Digital Signal Analytics is for Closers - Research Access
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Transcript of Digital Signal Analytics is for Closers - Research Access
DECEMBER 16, 2016
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Tim O’Connor
Digital Signal Analytics is for ClosersNovember 5, 2012 by Tim O'Connor Leave a Comment
“These are the new leads. These are the Glengarry leads. And to you they’re gold, and youdon’t get them. Why? Because to give them to you would be throwing them away. They’re forclosers.”So says the sinister Blake (Alec Baldwin) in one of the more memorable lines from Glengarry Glen
Ross, the dark 1992 film about downtrodden real estate land sales reps.
The Glengarry Glen Ross leads are golden, supposedly because they have been screened and
scored in some fashion. I suspect the leads are people who have the means and interest to invest
in speculative land. The leads are perceived as so golden that the office is broken into at night and
the leads stolen.
Back in 1992 it would have been a heroic and costly effort with a
large margin of error to score leads. And the stack of “qualified”
leads that Blake shows the sales team is about the thickness of a
ream of printing paper (500 sheets). That’s a lot of leads to parse
through. Who do you call first? Who do you call 500th?
In 1992 there were few signals to use. Back then, scoring was
mostly based upon explicit demographic data regarding who the
prospect was such as what ZIP code they lived in, job title, income,
age, industry they worked in, previous purchase, and so on.
But it’s not 1992 anymore. In the digital world we can increase the precision of lead scoring by
adding Digital Body Language to decipher the purchase and repeat purchase intent of a prospect
or customer. By digital body language I mean aggregating all of the digital activity a company sees
from an individual, including offline activity that can be digitized.
Where did the lead come from?
What landing pages and web pages did they click on?
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How long were they on the site? How often did they come back?
What did they download and/or sign up for?
What emails did they open, what did they click through?
Is their contact information valid?
What webinars did they sign up for, attend and for how long, how engage where they?
What trade shows did they attend, did they stop at your booth?
Did they ever speak with a sale rep?
Did they ever Like your Facebook page, or join an industry group you sponsor in LinkedIn?
How active are they in each?
Do they write a blog?
Have they participated in an online chat with your company?
Are they a Lazarus Lead (dead lead that returns to your site)?
The list is as wide as you can digitize the signal.
Once you have these digital signals, and the traditional demographic information, you run them all
thru a regression analysis and identify which signals provide the greatest coefficients towards
whatever you want to predict: such as likelihood to buy, purchase size, time to buy, and/or a
marginal contribution margin/profitability metric.
If the R-square of the regression is large enough you now have something very powerful that will
add considerable value to your enterprise. According to Aberdeen Research, companies that get
lead scoring right see increased marketing and sales effectiveness, lead conversion and much
more.
You’re able to prioritize your leads with precision and arm your sales reps with deep insights into
what is most of interest to the prospect or customer. And leads not yet ready to pass along to
sales, due to their scoring, can remain with marketing for further nurturing activities. In addition,
digital body language enables your marketing team to determine which lead sources and nurturing
techniques produce the best returns, thereby giving you a feedback loop to decide what sources
and activities to cut spend/negotiate a better price on, or increase spend and activity on. John
Wanamaker famously said: “Half the money I spend on advertising is wasted; the trouble is I don’t
know which half.” Not with lead scoring and digital body language.
If you’d like more information on scoring and digital body language, I suggest you check out
Eloqua.com. I’ve implemented Eloqua in the past so I am biased. But I’m biased because of
achieving great returns through them – and so can you. Imagine what your business would be like
if all your leads were Glengarry Glen Ross quality. Wouldn’t that be awesome!
Photo Credit
Related posts:
1. Gaining Clarity in Digital Marketing
2. Mind the Gap
3. The (Digital) Year in Review
4. Focus Groups are Dead: An Interview with Mike Volpe, HubSpot CMO
5. A Discussion of Text Analytics with Michael Tupanjanin
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Filed Under: Marketing Tagged With: Analytics, Lead Scoring
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