How Your Leads Can Inform Business Decisions Outside of Marketing

Data that goes beyond marketing 

Not all leads are equal. Knowing the characteristics of a quality lead allows a business to create a digital marketing strategy tailored for those special individuals who are more likely to convert into valuable customers. Users of LOOP Analytics know the impact of their lead data collected and visualized in the tool and use it to inform their marketing tactics. 

For those unfamiliar with LOOP, it is an analytics platform that captures lead form data and visitor history to provide:

• All form information, including comments that contain valuable specifics, in one place
• How visitors found your website and the pages reviewed before converting
• Insight into each website visitor’s experience and what they engaged with
• Via the User Behavior Tool, provide more details on the user’s company

With the origin of leads and more information about the prospective buyers and what they are looking for, you can discover what a quality lead looks like and the content that resonates with them so you can allocate marketing resources effectively.

Here’s some food for thought on lead data — have you tried using the same lead data to make other business decisions? In a recent TechValidate survey by TopSpot, over 64% of respondents said they do not utilize this data in their operational decisions. We examine this game-changer by reviewing how leads inform inventory, supply chain, and pricing. Plus, we share a customer story where lead data inspired a new product offering.

Supporting your business decisions with lead data

By tracking which products or services prospects interact with via your marketing efforts, your business can focus on inventory and team resources, pricing, supply chain and efficiencies, and customer retention.

Inventory and team resources

What’s in demand and what’s not? Lead data answers this simple but important question and can guide you on stocking quantities for high-demand products or the right amount of people-power to accommodate highly requested services. Lead data can help your business spot seasonal trends and true best sellers over time. Plus, lead trends can inform sales forecasts to predict future revenue and help effectively allocate resources.

Pricing

Comparing form data and information like quantities inquired versus quantities purchased may help you make data-driven decisions on pricing. LOOP can connect leads to activity in your e-commerce solution, allowing you to monitor purchases and see the buyer’s journey that led to conversion. Combined with your market and competitor knowledge, you can truly understand what customers are willing to pay. 

You can look at buying patterns to find bundling options or inform when discounts make sense to close deals. Buying patterns also help sales and your marketing user experience offer recommendations based on what customers often pair or return for in previous purchases. Additionally, trends in lead locations and other demographics may reveal opportunities to maximize profits based on area.

Supply chain and efficiencies

Keeping a pulse on the entire buyer’s journey, from discovery to delivery, can highlight areas where your processes need refinement. For instance, if a significant number of leads come from a specific region, can you consider improvements in efficiencies like bulk shipping or bringing on an area sales representative? Additions like a new supplier, distributor, warehouse, or team member nearby might quicken your processes. Enough activity in one area could indicate possible locations to expand in. If leads mention other companies or technologies that complement your process or product, consider exploring potential partnerships.

Customer retention

When utilizing call tracking, we see most B2B companies see two to three phone calls for every form submission, meaning without this piece of analytics, you are missing a vast amount of lead data. Furthermore, these interactions make the most impact in terms of conversions and customer retention. Evaluating phone call recordings goes beyond spotting lead quality and marketing information, allowing you to hear how your internal team manages prospects and current customers. This data can inform team training and internal standards, improving conversion and customer retention.

New opportunities: a customer story

Arm-Tex is a direct distributor of OEM parts and equipment from the leaders of fluid transfer systems and measurement equipment. The company serves the petrochemical, water treatment, commercial construction, and other industries. They partnered with TopSpot in 2010 and utilized LOOP and its User Behavior Reporting Tool to identify companies within target industries visiting their website, including Fortune 500 companies.  

The data gained from LOOP led to the realization there was a business opportunity to offer more products under work platforms or access platforms, including a product called Weld-A-Step. This specific product was mentioned in lead form data from various companies, and at the time, the company only supplied a competitor product with similar applications.

The company obtained the rights to sell Weld-A-Step and added it to their product line-up. TopSpot then got to work on the marketing side, with website content and a downloadable PDF featuring product specs and variations. Weld-A-Step became the 7th most visited page on the Arm-Tex site within six months of launch, receiving 1887 visits and 22 conversions, and is a new revenue stream for the growing company.

What’s your takeaway?

Knowledge is power. Lead data, from calls to forms, helps companies make data-driven decisions on marketing and operations, creating a well-oiled machine that brings in revenue and keeps customers happy. The insights gained based on lead information can also offer new opportunities to grow your business.

If you are a TopSpot or OuterBox customer and have questions about your leads or want to learn more about form and call tracking capabilities, contact your account team. If new to us, contact us to learn more.