Lead management has been defined as the process of identifying and nurturing potential customers all the way through to conversion, all of which is underpinned by technology that automates this process. Whether you work in Sales, Marketing, or ano
The word ‘transparency’ is becoming a buzzword across the industry. We’re seeing more and more conversations online around the transparency of data and compliance.
Indeed transparency is a crucial part of the GDPR, but we believe it is required across the entire lead generation supply chain too. Marketing discourse runs that transparency is a positive, indicating that a lack of it is a problem that needs solving – for both the buy-side and supply-side.
Verified leads are the driving force behind any successful demand generation campaign that contributes to revenue growth. With businesses forced to rebalance budgets and deliver against even bigger targets than last year, marketers will be focusing their attention on demand generation campaigns that fuel the sales pipeline and generate conversions.
In this blog, we’ll explore some key industry challenges, how businesses across the supply chain can improve transparency, and our predictions for the coming year.
The supply chain
For brands and agencies, transparency is key, as it allows them to truly understand the origin of data, as well as providing visibility across the entire supply chain. Without a clear idea of which supplier, channel or campaign is delivering the best leads, it makes it impossible for marketers to accurately plan and invest resources.
Equally, it is important that brands prioritise their speed of lead flow, in fact, Convertr can deliver high quality leads to the end customer with an average time of just 1.5 minutes. Through automation, leads reach Sales teams faster, which in turn, increases the likelihood of conversions. But a lack of transparency into the supply chain can have a negative impact on the speed of lead flow, as it obfuscates the process and prevents brands from truly knowing where the data is coming from. Extended supply chains can also slow down the speed of lead flow, potentially making it less likely that leads will convert into opportunities.
Equally, a lack of transparency can have a knock-on effect on the rest of the supply chain, as it prevents marketers from spending more on digital. If brands and agencies had genuine visibility into where their money was being spent, and could be confident that there was no wastage, ad spend could increase, which in turn, would benefit the wider ecosystem.
The lifecycle of a lead
What do we mean by the term ‘lifecycle of a lead’? Typically, it refers to the touchpoints a lead will go through, which usually consists of a brand, agency and publisher. At the top of the funnel sits brands, who may employ an agency to purchase leads from a publisher. Whilst this model still exists, there is an increasing number of cases in which there are multiple players – and this is where the problem lies. In some cases, there are extended supply chains with additional suppliers.
Indeed, insights gathered from the Convertr Ecosystem has identified that on average, most primary suppliers (publishers) on average have 8 further suppliers that act as part of the entire supply chain. So what does this mean?
Often, primary lead providers rely on data collected from a wider supply chain, and are then financially rewarded for the provision of these records. It is no secret that suppliers add value to raw data, but the industry is not completely transparent with this process. This can have a negative impact on lead margins, which devalues the lead and lessens the propensity of a conversion. There are undoubtedly benefits to brands keeping a reduced Prefered Supplier List (PSL). By working with a smaller number of suppliers, brands can benefit from better quality leads, greater control and direct responsibility.
When it comes to understanding the value exchange between brands and suppliers, we believe there is a need for greater transparency. With an increasing number of suppliers, comes additional complication when it comes to payment. As a result, those responsible for generating the leads are not always being paid an equitable sum. By improving transparency across the supply chain, there would be better visibility into the origin of leads, as well as reassurance for brands to know where their money is being spent.
The marketplace model has become a popular option for businesses looking to purchase leads at scale in an automated fashion. However, relying on this for the purchasing of leads comes with its own challenges. Primarily transparency, as it does not provide a clear breadcrumb trail of all lead sources, and in certain cases, it can be difficult to track the true source of a lead. Secondly, marketplaces are a very transactional business, which prevents lead generators (or brands), from building direct relationships with suppliers.
What’s the solution?
The current lead lifecycle, the marketplace model and where data is sourced from, have previously been taboo topics. We’re suggesting an alternative, where all parties play a role in creating a new model that fosters open communication and collaboration. Completely agnostic, the Convertr Ecosystem captures a birdseye view of the entire supply chain. Working with brands, agencies and suppliers, Convertr has visibility into the lifecycle of all leads that pass through its ecosystem, meaning that we are uniquely positioned to share insights into areas for improvement.
Therefore, we suggest that to improve transparency, businesses need to improve visibility and invest in technology that can improve the quality of data, increase efficiency and track the origin of a lead.
Wherever you are in the supply chain, there is a need for greater transparency – and this begins with understanding where data is coming from.
To discover how Convertr can help, find out more by speaking to one of our team today.