Lead Generation: What's your goal?
It is the age-old question that has haunted sales VPs since the dawn of time: should I focus on quality or quantity in obtaining leads? Of course, ask ten sales VPs this question and all ten will tell you that they want both. But, given the cost trade off, what is the best course of action when it comes to lead generation?
Leads come in varying degrees of quality, also known as the level of qualification. Highly qualified leads include up to date contact information, access to the decision maker, and an established level of interest or need. Poorly qualified leads may be little more than a company phone number.
Outsourcing lead generation at the highest level is appointment setting. With appointment setting, the lead provider takes on the responsibility not only for obtaining the lead, but also for qualifying the prospect and actually setting a time for your sales force to meet with the prospect to close the sale. Outsourcing your appointment setting relieves your sales staff of a great deal of unproductive prospecting, but is expensive to come by. Only the best lead generation companies can offer value as appointment setters because of the high level of training and extensive manpower required to provide this service.
The textbook distinction between quality and quantity in lead generation is shown in the difference between the Broadcast and Concentration methodologies. The Broadcast methodology casts a wide net across many candidates of varying degrees of interest and qualification. Broadcast focuses on quantity in getting the message out to the widest possible audience and expecting a significant amount of qualified respondents based on statistical sampling.
For example, a credit card company may set up a booth in front of a major sporting event and offer a ‘freebie’, such as a tee-shirt or a blanket. Thousands of leads may pass through and sign up to get their gift but only a small fraction may be truly interested, and even fewer may qualify.
The Concentration methodology, on the other hand, focuses more on the quality of the prospect. Leads generated through Concentration are typically better qualified in terms of interest than Broadcast leads. As the name implies, this methodology focuses on finding (or creating) an environment in which there is a significant concentration of qualified prospects.
An example of Concentration would be a computer software company specializing in telecommunications software setting up a booth at a telecommunications trade show. Since everyone in attendance at the show is inherently involved in the telecommunications industry, the leads are pre-qualified to a large degree. Additional screening at the show can further qualify the prospects based on budget, decision maker status, current provider, and other information that can easily be obtained on the spot.
The quality vs. quantity debate will continue to rage for as long as we continue to prospect sales.
There is no right answer, no one size fits all solution to lead generation. Your industry, the size and make up of your internal sales staff, your market share, and a dozen other factors will all contribute to the direction that you take in lead generation. Understanding your options and how they align with your company’s strengths and weaknesses is the key to properly choosing the direction you take in obtaining leads for your sales team.
At Lease A Sales Rep, we train our managers and sales associates to focus on the industry for a particular client. Therefore, Lease A Sales Rep takes a Concentration approach while specifically Broadcasting to our client's prospects demographics. As many of our clients can vouch for, we follow a stringent process to ensure every lead generation campaign delivers results. Often times we chuckle about the level of detail that we go into when setting up a new campaign. However, we have found our processes to produce the results that our clients look for in a lead generation campaign.
In the end, if our clients cannot generate enough business to afford our services and generate a profit for themselves, our clients would never come back to us. We pride ourselves in being the start and integral part of the success for our client's sales teams.
If you need help in securing qualified leads or appointments, give us a call @919-783-4182.
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