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by Ryan Schwartzberg on June 9, 2016

Solving Lead Buyer Challenges: Competitive Position

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“Are any other brands already trying to get in contact with this consumer, and if so, how will that impact my conversion rates?”

 

When you make the decision to purchase a lead, you’re often doing so without any way to know which of your peers have already reached out to the same consumer.  Similar to speed-to-lead, which I covered in an earlier blog, this missing piece of the puzzle is key to understanding how likely you are to get in contact with a consumer, and ultimately to get them to buy from you.

If you’re the fifth company to buy a lead, how much does that impact your chance to convert that lead compared to if you were first? If you had the ability to know where you were in line to receive that lead, what might you do differently?

How to Improve Your Organization’s Competitive Position

  • When you are empowered with data that provides clear insight into where you are in line to receive a lead, you can have honest conversations with your partners, better manage your marketing spend, and be as efficient as possible in meeting your cost per acquisition goals.
  • Work with your lead providers to get more leads first, before your competition.
  • When you are first to receive a lead, be sure to route it to your best agents so that you will have the best chance to close it. Take advantage of your competitive position!
  • This data can be used to monitor your lead vendor agreements and be certain that you are getting leads first when required according to the terms of your agreement.
  • Of course, it’s impossible to get every lead first, every time, from every lead provider. But, you can work with your providers to ensure that you are getting leads only a few seconds after whomever is in front of you and reject leads that are coming in a few days after the competitor that received them ahead of you. 


Jornaya Client Example

Intuitively, it makes sense that if your peers received a lead first, they could already have that consumer on the phone before you even get the lead in hand. Looking at an example in the education industry, the data reveals that when schools were not the first to receive a lead, they experienced a 30-50 percent drop in enrollment rates. 

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To learn more about how you can put behavioral data to work for your organization, visit: http://www.jornaya.com/solutions/jornaya-intelligence.

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