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In this episode of Business Acumen, Joe Manns and Roy Browning discuss the value of buying leads. The debate really comes down to two simple questions and that is: Are you buying quality leads, or are they stale?
You may have experienced this. You see an ad in your Facebook news feed that is related to something you were interested in a few months ago. You have either lost interest in this product or you’ve already bought it and the ad is completely wasted on you. (Or worse, it follows you everywhere and you start to get a negative opinion of this company)
In the digital world, we are moving so fast that a lead that is hot today could be cold tomorrow. When we are putting good money into buying leads we want to know that they are going to be hot and ready to purchase. But we cannot guarantee that experience. How do we stay relevant when buying leads? Below are two ways to procure leads that will result in better quality.
There is no question that someone who visits your website and fills out a lead form will be much more reliable than anything you can purchase. So the first thing you can do to get valuable lead data is to create an inbound marketing plan to capture your own leads. This can be through:
- Gated content
- Coupon offers
- Polls or surveys
- In person events
- How To Videos
- Customer Reviews
- Remarketing Campaigns
The list goes on and on, but anything you can give away that is a valuable resource for someone will likely yield that person's contact information (at least an email address). Each of these tactics can be combined with a paid outbound marketing strategy to drive more people to these resources.
3rd Party Data
I can hear you yelling at the screen… “But I need leads NOW!”
So, if you need to get leads as fast as possible and you want to know that the money you’re investing is going to give you quality leads then here are a few questions to ask when buying leads:
How often their lists are scrubbed? (bad data is removed)
How can you filter their leads so you get the ones that are the most applicable to your business?
Where did the data came from (was it gathered by the company directly or was it purchased from other companies)?
Was the data verified by multiple data sources?
Get the Email Address!
With email addresses you can send an email for free to qualify the lead on your own before you have someone start calling. Qualifying questions (polls) in emails that ask if the person is still in the purchasing process. Perhaps you are a real estate agent and want to know if someone is still looking to sell their house. You could send a poll email that has two buttons; Yes, I’m trying to sell my house. Or I’ve already sold my house.
There is no doubt that 1st party data (data that you have collected yourself) is the most reliable, but sometimes you need to get that funnel full as soon as possible. Try to create a lead magnet for your business, but in the meantime verify the leads you are buying so you know they are quality. Then, use the cheapest means possible to validate the data before spending larger resources to track down the leads. (Meaning, sending an email to validate the lead is free whereas having someone call the lead costs time and money.)
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