Sales outreach is one of the most important activities you can do to grow your SaaS company.
This allows you to connect with potential buyers and qualify each as a legitimate lead. Since this is so closely related to your bottom line, lead qualification becomes critical.
In the same breath, you and I both know that we have finite resources such as time and labor, we have to spend them wisely and maximize returns. How can we achieve this?
The answer is by harnessing the power of data.
In this article, we will discuss data enrichment vs. lead qualification and how they can both impact your bottom line.
If you’re looking for a way to get the most out of your data and qualify your leads, check out Baremetrics feature, People Insights, to enrich your customer profiles today.
What is data enrichment?
Let’s first understand the basic concept of data enrichment.
As a business, you will have internal data. It can be your customers’ details such as name, address, date of birth, marital status, and much more. For any SaaS/online business, it is likely to have far more data on something like how often your customers visit and use your product/services.
All the data that you collect without any process is called raw data. The raw data, when left as it is, isn't creating value for your company. Only when you combine that disparate data and extract insights does it become an enriched asset for your organization.
What does this mean when applied to your customer profiles? It means that by analyzing the profiles, with a tool like Baremetrics, you're able to extract insightful metrics including personalized segmentation, rich customer profiles, customer behavior tracking, manual subscriptions handling, and much more.
With the right process and tools, all data points will become an important asset for your organization.
What is lead qualification?
When you have a SaaS product, finding out the most likely customers is a critical mission. Lead qualification is the process of determining which customer is most likely to make a purchase decision regarding your product.
As a software provider, there are many tactics you can use to qualify someone as a lead. Here are some of the most common tactics in lead generation:
- Subscribing to your newsletter or blog
- Signing up for a free demo of your product
- Handing you their business card at an event
- Downloading your company’s ebook
- Send you an email
- Inputting their email address to receive a discount code
- Registering for your webinar
In David T. Scott’s book The New Rules of Lead Generation, he describes these actions as getting people to “raise their hands” to signal that they are interested in buying your product or learning more. On your end, it’s crucial to collect enough information to continuously reach out to your leads and stay in touch until they’re interested in buying down the line.
If you can use enriched customer profiles during communications with customers, you can increase a chance of closing a deal and also save cost by selecting the most probable customers.
How can you use data enrichment for lead qualification?
Let’s further clarify the methods of using data enrichment for lead qualification. The goal of lead qualification is knowing more about your customers so you can qualify them as a lead before reaching out.
This is where Baremetrics’ People Insights mentioned earlier comes into play.
With People Insights, you can gain clear visibility to a complete set of customer metrics using our intuitive dashboards. Here’s how it works:
When a new customer starts a free trial, the dedicated dashboard section begins tracking and displaying the various data points. Want to see active subscriptions from only San Francisco? Or maybe customers that cancelled this week.
People Insights does the heavy lifting for you and makes that possible.
From there, you're able to further drill into more details about that particular prospect. This allows you to view things like:
- what features your customer is using
- timeline of customer activities
- customer location
- and much more
Along with more details about a particular customer, we’ve made it easy for you to track every charge, failed payment, and every other transaction within customer profiles.
Having a central location where your customer information lives and is analyzed constantly giving you greater insights is a game changer. Don’t just take our word for it though, see what others are saying.
How does knowing more about your leads improve your business?
Imagine you can read someone’s mind.
Knowing better about your customers is like reading that person’s thought (not to sound creepy). If a person is not interested in your product, then it’s not worth reaching out and spending time convincing that person to buy.
When your time spent does not lead to a purchase, it decreases a return on investment. Your time and all marketing activities are an investment for attracting new customers. Thus, to boost the return, you have to increase the success rate.
By knowing who you’re reaching out to, you can drastically increase that rate, positively affecting your business with higher revenue.
Get deep insights into MRR, churn, LTV and more to grow your business
Use Baremetrics to monitor your customers
However, getting a prospect to go from lead to trial is only step one. That’s why Baremetrics offers a number of other features that allow you to gain even deeper insights into your customers during and after their trial.
The first of the additional features is Trial Insights.
Trial Insights minimizes your prospects drop-off rate by monitoring the activities of customers during trial.
Additionally, you’re able to track various figures like conversion rate, average trial length, active trials, new trials, and trials ending soon with up to the minute data. With Trial Insights, you’ll know exactly what you need to know to take action before it’s too late.
Ever wanted to organize your customers by bringing meaningful and comparative insights across your dashboards? Now you can, by using Segmentation capabilities with Baremetrics.
Segmentation enables you to choose between any of your custom segments, on any dashboard, and get instant historical comparisons. Also, you can categorize your customers by region and compare revenue across different locations.
Furthermore, you can segment customers by more fine options such as plan, MRR, cancellation date, and many more selectable conditions. As you can group customers, you can examine how each group contributes to your revenue or which group has a higher churn rate. Quickly see things like new, expansion or even churn for any customer segment, all with Baremetrics Segmentation.
Boost sales and reduce churn with Baremetrics
At the end of the day, it all comes down to the quality of enriched customer data.
Baremetrics offers extensive features to allow users to better understand their customers. By knowing more about your customers, you can boost your sales and reduce customer churn rate.