Sales Series: Is Enriching Leads Worth It?

July 31, 2017

Thanks to Hannah Butcher for contributing this post.

If your company generates inbound leads, you know the struggle: How do you get enough actionable insight on inbound prospects without asking for too much info in your form and scaring them away?

Sound familiar?

I was recently tasked with solving this problem at Grow. Every department wanted different information about the prospect to help with marketing to, closing, and retaining leads. But if we added all the “wish list” questions to the intake form, it would be so demanding and time-consuming that no one would ever fill it out… and no form fills means no inbound leads.

The thing is, each “wish list” question had a valid and valuable purpose. To be efficient and grow as a company, the insights those questions could provide are critical. A 20-field form isn’t an option, so how do you get that information?

In prior work experiences, I used a tool called ZoomInfo, which seemed to be one of the best tools available for accessing accurate lead information. I decided to put them to the test and see how ZoomInfo could improve lead conversions at Grow.

Testing Lead Enrichment

I set up a test for a month to compare our lead aging and contact rates between ZoomInfo-enriched leads and leads that were not enriched. To run this test, I set up a webhook in Marketo to pull our inbound leads, hit ZoomInfo’s API for a match, and then append that data to the original lead in Marketo.

My theory was that because enriched leads would provide more (and better) information on the prospect, we would see a faster conversion time with better contact rates and ultimately better marketing and retention.

After only one month, the results are strong:

What We Learned

From the data, we could see that the enriched leads had greater traction through the sales funnel. Here’s a quick breakdown:

  • More contact and conversations. 58% of enriched leads are currently in conversations and being actively contacted compared to just 39% of non-enriched leads.
  • More demos scheduled. 20% of enriched leads are in a scheduled status, meaning a demo has been scheduled, compared to 12% of non-enriched.
  • More responses—by a landslide. The enriched leads only had 1% not respond, compared to 18% for non-enriched.

What other improvements did we see? There was a decrease in the amount of leads disqualified, but enriched leads also saw a quicker time-to-disqualification, which frees up a rep’s time to go after better leads.

The only stage that didn’t see significant change was the actual conversion. That said, they did see improvement in time-to-conversion, and I believe this stage will also see lift as the leads in “Scheduled” status continue to move through the funnel.

Lead Enriching Is Worth It—for Us

While this test is only a month in, the improvement in contact and lead aging is indicative of continued success through the entire sales cycle. So far, it’s shown that lead enrichment is a worthwhile investment for us.

Getting key data on prospects without scaring them away can be a daunting task, but tools like ZoomInfo make it achievable, and we recommend giving it a try. Ultimately, it could be a big win for your company.

(Pro-tip: A business intelligence solution like Grow makes measuring and visualizing the impact of your sales tests super easy. Get a demo today!)

Proving Performance: The 10 Marketing KPIs Every Marketing Team Should Track

Proving Performance: The 10 Marketing KPIs Every Marketing Team Should Track

Read More ›
Why Is Data Important for Your Business?

Why Is Data Important for Your Business?

Read More ›
Women Drive a Diverse Workforce at Grow (Part 2)

Women Drive a Diverse Workforce at Grow (Part 2)

Read More ›
Join the 1,000s of business leaders winning with grow.

Request a free trial & unlock the answers hiding in your data.