Common Pitfalls to Avoid in Waterfall Lead Enrichment
Lead enrichment is critical in most marketing and sales initiatives. Lead generation, coupled with its nurturing and scoring, is a key strategy that many businesses rely on to generate revenue.
The waterfall lead enrichment model, which involves sourcing and enriching leads using a prioritized list of data providers, is organized and prescriptive. However, some common issues jeopardize its functionality. Knowledge of such challenges can assist organizations in improving their lead enrichment process and, by extension, outcomes.
Top Errors Associated with Waterfall Lead Enrichment
Unfortunately, some sales representatives always fall into the wrong side of waterfall lead enrichment without knowing it. Here are some common pitfalls you should look out for.
Inadequate number of sources of data
Of the many mistakes made when performing waterfall lead enrichment, the biggest mistake is over-reliance on a single data provider. This may result in incomplete information, outdated knowledge, and scant analysis. You must use multiple data sources to ensure that leads are not missed and have a better chance of having complete and accurate profiles.
Sacrificing the quality of the data in favor of the quantity
Data quality always triumphs over quantity; hence, a poor way of enriching leads is to gather massive data without determining the quality of such data. Having wrong, old, or irrelevant information can lead to wrong marketing plans and product-selling methods. Therefore, lead enrichment must prioritize the data's accuracy, relevance, and recency.
Lack of proper segmentation and targeting strategies
As with any marketing campaign, it's important not to get the segmentation and targeting wrong; otherwise, opportunity is lost, and conversion is low. Even when the data is enriched, the lack of precise segmentation means it cannot be used to fine-tune marketing campaigns or adapt sales pitches. In this way, communication is guaranteed to be carried out as effectively as possible, depending on the interests of the mid-funnel lead.
Lack of regular data updates
Leads' information can change as quickly as the blink of an eye because they can change their positions, companies, or even numbers. As a matter of fact, the lack of timely data updates hinders organizations from being current and can lead to missed opportunities.
Failure to go along with data protection laws
Lack of compliance with data privacy laws like the GDPR or CCPA attracts legal consequences and can endanger brands' reputations. Failure to practice proper compliance standards when gathering and handling information poses fines and may cause customers not to trust a business. Organizations must preserve data well, and proper consent should be sought in data collection and use.
Conclusion
To get the best value from your business, certain pitfalls must be avoided when enriching leads in a waterfall system. When incorporating lead enrichment approaches, various ideas can improve the strategy. These include expiring data sources, harnessing data quality, updating the information, integrating data with CRM systems, and adhering to legal requirements regarding data privacy. When done right and carefully planned, enriched leads support marketing and sales.
