The rapid growth of automation tools is one of the biggest changes in lead generation. According to recent studies, 80 percent of marketers that utilise automation tools generate more leads (up to 451% more), and 77 percent convert more prospects than those who don’t.
But the biggest challenge in the automation process is the evolution of outdated B2B databases that waste time and resources with declining results.
It turns out that having data is not enough to generate leads or sales. MarketingSherpa says that only 56% of B2B companies verify the business leads before passing them to the sales team.
Unverified data is of no use to your sales team and eventually increases the workload for no good reason.
The data dependency on outdated business development practices and data sets creates biased data, weakening effectiveness.
Our analysis demonstrates that none of our competitors have matching functionality or the ability for user feedback capability to improve targeting and are therefore forced to focus on prospects rather than conversions.
Low conversion rates also contribute towards a competitive environment where domain knowledge is very valuable and less likely to be shared, exacerbated by the inability to pool industry domain knowledge.
- The critical domain knowledge required for sales conversions resides in less than 20% of sales teams and the remaining long tail consists of ineffective sales activity with few conversions.
- Domain knowledge leaks out of the company with any sales force departure and has to be reconstructed again with new hires, creating a spiralling downward feedback loop of lower morale, staff turnover, and lower profits from lower conversions.
- The lack of domain knowledge pooling leads to a tendency to go with what has always worked, so finding new markets and customers becomes random or high risk.