Leads are as good as gold in any business and there is no doubt that lead generation is vital. Many companies invest heavily to generate leads and get details about customers.
If your lead generation campaign is failing, what do you do? You identify the reasons that lead to failure.
Here are the top 6 reasons that lead generation campaigns fail.
1. Lack of Analytics
Campaigning without analytics is like pointing at a forest and saying “there are probably some trees in there”.
You can’t make informed marketing decisions without the data that comes from proper analytics.
It’s vital to make contact with prospective customers at just the right time in order to successfully make sales. Without a proper data governance tool, the organization is left with no other option than manually catching and correcting hundreds of prospect data errors. The problem with that is manual data cleansing slows down the rate at which you can rehabilitate bad leads into good ones.
The benefit of the proper use of analytics is the ability to identify strengths and weaknesses. Without analytics, it would be nigh impossible to measure engagement rate, and difficult to tell which blog post is performing better than others.
If you don’t gain any insight into your campaign, it’s going to be difficult to further improvise on the campaign.
The more accurate your understanding is on what works and what doesn’t, the more efficient and effective your campaign runs, the less time you’ll waste on experimenting on campaigns, and the quicker you can define a path of optimization that ends with better results.
2. Bad Data Forecasting
Most of the data in your CRM is inaccurate, missing, or out of date. When forecasting, oftentimes people rely on this bad data which can lead to misinformation, assumptions and unmet expectations down the line.
Forecasting is an inexact science and involves a certain amount of guesswork. The idea is to minimize as much of that guesswork as you can through the strategies and systems you implement – including the accuracy of your data.
If your sales data causes inaccurate forecasting, then it’s time to review your data input. Accurate data is the first step to accurate forecasting and this puts you a step ahead of your competition.
Bad data is responsible for an average of about a 12 percent loss in revenue per year and organizations that rely on bad data see a loss of 550 man-hours in sales and around $32,000. Losses from inaccurate forecasting and bad data is not only limited to money – there is an opportunity cost and wasted time that should also be considered.
3. Unaware of Influencer Platforms
One of the most popular marketing strategies today is influencer marketing. Today’s customers are more informed than ever, making it the top reason for its increasing popularity. When it comes to making a purchase, influencers are increasingly the ones that are driving them.
It’s a great way of reaching out to new potential audiences who are readily engaged with similar interests. This not only increases reach but also boosts brand awareness and provides value to your audience.
Working with an influencer whose niche aligns with your product allows you to efficetively convey your message to relevant customers. The number one reason as to why companies choose to use influencer marketing is that it generates high ROI.
When your message reaches such a pre-primed audience, the likelihood of conversion is much higher than that of a generic one.
Focus and relevance are the two key benefits of influencer marketing.
4. Fake Accounts/Bots
Fake followers are the inauthentic subscribers of an account who are, in most cases, artificial bots. Most of them are inactive, whereas some of them aren’t. In the case of automated bots, fake followers mostly engage with posted content and increase an accounts engagement rate by liking or commenting on the content. Fake followers have no real interests – an audience with no real tangible value.
In the first quarter of 2019, Facebook detected 2.2 Billion fake accounts. And as of April 2019, Twitter is removing 6 to 7.5 Million fake accounts per week. These fake accounts lower the growth of social networks and hamper social media marketing campaigns.
Fake followers do not interact with your brand’s social media posts. They eventually cause your rankings to fall in news feed and engagement, thereby lowering the conversion rate of your brand.
Fake accounts also damage your credibility by tarnishing your brand, leading to a penalty imposed by the social media platforms.
Working on preventing your business from attracting fake accounts is vital. Start checking the social media accounts that follow you using a tool, or develop a strategy and process to consistently monitor your incoming followers.
5. Outdated Data Purchase that Contains Invalid Data, Missing Fields, and Duplicate Accounts
Businesses can’t survive without their customers and in the modern B2B landscape, there’s no doubt that customer data is one of the most valuable assets a sales organization has access to. Without accurate information of the target audience it’s nearly impossible to successfully market, sell, and provide good customer service. Data quality is one of the biggest problems a B2B company faces simply because data decays so rapidly.
If data is not up to par, marketers can fail to make sound business decisions which, in turn, prevents conversions of acquisition of good leads through the pipeline.
If emails are sent out to a list containing bad email IDs it’s going to result in multiple email bounce backs, and it would be of no surprise if churn depletes about 23-30% of an average email list each year.
If the data is incorrect there is a high possibility of deriving inaccurate insights from the data, and if you make decisions based on these insights then your business may even end up running into a loss, underestimating your customers, or developing marketing strategies that end up failing.
6. Geographic and Demographic Data That Needs Updating.
These are the parameters that are used to segment the target audience into more specific groups based on shared traits, and then targeting them with campaigns custom designed specifically for that audience. Developing a non-targeted campaign increases unnecessary impressions and consumes a hefty budget.
Marketers should be using this data to identify when and where their ads should be placed and their campaigns run so as to achieve maximum profits.
Create Intelligent Content Fueled by Accurate Prospect Data
Flobile’s AI-driven, data scientist-developed product integrates with CRM and email service providers to verify and update data on a regular schedule. Flobile prospect data monitoring and email nurturing solutions help businesses stay out of the spam folder by creating content that gets opened and clicked.