It’s also validating that the lead has the potential to be an actual customer. How many of you process leads that don’t even match your business requirement to be a customer? A prospect in the wrong location, without the financial means, the wrong age or household composition. The right process is to filter the lead at the point of capture so that only the leads that match your business requirement are processed.
- Your lead generation activity should be unified in it’s measurement You should be able to take a holistic view on your activity and compare the channels and how they drive ‘quality’ leads. The first part of this is to change the focus to getting a uniform basic metric of measurement. This means measuring all activity in how it drives ‘validated leads’, leads that have correct contact details and match your basic business requirement This enables you to view everything against a Cost Per Validated Lead (CPVL). This becomes your basic metric in measuring success. It is then possible to take the next step in further measurement with a consistent and comparable base.
- Closing the Loop on your measurement is the final important stage. Performance marketers should be striving to measure all their activity in the most important metric possible – sales and sale value. The key element is integrating with your CRM and pulling sale data back into your measurement.
- 1. Can you give us a quick overview on what FCA Is doing with it’s performance marketing 2. In the presentation i touched on value of time and it’s impact on lead conversion. is this something you see at FCA? 3. How important is technology to FCA’s performance marketing and what platforms are you using? 4. Your job title would suggest that FCA has a mature view on how marketing drives data. Is this a correct view? 5. Given your ownership on CRM. how hard is it to keep your CRM data clean and what do you have in place to help this?