Lead enrichment is—at its core—an investigation of a lead. In marketing, a lead is defined as [“a potential sales contact: an individual or organization that expresses an interest in your goods or services.” Hence, almost anyone who expresses a need or interest in a service is a lead. However, simply knowing a potential customer is interested is not enough. After all, a sales agent will want their time to be utilized well if ever they invest in pursuing this lead. This is where lead enrichment comes in.
This begs the question, though: how can one enrich a lead when there is nothing but a customer’s basic information and knowledge of their interest? The answer: the potential sale itself. By knowing exactly how the product relates to the needs of the client based on their disposition, a seller now has enough grounds to pursue the client. Hence, lead enrichment should be understood as knowing more of a lead to “enrich” the possibility of a sales transaction.
Lead Enrichment as Lead Generation
To further appreciate lead enrichment, one must know the concept of lead generation. Simply stated, lead generation is when a seller stimulates interest in a product or service in order to make a sale. By doing so, leads can be created or identified. However, the difficult part is identifying key information about leads. Some of their data might be redundant or downright useless for the needs of the seller and should be filtered.
To do this, CRM and data mining tools are not enough when researching a client. Sometimes, specific verification tools that identify, deduplicate, and verify data are needed. Furthermore, if the lead is a person, it could analyze the patterns found in their social media accounts. If the lead is a company, then its best information mine would be the company website or any other website associated with the business.
From what information was gathered, sales representatives will be then armed with knowledge on how to make the sale more possible. Questions like: “Do we have to optimize our website? Should we have more presence in social media? Does our brand show up in search engines at all times?” would then be easier to answer. From those answers, sales can be pushed better.
Lead enrichment can even go further. By knowing more from an existing lead, a sales representative may even be able to discover more leads. By simply researching to enrich a lead, passive lead generation can happen.