Digital Signal Analytics is for Closers

“These are the new leads. These are the Glengarry leads. And to you they’re gold, and you don’t get them. Why? Because to give them to you would be throwing them away. They’re for closers.”

So says the sinister Blake (Alec Baldwin) in one of the more memorable lines from Glengarry Glen Ross, the dark 1992 film about downtrodden real estate land sales reps.

The Glengarry Glen Ross leads are golden, supposedly because they have been screened and scored in some fashion. I suspect the leads are people who have the means and interest to invest in speculative land. The leads are perceived as so golden that the office is broken into at night and the leads stolen.

Tim O’Connor

Back in 1992 it would have been a heroic and costly effort with a large margin of error to score leads. And the stack of “qualified” leads that Blake shows the sales team is about the thickness of a ream of printing paper (500 sheets). That’s a lot of leads to parse through. Who do you call first? Who do you call 500th?

In 1992 there were few signals to use. Back then, scoring was mostly based upon explicit demographic data regarding who the prospect was such as what ZIP code they lived in, job title, income, age, industry they worked in, previous purchase, and so on.

But it’s not 1992 anymore. In the digital world we can increase the precision of lead scoring by adding Digital Body Language to decipher the purchase and repeat purchase intent of a prospect or customer. By digital body language I mean aggregating all of the digital activity a company sees from an individual, including offline activity that can be digitized.

  • Where did the lead come from?
  • What landing pages and web pages did they click on?
  • How long were they on the site? How often did they come back?
  • What did they download and/or sign up for?
  • What emails did they open, what did they click through?
  • Is their contact information valid?
  • What webinars did they sign up for, attend and for how long, how engage where they?
  • What trade shows did they attend, did they stop at your booth?
  • Did they ever speak with a sale rep?
  • Did they ever Like your Facebook page, or join an industry group you sponsor in LinkedIn?
  • How active are they in each?
  • Do they write a blog?
  • Have they participated in an online chat with your company?
  • Are they a Lazarus Lead (dead lead that returns to your site)?

The list is as wide as you can digitize the signal.

Once you have these digital signals, and the traditional demographic information, you run them all thru a regression analysis and identify which signals provide the greatest coefficients towards whatever you want to predict: such as likelihood to buy, purchase size, time to buy, and/or a marginal contribution margin/profitability metric.

If the R-square of the regression is large enough you now have something very powerful that will add considerable value to your enterprise. According to Aberdeen Research, companies that get lead scoring right see increased marketing and sales effectiveness, lead conversion and much more.

You’re able to prioritize your leads with precision and arm your sales reps with deep insights into what is most of interest to the prospect or customer. And leads not yet ready to pass along to sales, due to their scoring, can remain with marketing for further nurturing activities. In addition, digital body language enables your marketing team to determine which lead sources and nurturing techniques produce the best returns, thereby giving you a feedback loop to decide what sources and activities to cut spend/negotiate a better price on, or increase spend and activity on. John Wanamaker famously said: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Not with lead scoring and digital body language.

If you’d like more information on scoring and digital body language, I suggest you check out Eloqua.com. I’ve implemented Eloqua in the past so I am biased. But I’m biased because of achieving great returns through them – and so can you. Imagine what your business would be like if all your leads were Glengarry Glen Ross quality. Wouldn’t that be awesome!

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About Tim O'Connor

Tim O’Connor is co-Founder of UCHARYA, an analytical driven marketing consulting firm to startups, private equity owned enterprises and international giants looking to leverage analytics to drive marketing returns. Tim brings speed, clarity and impact to the companies he helps which have included startups backed by The Facebook Founders Fund, and the Bill and Melinda Gates Foundation, Bain Capital and Sterling Partners owned private equity companies, and international giants P&G, Honeywell and Siemens.

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