Not all leads are created equal. They vary by geography, source, and where they are in the funnel. But how does Source Management help identify the...
Optimize Lead Buying
Optimize lead buying with Lead Quantification. Not every lead is created equal. Because not every customer is created equal either. It’s a simple thing.
Not every lead is created equal
Not every lead is created equal. Because not every customer is created equal, either, it’s a simple thing. Each customer you generate has its own unique value, which is determined after a sale, and that value takes time to develop based on key metrics you track.
So how do you use them in lead buying?
Simply bring these metrics to the front end of your buying process — and use them to evaluate lead sources, lead types, and other factors in the buying decision. This is what PX now calls Custom Values.
So what metrics will you want to use?
- Mortgage brokers will want to use actual loan amounts to determine the value of their leads
- Window or Solar installers may use the actual completed job value
- A subscription business may use subscription length or cancellations to determine actual value
There are many more examples, but it’s always a custom value for your business. We think of them in 3 core groups of data that can drive success.
Each of these examples is a data point collected during your sales process or post-sale. That makes them instantly specific to your business purpose, and potentially more valuable than just about any other pre-sale indicators.
Here’s the how-to for lead buyers:
Currently, buyers who share their sales disposition data in PX do it to inform their buying strategy and optimize their results. Most of that is what can be thought of as “status data.” Its metrics showing where a customer is your funnel (e.g., Contacted, Interested, Closed Sale).
Now, with Custom Values, you can also optimize by using this custom behavioral data or any other post-sale information. If it’s collected by your sales reps or anywhere throughout your operation, these custom values can be used on PX to inform and optimize your buying.
Below is an example of what you would see in PX. The buyer has mapped 3 custom values against 3 different sources:
- Avg. $ Project Value
- Total # of Install Cancellations
- Avg. Credit Score (of the customer)
Armed with this mapping of results, the buyer can make greater determinations as to which sources can deliver not just customers, but valuable customers! Do they generate more revenue? Do they cancel? Are they more creditworthy?