We took a cohort of customers using our software that buy leads from partners to see what % of leads are being filtered out over a 10 day period.
What did we discover?
35% of leads were predominantly duplicates but also missing key values or were invalid. In this post we share our insights into the true cost of not having lead validation software in place regardless of whether you are a Lead Buyer or Seller.
Here is the summary of why you should use Lead Duplication:
1. Reduce lead acquisition costs 💰
2. Mitigate fines ⚖️
3. Have your sales team hyper focused and motivated 🎰
4. Avoid damaged brand reputation 🙈
5. Get meaningful insights 📈
What is lead duplication?
Lead duplication is when a lead has been recorded more than once. This situation may arise due to a variety of factors, such as prospects submitting their information redundantly, being sent to you by multiple suppliers (prospects signed up on different offers), or providing slightly different data for the same person (same person but different email).
Impact of ineffective lead duplication
We interviewed a bunch of clients using LeadByte on this matter and here are the key take-aways regarding impact:
Cost: If you buy leads from lead sellers and do not have lead duplication in place, you’ll be draining the life out of your budgets. The cost associated with this is not just the cost of the lead but the cost associated with resources.
Wasted Resources: Duplicate leads can result in your sales and marketing teams wasting time and resources by pursuing the same prospects multiple times. This inefficiency can lead to increased costs, decreased productivity and morale.
Inaccurate Analytics: Duplicate leads can distort your analytics and reporting. Without proper deduplication, you may overestimate the effectiveness of certain marketing campaigns or Supplier performance. Redundant information can affect your overall data integrity, making it challenging to gain actionable insights and make informed business decisions.
Compliance Risks: Data privacy regulations may require you to manage customer data responsibly. Failing to deduplicate leads can lead to non-compliance, potentially resulting in legal issues and fines.
Strategies for Eliminating and Preventing Duplicates
To mitigate these negative impacts, it's crucial to implement effective lead deduplication processes and invest in the right tools and strategies to manage your leads efficiently and maintain data accuracy.
1. Use a CRM
2. Build Lead Deduplication Process
3. Use Advanced Duplication Ruling