Telemarketing Software Featured Article

Spend More Time Selling: Consider Third-Party Services for Lead Generation

June 03, 2015
By Tracey E. Schelmetic - Telemarketing Software Contributor

When it comes to sales, leads are the lifeblood of any organization. Every customer began as a lead that was thoroughly vetted, followed up, nurtured and ultimately transformed into a (hopefully) lifelong customer. Of course, not all leads are created equal. In fact, a majority of them will result in no action. For this reason, the process of identifying, researching and following up on leads is a time-consuming one a little bit like gold mining: you have to sift through a lot of worthless rubble in order to find the nuggets.

For this reason, many companies turn to third parties for leads and lead management. Many companies find the idea appealing: contract with a lead generation firm and reap the benefits of a flow of good leads into the company’s sales environment. It helps free up sales people and managers to do what they do best: sell and manage, rather than farm for leads. Lead generation services are designed to leverage the power of the many for the benefit of the individual, according to a recent article for the National Law Review (yes, law firms need leads, too).

“These types of companies advertise on behalf of a group of clients or an industry,” wrote Brian Lynch, President of RW Lynch Company, Inc. “Advertising and marketing is purchased to attract a specific audience, in the same way you would for your individual firm. This is done through a variety of types of marketing from Internet advertising, to SEO or even television advertising. Once a lead interacts with the service, that lead is matched and immediately referred to a participating client.”

For organizations (such as a law firm) that don’t count lead generation and lead management among their core competencies, third-party firms are a great way to avoid wasting time and money on an inefficient process. It’s important that companies vet these firms, however, because there is a multitude to choose from, and not all of them are created equal. Since they’re not selling a guaranteed product – there is no guarantee that any particular lead will lead to a sale – there’s a lot of room for fraudsters and incompetents in the lead-generation industry.

“Find a company with longevity, positive client testimonials and a desire to help your law firm accomplish its goals,” wrote Lynch. “Don’t ignore industry trends. Find a company with a diversified approach that will reach a wide variety of clients. And keep in mind that growth increases over time, not overnight. Take this opportunity to make a long term commitment to your firm’s success.”

Once you’ve vetted a firm, it’s time to start following up. Research has shown that the first company to contact the lead has the best advantage in ultimately closing the deal, and the sooner you contact the lead, the better the chances. Ensure you have an accountability program put in place to handle leads so they don’t fall through the cracks – remember, you’re paying for them now – and individuals and departments can’t engage in elaborate finger pointing for the blame. From here, how you handle the leads you have will determine how much success you experience with them. 

Edited by Rory J. Thompson