Have you measured your demand gen leads against your TAM?
Hi all,
Wanted to share a LeanData best practice with the community that has been a game-changer in my past lives and for the clients I now consult with.
When is the last time you measured the % of inbound leads that came from your Target Addressable Market (TAM) of prospect accounts?
Typically when we work with companies that are generating a meaningful amount of inbound demand, their funnels are actually full of competitors, partners, existing customers, bad-fit prospects in addition to those companies that are actually desirable customers! Then we sit down with the SDR team (or whoever is tasked with qualifying inbound leads) and find that they are spending hours per day digging around Salesforce, conducting online research, and executing prospecting steps for leads that are not relevant in the first place.
You're left with a situation where marketing believes they have driven meaningful lead numbers, SDRs are poking their eyes out trying to book meetings, and sales reps are frustrated that their calendars are empty.
Here are the simple steps to reorient your revenue team around the accounts that matter:
- Insert all accounts from your TAM into Salesforce from a 3rd party data provider (ZoomInfo, Upwork, Lead Genius, etc)
- Tag these Accounts as Target Prospects (recommend the native Account "Type" field for this)
- Audit the rest of your existing Account database and tag Competitors, Partners, Customers, and non-TAM accounts
- Map the Account field that you used to the Lead object using LeanData
- Run a lead-to-account match with LeanData (this pulls down data from the Account level and stamps it on the lead, including your tagged field)
- See what % of your demand gen results actually match to your relevant market
- Start your go-to-market strategy anew with a fresh perspective on where every revenue team should be focused!
Curious to hear what you find in your own organization when you follow these steps.
Cheers,
Travis
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Travis Henry --This is great! What fields do you require on net new leads to ensure a probable match? I have the issue of Demand Gen wanting to only require email which typically needs to mostly personal ISPs = no match.
Your insight is appreciated!
Kristin
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Kristin Keefer very relevant question! If I recall correctly, LeanData uses 5 key fields from the Lead to find a matched Account. 2x check with your CSM, but I believe these are (in order of priority): Email, Website, Company, Address, and Phone.
Every Demand Gen team wants to minimize field capture on forms to maximize conversion. I'm actually fine with this given one of these two solutions is put into place:
- Simple - Build logic into the forms that prohibits personal email domains. This is not necessary on all forms, you can negotiate to get it on high intent forms such as pricing, demo requests/videos, and use case documents. I've always coughed this to marketing by pointing out that we don't have to collect a bunch of other fields because LeanData will be able to "pull down" data from the Account (if there's a match) via Lead-to-Account Tagging.
- Advanced - The more sophisticated solution here requires additional investment. Reverse IP lookup solutions can enrich Leads in real-time as the buyer is completing the form. My favorite solution here is Cleabit Enrichment (https://clearbit.com/enrichment) which attempts to enrich the Lead in real-time from its database, and will actually present incremental fields if they don't have that specific datapoint (e.g. Clearbit has everything on Jane Doe except Phone, you can then present a Phone field to that one buyer in real-time). The step down from this is using a traditional 3rd party data enrichment service after you've captured the Lead in CRM/Marketing Automation - though you still have the same issue here if you haven't implemented solution #1 above.
Final point - Demand Gen exists to feed the pipeline. If they are generating anonymous "Leads" with only a personal email, they are pumping up a lead gen vanity metric and failing to serve the business! It's important that they know it's okay for their raw #'s to drop if they are serving up actionable leads. And if they adopt this tactic, then the entire business can conduct the exercise that I originally recommended and measure % match to the relevant TAM.
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