B2B lead generation and lead management are just not that easy. According to the GetApp Lab 2017 Lead Generations Strategies Report, "lead generation is one of most important, yet complex and imperfect parts of selling and marketing." A few statistics from the report seem to confirm this statement:
- 18.4% of salespeople say that their model to measure ROI is inaccurate
- 69% of salespeople are likely to invest in predictive analytics to better score leads
- 38% say social media provides the highest volume of new leads
Lead Generation Challenges
According to the survey, 50.1% of firms state that the biggest challenge the face is generating leads. 28.2% are challenged with generating high quality leads and 21.9% are challenged with generating a high volume of leads. GetApp digs a little deeper and suggests that one of the reasons generating leads is such a big challenge is failure to allocate enough budget. Following budget, the problem with lead generation is failure to understand the target audience.
Lead Generation Methods
The results show that social media is the clear leader in providing the highest volume of leads, followed by in-person, and telemarketing. When it comes to the lead generation method responsible for the highest quality leads, 46.8% state that in-person leads are number one, followed by social media, and content marketing.
Lead Scoring Effectiveness
13.1% of salespeople don't have a lead scoring model
10% have an ineffective model
15.5% claim their model is very effective
The conclusion one could draw from this data is that lead scoring is very difficult to design as an effective tool. Part of the problem with evaluating the tool by asking salespeople about effectiveness is that the salesperson's rather large ego makes it difficult to give credit to anyone or any thing but themselves. The GetApp survey quotes M.H. "Mac" McIntosh,
"Salespeople must have strong egos to survive the rejection involved in selling,” he says. “This same ego causes them to often claim they found the leads on their own, rather than acknowledging the original marketing source of the leads. They also believe they will know a lead (like art) when they see it, so they don’t apply rigorous lead scoring themselves.”
Lead Generation Trends: Predictive Analytics
Predictive analytics, another name for Big Data, is the latest trend in lead generation. This tactic involves statistical analysis of existing customer data to predict the best prospects to pursue. Is predictive analytics a fad or will it be a real high value tool to increase quality and quantity of leads?
Lead generation is a big challenge for everyone. The sales team can't get enough good quality leads and marketing can't get sales to follow up on all the leads they produce. The results of this survey confirm the challenge is alive and well.