New lead generation has a tendency to become more challenging over time. If you leave lead generation to chance, scarcity of leads may loom on the horizon.
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Nowadays, arbitration firms want companies that sell to them to locate them. Fortunately, a modest investment in lead databases can enable the process required to identify high value leads throughout the industry.
Criteria for Lead List Vendor Selection
In our experience, there are a lot of variations among lead list vendors and Experian Business services stand out from the crowd. What sets them apart is that Experian has all of the qualities we look for in a good lead list provider, including the following:
- Large database. We think it's important for businesses that sell to arbitration firms to rely on leads that have been selected from a large, national database. Why? Because more contacts translates into better leads and more conversions.
- Updated contacts. Contact updating is a fundamental part of sound sales strategy. Long contact lists are worthless unless they are regularly updated for accuracy.
- Delivery speed. When your business needs a new supply of arbitration firm leads, you can't afford to suffer delays from your vendor. Good list providers feature fast turnaround times measured in hours or less.
Measuring Lead List ROI
Multiple methods exist for measuring the effectiveness of arbitration firm lead lists.
For starters, conversion rate (number of sales/number of leads) is clearly the most important metric in determining the success or failure of a specific lead list. But you may also want to think about integrating a few other metrics into your assessment routine.
A units-per-lead measurement reveals the quality of your vendor's leads and database contents. When compared to your internal lead generation metrics, a dismal units-per-lead number indicate a provider that isn't performing adequate qualification or lead filtering. Similarly, individual metrics for your sales staff indicate how well each of your team members is using the leads they receive from your vendor.
Lead List ROI
It's a common misperception that lead lists are cost-prohibitive for most sales programs. Although there is an added expense associated with lead lists, the overhead cost of maintaining an in-house lead generation program exceeds the amount of cash you'll spend to acquire a reliable list. If you factor in the cost of maintaining constantly updated arbitration firm contacts, it's not difficult to see why lead lists are an attractive alternative to internal processes.
What Else Can Lead Brokers Do For You?
You can tap your lead brokers for other things, assuming they are good firms with deep resources. For example, your list broker may be able to directly assist you with a direct mail postcard campaign or an email blast campaign. Have a conversation with them and ask about their full capabilities. Finally, if you send the list broker a few customers that you like, they can find similar leads for you.
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