What is Lead Enrichment and How Can it Help with Sales?

Lead Enrichment

Companies often work on lead generation and lead enrichment, and contact potential clients individually, hoping to get them to work with them. It can be frustrating when many of these leads end up ignoring you or decide they don’t want to work with you after you’ve spent lots of time communicating with them.

This might happen because the lead wasn’t actually a good one, or you failed to communicate your message properly. It can be difficult to know how to approach a lead when you don’t know much about them. 

Lead enrichment can help overcome this issue.

What is lead enrichment?

Lead enrichment refers to collecting extra data on specific leads. For instance, if you generate a good lead for your B2B service, you might want to search for additional information such as a company’s email, phone number, number of employees, competitive positioning, buying behavior, etc.

As for individuals, lead enrichment data might include their age, gender, job position, marital status, interests, etc.

How can lead enrichment help with sales?

Lead enrichment data can help you reach a higher response rate and higher sales rate through:

  • Increased efficiency. Any lead can prove to be an unsuitable fit at any point. The more you know about a potential lead, the more you know about whether they’re a suitable fit and whether you should contact them. This helps save time that you might have wasted by communicating with an unsuitable lead.
  • More tailored communication. By getting to know a specific lead, you know what the best way to communicate with them would be. You have a clear picture of their pain points and ways to sway them to work with you. The lead will feel understood and feel a connection with you.
  • Increased retention rates. Since lead enrichment data helps you to understand the lead much better, they’ll be more likely to stay with you in the long term. 
  • Improved efficiency. By only contacting the leads with the highest potential, you stop wasting time contacting those who won’t be interested. Ultimately, this means that you’ll reach a higher number of conversions.

How to collect lead enrichment data?

You can collect lead enrichment data yourself by using search engines, social media, and analyzing a company’s official website. If you choose to collect the data manually, ensure that the sources you use are reputable and that you collect the data legally.

On the other hand, you can use special tools to collect this data much more quickly. In this case, you can save lots of time on research, but you’ll have to spend some money. However, this money usually pays off when you calculate how much it would cost you to perform lead enrichment research yourself.

If you decide to use another company’s lead enrichment tools, choose this company carefully. Make sure the company focuses on the type of data you need. Consider things like whether you’ll need B2C or B2B data, how much data you’ll need, the extent of data you’ll need, and how reliable the data enrichment company is.

It’s ok to switch up the software you use until you find the right match. Just make sure that you get what you need, and the information actually helps facilitate your sales activities!

Bottom line

Instead of sending out hundreds of emails to potential leads that you don’t know much about, start doing some additional research. With the help of lead enrichment data, you’ll be able to send out more tailored messages to the leads with the highest potential, saving you lots of time and money.

Article and permission to publish here provided by Candice Outreach. Originally written for Supply Chain Game Changer and published on November 23, 2021.