What's Your PRM Score?
So you think your lead generation programs are cruising along? You're confident that you're building your database. You're getting new customers, or at least new leads. You might even be saving money on your prospecting investment.
But are you spending your time and money on the right leads? On your highest-margin, highest value prospects? Are your leads making the mission-critical transformation to customers? As you think about your answers to these questions, it might be a great time to "score yourself" on your lead generation and conversion efforts.
The last two years have taught us well: optimize, optimize, optimize. So here's a quick quiz that can help you assess whether you are optimizing returns from your lead gen efforts. On a scale of 1 - 5 (5 is always and 1 is never), score your current efforts on these important tactics in prospect relationship ranagement (PRM):
|I get my best new customers via online lead generation.||__|
|I capture valuable information beyond basic contact data.||__|
|I capture information that helps me identify ideal prospects.||__|
|I create segmentation of my leads based on their lifetime value.||__|
|My follow-up programs vary offers based on that lifetime value.||__|
If your total is:
5 - 10: You're just scratching the surface (or NOT)
11 - 15: Good start, but you're leaving lots of money on the table
16 - 20: Right direction; time to OPTIMIZE
21 - 25: Nirvana
Extensive in-market experience has consistently proven that marketers win by aiming high. Focusing your lead generation and conversion time and money on your highest-value prospects is your best strategy. Why? It works. You need an end-to-end approach that aligns information, effort and communications with what you value.
It all begins and ends with data collection. Lack of discriminating data is a self-imposed limit on understanding your potential customer. It is essential to utilize your knowledge and understanding of the criteria that make a customer more valuable. When you fail to ask prospects these critical questions, you're leaving too much money on the table. It comes down to this: If you just collect name and email, you're missing the opportunity to find out the key facts that define the new customers you want most.
When you do define these high-value customers, the results from a PRM program can be remarkable. For example, a leading financial service firm concentrated its lead-gen and conversion efforts on its ideal prospects. Company strategists spent more on identifying and building relationships with the 10% of the respondent base they wanted most. Results: less out of pocket, less time wasted and a greater than 2x improvement in ROI. Build your PRM score -- you'll like the results.