Finding contact information for prospects is a huge time-suck for sales development reps.
Creating lead lists has become a time-consuming task that delays the more important step -- building relationships with these potential customers.
For many industries, established lead lists have been created, but for PayLease, an online property management payment and billing platform, that just didn't exist. The lead lists that were available in their 66 million-unit marketplace didn't have all the information they needed to be effective.
So, they developed a 4-step surefire process to alleviate that issue.
They had a lead list creation problem, so they developed a 4-step surefire process to solve it. (Click to tweet)
Sheldon Lewis, VP of Business Development for PayLease, recently talked with us about this process in an interview on the B2B Growth Show.
He explained how they collaboratively used outsourced and in-house teams to establish their own lead lists, which allowed the company to reach 95% of their market.
Here is that proven process:
1.Building the initial lists
The process begins with outsourcing the initial lead research. PayLease has been able to significantly cut down on both costs and time constraints by having a small army of overseas workers researching potential clients online.
These workers comb the web to find information like company names, locations, contact information, and more. This part of the process is reliant on a strong partnership between the overseas team and headquarters.
Instead of headquarters just handing off commands, the two parties are in constant communication to make the most of this step. Understanding that this is an iterative process, not a one and done task keeps communication lines open and increases efficiency.
2. Finding missing information
With the initial list provided by the overseas workforce, an overseas call team then takes over to fill in the missing information. This team cold calls companies based on the list provided to fill in any missing information that could be a road block for SDRs.
Say the first team only found the company name and location, the call team would then pick up the phone and gather the remaining data needed.
The web is a rich source of information, but it's not omniscient. By pairing the online data from step 1 and information acquired from cold calling, a more complete lead list begins to form.
3. Finalizing data
This is the point where the in-house team dives deeper.
It's very possible that at this point there still might be a few holes in the data. To make these lead lists as complete as possible, a third team with industry expertise and contacts does research to create a full profile of each lead.
This step is also where the data gets plugged into a CRM, like SalesForce, to be forwarded to the SDRs. This provides some protection against duplicate entries and false data.
It's important to point out that the three teams do not work in silos, but operate together. The process is continual, so the teams are constantly communicating and creating new lists for the SDRs.
4. Turning the list over to the SDRs
With steps 1, 2, and 3 under your belt, a map of the market emerges. This map gives the SDRs a solid foundation for reaching out to potential clients.
Reps are no longer bogged down with the time-consuming task of finding lead information, rather it's presented to them and leaves them to do what they do best. They now can focus on setting up meetings for the sales executives, and with a constantly revolving list there's never a shortage of potential clients to contact.
Of course, this "dialing for dollars" approach can be a drain on the reps, which is why PayLease has established a company culture that promotes the highest productivity while minimizing turnover. The company has developed an effective training ground where their reps learn about the product as well as sales techniques. This makes them more effective in their current job while helping them move up in the ranks when they're ready.
The sales executives also know that the SDRs are important to their own work, which fosters a highly collaborative approach to the process.
It took a few years to get this process functioning at full capacity, but now this proven process has allowed PayLease to map out 95% of their market.
Using a combination of in-house and outsourced employees, they've built a comprehensive map of the market to target leads with the most sales potential.They didn't have to wait for the full map to start utilizing the information, so the benefits began day one.
They've built a comprehensive map of the market to target leads with the most sales potential. (Click to tweet)
Through building the initial lead lists, filling in holes, and presenting the data in a usable form for the reps, PayLease developed a fine-tuned machine that saves both time and money. What more could you ask for?
You can find the interview that this post was based on, and many more, by subscribing to the B2B Growth Show on iTunes.
James Carbary is the founder of Sweet Fish Media, a done-for-you business development service that guarantees new relationships between B2B companies and their ideal clients. James also co-hosts the B2B Growth Show: a podcast dedicated to helping B2B executives achieve explosive growth.