Lead acquisition is at the heart of BDC success. The quality and quantity of your leads have as much impact on BDC success as the teams and campaigns.
The lead mix, as we call it, is like a recipe for a healthy close rate, ROI and overall BDC performance. A calculated blend of retention campaigns and conquest campaigns is a sure way to create success.
A highly effective and profitable BDC focuses on outbound campaigns as much or more than inbound campaigns. Achieving healthy close rates, low costs per sale and profitability on its own. Now the pistons are engaged and driving your profits up.
It is common for BDC agents to only work Internet leads and take phone ups. While phone ups are arguably the best lead a BDC agent can work, Internet leads, especially second and third-party Internet leads are a tough way to make a living.
At least 50% of your leads need to come from your website and database. Website leads like price quotes, credit applications and trade value request coupled with an equal number of customers at their trade cycle, or an equity position are much higher quality than any other lead.. When more than 50% of the BDC leads are third party there is a mathematical headwind preventing a high close rate and low campaign costs. This is because:
- Mid to high funnel leads have a much lower close rate than low funnel and database leads.
- Mid to high funnel leads cost more to manage because they devour your BDC agent’s time.
- Time and money spent on these leads takes away from time and money that could be spent on better leads.
The graph below shows the impact of the lead mix on the overall effectiveness of the BDC. Be strategic with the acquisition of leads and run a highly effective and profitable BDC.