Sales is not easy, and neither is finding quality prospects in a short period of time.
According to HubSpot, here is how a salesperson typically spends their working day:
- 21% – writing emails
- 17% – entering data
- 17% – prospecting and researching leads
- 12% – going to internal meetings
- 12% – scheduling calls
Between data entry and prospecting and researching leads, businesses spend almost a third of their time on the tasks. Purchasing the leads could eliminate the time it took for manual, time-intensive tasks.
Buying leads could be what your business needs, but consider all factors.
The Benefits of Purchasing Leads
It’s as simple as that. You bought the leads, and now you have a list names, mailing addresses, phone numbers, and email addresses of people to reach out to.
Take an online sales and marketing campaign, for example. With the email addresses, you can add those people to your mailing sequences fairly easily and quickly, assuming you received an electronic copy in an Excel or CSV file.
Set up the campaign, and wait to see the fish that bite your hooks.
Saved Time and Money
How long would it have taken you to find those leads on your own? Those who have been involved in client prospecting know how long it takes to research prospects, qualify them, and set up an outreach campaign.
Sure, there is a cost to buy the leads, but how much money would it have cost you not to purchase any leads? The time you or one of your staff members spend doing such work could be better spent doing something else that could generate more revenue.
By purchasing leads, you sidestep the time and extra costs it would otherwise take doing the work yourself.
The Cons of Lead Purchasing
From whom or what organization did you buy the leads from? How sure are you that the leads will be qualified?
If you know that you can purchase an attendee list from a trade show or conference, and you know said attendees are likely consumer of your product or service, then such a purchase can make sense.
But if you’re buying a list from less known vendor and are unsure where the data came from, then it’s time to rethink a purchase.
The other issue stems from the fact that humans make errors in data entry, so therein lies the possibility that the email addresses or phone numbers, which you absolutely need to be accurate, to reach out to the prospects could be full of mistakes.
Another point to consider is, depending on the industry, legitimately quality leads may not be available and for sale to the public so easily, so you perhaps be skeptical of the list.
Potential for Spamming and Violating GDPR
Businesses need a sales pipeline, and having leads keeps that pipeline full.
That’s all well and good, but your recipients may not have consented to your campaigns, or they find the frequency and nature of what you send to be annoying and spammy.
If the recipients are angry and determined enough, they may report you to a regulatory authority and take action against your organization. Depending on the recipient’s jurisdiction, particularly if they are in the European Union, your unwanted contact may be in violation of GDPR guidelines.
General Data Protection Regulation, or GDPR, is a European Union regulation designed to protect an individual’s data from being used without their consent, and while the rules apply to any business operating in the EU, the rules also apply to firms from outside of the EU that engage with EU prospects and patrons.
Given widespread occurrences of spam mail, robocalls, and data breaches, and assuming GDPR is a model, other countries and regions may adopt similar regulation to protect their citizens/consumers.
Make the Right Choice for Your Organization
Leads are the lifeblood of generating new business. Without leads, there are no people to put into your marketing campaigns, and there are no initial meetings, scope calls, sent proposals, and sales to be had.
Buying leads could make the job easier, assuming the data is accurate and the people on the list are quality prospects.
But sometimes purchased leads can have faulty information, and your outreach may be marked as spam or in violation of GDPR.
Do what you feel makes the most sense for your firm, and always consider other options if one fails.