Knockout Lead Strategy

Picture this.

You’re attending a conference to build relationships with C-suite executives in the financial services industry.

Dressed to impress, business cards in hand, and your elevator pitch is flawless – You’re ready!

But there’s one problem.

As you walk in, you realize you’ve shown up to the wrong conference – one for physicians learning new healthcare techniques.

Time, travel, and hotel expenses have been wasted.

This is how many organizations realize too late that they’ve been searching in the wrong place for leads, wasting valuable resources.

Measuring everything measures nothing

When I started in my previous role as head of sales and marketing, we already had a robust CRM in place (surprise, it was Salesforce) and were tracking almost every metric readily available. So much so, that no one really knew what to measure or why.

Years had been built trying to perfect this system (hint: Salesforce is a never-ending journey to perfection) – but when asked where we should double down our efforts, each person provided a different answer.

• The CEO wanted to hold Account Executives and BDRs to more outbound activities.

• Account Executives wanted more marketing content for inbound leads

• Marketing wanted more MQLs converted to booked deals.

But here’s the kicker – no one could definitively answer where our most valuable lead sources originated.

That’s a pretty big oops!

Knowing your best lead sources can transform performance

Understanding your lead sources gives you insights into how potential customers find you, allowing you to tailor your marketing and sales strategies more effectively.

The impact cannot be understated:

• Better data-driven decisions

• Improved sales processes

• Faster time to close

• Maximize your ROI

• Avoid wasted efforts

Time to land the knockout

Identifying the right lead sources is like landing the perfect punch. You could throw a hundred jabs in the ring, but once you know which hit packs the most power – you’ll be an unstoppable force.

Now that I’ve (hopefully) got your attention, the next step is to explore how to identify them effectively.

Pinpointing what works best for your business can feel like navigating through a wealth of data, but narrowing down those key sources can make a big difference.

Here are some practical steps to help discover where your most valuable leads are coming from and how to use that knowledge to drive growth.

1. Track Lead Origins
Lay out all your lead sources to start the prioritization process. 

3. Evaluate Conversion Rates
A large number of leads from one source may seem appealing, but focus on sources with the highest conversion rates, even if the volume is lower.

4. Assess Customer Lifetime Value (CLTV)
Analyze the long-term profitability of your customer relationships, understand their origins, and prioritize accordingly.

Need a refresher on CLTV? Swing by ‘The Must-Have KPI’ newsletter for a review.

5. Monitor Cost per Lead (CPL) and Cost per Acquisition (CPA)
Identify how much it costs to acquire leads from each source and calculate the cost per lead and acquisition from each source to determine the best ROI.

6. Use Attribution Models
Determine which leads come from a single interaction or multiple touchpoints to better understand the lead to opportunity to closed journey.

7. Get Feedback from the Sales Team
Gather feedback on lead quality and which lead sources appear to provide better-prepared prospects.

8. Test and Iterate
Be bold. Experiment with different lead generation tactics and track which sources are giving you more oomph.

9. Regularly Review Performance
Lead behaviors and market trends change, so it’s important to set up regular reviews (monthly or quarterly) to reassess performance.

Here’s the gist

Identifying the right lead sources is a MUST to driving sustainable growth. Learn from the past, prioritize resources on high-performing channels, and double-down on what works.

But don’t forget about testing new strategies to stay ahead – because what worked yesterday may not work tomorrow.

With the right lead sources in your corner, you’ll deliver knockout results and keep your business fighting strong.

~ Joseph
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