Lead enrichment is collecting data about your prospects into a database to qualify them better and close more sales. This information can include their email address, location, company industry, job title, social media profiles, purchasing power, user behavior, etc. You can do it either manually by copy-pasting the necessary data or using third-party tools to automate the process. The more information you have, the better you can approach each lead.
In this article, you'll find out why lead enrichment is essential, uncover its benefits, and learn how to gather the necessary data about your prospects.
Why is lead enrichment important?
According to the research, the absence of a well-thought-out lead-qualifying strategy is the reason for 67% of lost sales. It means that the less time your sales and marketing teams devote to determining whether a lead is a good fit, the fewer chances they have to convert a prospect into a client. Lead qualification implies collecting data about leads for better performance. Otherwise, you may spend time and money in vain, investing in attracting low-promising leads.
Lead enrichment helps your sales teams make informed decisions based on new and accurate prospect data. Consequently, it will save your budget and your reps' time on communicating with bad leads. In the long run, lead enrichment will result in a highly effective lead acquisition strategy and seamless lead generation.
In the next section, we'll cover the advantages of lead enrichment in detail. Read on!
Benefits of Lead Enrichment
Lead enrichment provides benefits for companies, their employees, and their leads. Let's take a closer look at them.
- Lead enrichment enhances lead qualification. We've already mentioned above that you can't qualify prospects effectively without lead enrichment. Lead qualification is vital if you have a high CAC, an extensive customer base, or if you work in a narrow industry. Otherwise, you'll spend money before understanding which lead is a perfect fit for you. The more data you have about prospects, the more customer profiles you can create.
- Lead enrichment allows you to keep your data fresh. Outdated information in your CRM system may play a trick on you. Say you've once gathered enough data about your leads and now want to contact them half a year later to promote your recent innovation. Decision-makers may no longer work in this company, it might have closed, or its needs could have changed. To avoid spending time in vain, delegate updating customer information to a specialist.
- Lead enrichment helps your sales team create a better flow and increase their on-target earnings. With customer data at hand, your sales reps can create targeted and highly relevant messaging and offers that will strike the right chord with your audience. Besides, they'll manage to better approach cold and warm leads with a perfect lead nurturing strategy. They will use how-to guides, testimonials, reviews, case studies, presentations, and other educational videos to ensure seamless sales pipeline management. In addition, communicating with the best leads results in higher sales; consequently, your employees will be very motivated to receive their sales commissions.
So, the benefits of lead enrichment are undeniable. One way or another, this strategy will help you close more sales, increase your revenue, and retain more clients. Now let's learn how to collect lead enrichment data.
How to gather lead enrichment data?
You can gather information about leads either manually or using special services. You can try collecting data independently if your customer base is not that big. For this purpose, use external and internal data sources.
Internal data source means that you collect data about leads from your sources and store it in your CRM. For example, SendPulse provides a free CRM with the following sources of automatically added information about your clients: landing page, your website, chatbot, subscription form, Automation 360 flow, and payments. Once users make a purchase and leave their email address, name, and other data, this information will be added automatically as a new deal to the CRM system. Each lead and client has their card in the SendPulse CRM, where you can add any data about your user. Then your sales rep can easily access it and contact a lead via email or chatbot.
External data sources include firmographic, demographic, and lead behavior data. With the firmographic data, you can learn your lead company size, industry, revenue, location, etc. Demographic data includes personal information about leads, such as their gender, age, marital status, purchasing power, etc. Lead behavior allows you to analyze how often prospects visit your site, which pages, and how they interact with your posts on social media and email campaigns.
If your customer base is large and you want to save time, you can use special lead enrichment tools like Snov.io. This platform can provide an entire lead profile with only their email address, and it searches through its database and offers all the data it can find.
You can mix a lead enrichment service with manual data collection for better performance. Remember to update your customer profiles regularly!
Last Updated: 05.01.2023