When sourcing leads for sales, an abundance of average leads is fine, but a smaller volume of high-quality leads is better, especially in terms of sales and growth. Why is this the case? Below we’ll explore four different ways that these high-quality leads can propel sales growth.
Through Thoroughly Vetted Leads
According to a study by Straight North, barely half of all sales enquiries are legitimate leads. Some might be spam or bots, some might be incorrect or incomplete, or some may not be ready to make a purchase just yet, or at all. As such, thoroughly vetting leads is essential to the efficiency and effectiveness of a sales strategy. Why? A thoroughly vetted lead is much more valuable than just any old lead, and this is because they are most likely legitimate, have the funds and authority to make a purchase, and are less likely to drop away before the sale is finalized.
In addition to helping propel sales growth, thoroughly vetted leads can have a positive impact on nearly any department of a business. Marketing, for example, can gain a better understanding of effective marketing practices to rapidly pivot campaigns. Business Development departments can make use of the clean and accurate data to make projections with which they can plan for future growth. The process can even help with compliance, with accurately vetted data helping businesses adhere to regulatory guidelines, like the Data Protection Act.
Through Ready-to-Purchase Leads
According to figures from XP2, 70.83 percent of all online shopping carts are abandoned, signaling that many online shoppers are simply window shopping with no intent to make a purchase. As such, a key way that high quality leads propel sales growth is through the generation of leads who are ready and willing to buy now. The ‘why’ here is fairly clear: if more purchase-ready, quality leads are generated and delivered, sales will increase accordingly.
Through Leads that Are More Likely to Become Repeat Customers
A key aim in any business strategy isn’t just to make a sale, it’s to capture customers who will return time and time again. This is even more essential in smaller markets, where the population isn’t quite large enough to sustain a steady inflow of new, one-time customers. Because a high-quality lead should take into account the possibility of a one-time customer becoming a return customer, they typically propel sales growth over the long-term, not just the short-term.
The numbers back this up too, with a report from Marketing Metrics finding that after a single purchase a customer has a 27 percent chance of returning to the store. If that customer does return for a second purchase, they become 54 percent more likely to come back again and again.
Through Leads that Will Spend Higher Amounts in a Single Purchase
While any customer who completes a purchase is valuable, a high-quality lead is typically a customer who is more likely to spend a substantial amount of money in a single transaction. The effect that these bigger spenders can have on sales and overall business growth is clear, with businesses who attract these types of customers making more profit per transaction, which can be used to invest in the business.
Owning and managing a business can often feel like gambling, and it’s the same with sales and manual lead generation. This is because despite all best efforts, average or low-quality leads can slip through the net. As such, investing in the right lead generation solution for a business is essential to identifying and capturing high-quality leads with minimal effort. While the perfect customer doesn’t exist, through the use of proper lead generation software, businesses can capture the next best thing: a high-quality lead.