Your leads and your prospect are a valuable company asset, well that is as long as you have then recorded.
If you consider what it costs to acquire each new lead, then in theory your database is worth that multiplied by the number of contacts you have.
Yet this is often overlooked, many companies often purchase new lists or spend valuable dollars on ineffective pay per click campaigns. This is overlooking what is arguably one of your most valuable pieces of intellectual property: The Lead database.
Effective lead management directly yields results in terms of lead conversion, however a natural by-product of the lead generation, and lead management process is an on profile, qualified lead database.
Not only is this an asset but it is also the best way to reduce future lead costs, by leveraging and nurturing your existing, already familiar prospects. Typically you will lower your “cost per lead” and increase opportunities generated.
In truth the lead database if implemented well will contain details of both prospects and customers, will have disqualified the time wasters and have flagged up those that were not ready to buy at first but would at some point in the future.
If you capture the name, email, address, or phone number of everyone who calls you, responds to a campaign or registers on your website then you are some of the way there. If you then track those leads, qualify and feed that back you have a powerful resource on your hands.
Here are 8 ways to leverage marketing’s most important asset
- Keep in regular contact, remind prospects what you are up to and how you provide value with a newsletter
- You know the products leads showed interest in, so let them know of advances, promotions and success stories in similar industries.
- When deciding marketing budgets, review what worked and make decisions based on previous lead success.
- Set targets, establish base line costs for generating leads and opportunities and then work to improve month on month.
- Perform an audit to identify strengths and weaknesses in certain accounts or markets.
- Nurture long term prospects.
- If you use indirect sales channels provide access so they can utilize their assigned leads.
- Encourage joint venture marketing with partners and reseller.s