There always seems to be some confusion about how to handle duplicate leads. In order to help clarify this, Gragg Advertising decided to step in and provide an analysis of conversion trends for prospects who submit multiple leads. Our analysis showed significant finding! People who submit multiple leads are nearly always more likely to convert than those who only submit only one lead. This means duplicate leads should not be dismissed, but handled with great care. These findings hold true across all media types and nearly all months of the year. Below is a one-page summary of the analysis but for the full data, contact Lauren Henson at firstname.lastname@example.org.
Gragg Advertising Duplicate Lead Analysis
Gragg Advertising underwent an analysis which included all lead submission data from all media types. This analysis included a portion of our total leads, 153,934. This analysis was done over a one year period among local, national and international clients whom offer various services/products.
The objective of this expanded leads research project was to determine the following:
- On average do unique prospects who intentionally submit more than one lead exhibit a greater propensity to convert from lead-to-sale than prospects who submit only one lead
Problem Being Addressed
Many clients request that we do not send them duplicate leads without fully understanding the buying cycle of their product or service, or the way different prospects interact with different media types. Instead of disregarding these leads or treating these duplicate leads differently, we sought to find out the best way to handle these inquiries.
By looking at leads and conversion data, we hoped to draw conclusions about the process in which prospects contact our clients, and what that means about their likelihood to buy the product or service.
The Approach Taken
On a large scale, Gragg wanted to be able to better understand consumers’ interactions with media as well as track whether the common practice of disregarding duplicate leads was warranted.
When gathering data for this analysis, we had to first look at the amount of leads that were available to be evaluated – how many people were actually submitting more than one lead? And were we able to follow these leads into conversions? We began by evaluating the volume of duplicate leads, the time frame and media which they came in through, and the conversion rate for these leads.
This lead analysis exhibited significant finding, indicating that prospects submitting multiple leads have a higher than average propensity to convert from lead to sale. We found that the average lead-to-sale conversion rate increased with each additional lead submission, remaining above the single submission conversion rate in all cases. Because of this data, we suggest that sales representatives of respective companies handle duplicate leads with great care and not disregard them, as they may have once done. The higher propensity to convert, regardless of media type, means this lead should be treated differently and by being aware of your duplicate leads, you should be able to do just that.
Prospects who submitted only one lead converted at 3.1 percent, while prospects who submitted two leads converted at 5.6 percent, an 80.6 percent increase. Prospects who submitted four leads converted at 7.2 percent, a 132.3 percent increase over prospects who submitted only one lead.