{"id":10774,"date":"2020-10-23T11:53:00","date_gmt":"2020-10-23T11:53:00","guid":{"rendered":"https:\/\/trafficsoda.com\/?p=10774"},"modified":"2022-11-28T08:48:52","modified_gmt":"2022-11-28T08:48:52","slug":"what-is-data-driven-lead-generation","status":"publish","type":"post","link":"https:\/\/www.trafficsoda.com\/what-is-data-driven-lead-generation\/","title":{"rendered":"What Is Data-Driven Lead Generation?"},"content":{"rendered":"\n

A recent survey shows that up to 30% of a typical company\u2019s revenue is generated through marketing.<\/p>\n\n\n\n

Yet turning leads into sales remains one of the single most difficult parts of getting your business to grow.<\/strong><\/p>\n\n\n\n

Fact is, most leads who enter your marketing funnel<\/a> \u2013 even many so-called qualified<\/em> leads \u2013 do not end up buying your product or service.<\/p>\n\n\n\n

This, right here, is a massive<\/em> bottleneck for many companies trying to climb the leader.<\/strong><\/p>\n\n\n\n

And all too often, these struggling companies think this can all be fixed with a bigger marketing budget \u2013 without <\/em>setting a useful strategy in place.

<\/p>\n\n\n\n

The #1 Mistake You\u2019re Making In Marketing Right Now

<\/h2>\n\n\n\n

Leads don\u2019t pay the bills\u2026conversions do<\/em>.<\/p>\n\n\n\n

But whether it\u2019s hitting the \u201cBuy\u201d button, making the phone call, or lining up to check-out, most of your prospective customers just aren\u2019t taking that final step.<\/p>\n\n\n\n

You might feel so<\/em> close to making the sale. Like something somewhere is missing<\/em>, and all your customers need is one final \u201cpush\u201d towards conversion.<\/p>\n\n\n\n

This is where many, many companies make a big mistake.<\/p>\n\n\n\n

Instead of taking a forensic look at their broken marketing funnel and analyzing where, exactly, their leads are dropping off\u2026<\/p>\n\n\n\n

These companies pull out their credit card and expand <\/strong>the campaign, as-is, to an even wider audience.<\/p>\n\n\n\n

They fall prey to the all-too-common misconception that you should be marketing your service or product to as many people as you can.<\/p>\n\n\n\n

However, this \u201cscattershot\u201d marketing approach won\u2019t bear any fruit if 99% of the people coming across your product or service aren\u2019t buying!<\/strong><\/p>\n\n\n\n

Sure \u2013 you\u2019ll be reaching more potential <\/em>customers overall. It stands to reason that your conversions should increase accordingly.<\/p>\n\n\n\n

But that doesn\u2019t actually solve the problem you had in the first place<\/strong>: that too small a portion of your leads were actually buying.<\/p>\n\n\n\n

Your conversion rate is still low. You\u2019re still spending too much money per lead.<\/p>\n\n\n\n

Put simply, you\u2019re not getting your money\u2019s worth.

<\/p>\n\n\n\n

What You Should Do Instead: Quality Over Quantity

<\/h2>\n\n\n\n

This is exactly where data driven lead generation is so important.<\/p>\n\n\n\n

Rather than focusing on reaching more<\/em> people, this methodology helps focusing on the right kind of people.<\/strong> Your target market.<\/p>\n\n\n\n

Data-driven lead generation<\/u><\/strong> focuses on leveraging sales and marketing data to focus on the quality of leads over quantity. This is an extremely important concept.<\/p>\n\n\n\n

Data-driven lead generation doesn\u2019t necessarily focus on getting as many leads as possible. Rather, it integrates sales into the mix and focuses on pushing the leads to actually buy a product.<\/p>\n\n\n\n

This approach can further amplify the success of any marketing strategy, and constant iterations can serve to work out that strategy\u2019s pains and shortcomings.

<\/p>\n\n\n\n

Lead Generation & Data Analytics<\/h3>\n\n\n\n

In order to build the right models for your business that can provide you with the most usable data, it is crucial to gather accurate, relevant marketing and sales data.<\/p>\n\n\n\n

This data can then help generate insights and prove or disprove your hypothesis of whether a specific strategy could work.<\/p>\n\n\n\n

With data analytics, you can focus on understanding the different attributes of your target market and develop detailed insights \u2013 the kind that you can use to produce powerful marketing messages.<\/p>\n\n\n\n

Furthermore, this can allow you to find connections between different attributes and data sets that aren\u2019t possible through traditional biased thinking.<\/p>\n\n\n\n

For this to happen, you need reliable data which can help drive your analysis.

<\/p>\n\n\n\n

Good Data Is Unbiased Data<\/h3>\n\n\n\n

Here\u2019s the real beauty of data driven lead generation:<\/p>\n\n\n\n

Data is always unbiased<\/strong>.<\/p>\n\n\n\n

The pre-set notions and theories that are followed in \u201ctraditional\u201d marketing (some of which are literally over a hundred years old!) are not always relevant in this ever-changing technological environment of ours.<\/p>\n\n\n\n

It is important to get unbiased data to help drive analysis and to get results.<\/p>\n\n\n\n

Having unbiased data will help you generate those high-quality leads that have a significant<\/strong> chance of turning into a sale.<\/p>\n\n\n\n

In order to find reliable, unbiased data, you have to develop an understanding of who you\u2019re targeting and identify the best acquisition channels to collect the most valid data. These can include techniques such as tracking anonymous users visiting your website, gathering feedback from your customers, monitoring trends of loyal customers or using social logins to access a prospect\u2019s profile.<\/p>\n\n\n\n

Often, your company\u2019s history is its biggest asset. Using historic behaviour and historic data from older clients can help narrow down your target market and really allow you to focus on generating quality leads. In order to narrow your target market, you need DATA!<\/p>\n\n\n\n

Here are some of the key metrics to focus on in your quest to building a data driven strategy:<\/p>\n\n\n\n

  • How much of your revenue comes from marketing channels such as email, social, PPC, and others?<\/li>
  • How many leads are you generating in a specific time period?<\/li>
  • How many customers actually buy a product or book a service from your website?<\/li>
  • To date, how much actual revenue has your marketing strategy generated (and how does this compare to what you forecasted?)<\/li>
  • How much money have you generated from each lead source?<\/li>
  • How many leads have become opportunities for each of your marketing channels?

    <\/li><\/ul>\n\n\n\n

    Start Putting Data To Work For You Now

    <\/h3>\n\n\n\n

    To be honest, this only really begins<\/em> to scratch the surface of what data-driven lead generation strategy can do for your business\u2026but it\u2019s a solid place to start.<\/p>\n\n\n\n

    And the very best time to start is now.<\/strong><\/p>\n\n\n\n

    With all the uncertainty in the world right now, no business can afford to take a \u201cscattershot\u201d approach to its marketing budget.<\/p>\n\n\n\n

    This is the time to stand out or stand back and get left behind.<\/p>\n\n\n\n

    Reach out to us when you\u2019re ready to start turning more leads into paying customers.<\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    A recent survey shows that up to 30% of a typical company\u2019s revenue is generated through marketing. Yet turning leads into sales remains one of the single most difficult parts of getting your business to grow. Fact is, most leads who enter your marketing funnel \u2013 even many so-called qualified leads \u2013 do not end […]<\/p>\n","protected":false},"author":5,"featured_media":10775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ub_ctt_via":"","footnotes":""},"categories":[8],"tags":[47,5],"featured_image_src":"https:\/\/www.trafficsoda.com\/wp-content\/uploads\/2022\/06\/DATA-DRIVEN-LEAD-GENERATION.png","author_info":{"display_name":"Megan","author_link":"https:\/\/www.trafficsoda.com\/author\/megan\/"},"_links":{"self":[{"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/posts\/10774"}],"collection":[{"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/comments?post=10774"}],"version-history":[{"count":5,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/posts\/10774\/revisions"}],"predecessor-version":[{"id":10858,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/posts\/10774\/revisions\/10858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/media\/10775"}],"wp:attachment":[{"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/media?parent=10774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/categories?post=10774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trafficsoda.com\/wp-json\/wp\/v2\/tags?post=10774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}