Finding organic leads is tough. The competition in today’s digital marketplace means that if there is a lead out there, your competitors are probably already onto it. The chances of you slipping in, grabbing the customer from the clutches of the enemy, and then making a sale are pretty slim.
The Problem With The Lead Generation Market
This unfortunate reality has led to the rise of lead purchasing. Companies, especially in the financial industry, will go out into the marketplace, find someone promising to sell leads, and buy them in bulk, hoping that some of the people they contact will convert.
The problem with this is that many of the leads that they’re selling are junk. They’re not genuine, either because they’re duplicates or because the company selling them is misusing data. Data protection regulations mean that companies need to be extra vigilant about where they source their leads. They can’t grab leads from any old place and adopt a happy-go-lucky type of attitude. That approach will undoubtedly land them in hot water.
Companies, however, don’t always know whether the leads that they’re buying are legit or not. It’s hard to tell. There’s just so much data involved. Rifling through lists of leads and looking for patterns that might indicate foul play isn’t something that humans are particularly adept at doing. It’s time-consuming and involves a lot of energy. Time-constrained firms often don’t have the labour-hours to dedicate to comprehensive searches and lead verification. It’s just too much effort.
This puts companies in a difficult predicament. They need leads to be successful, but they seem to have to choose between going down to the slow organic route or buying leads in bulk and risking falling foul of data protection law. It’s a nightmare.
Alain Desmier, Founder Of Efinity Leads, And The Solution To Cheap Lead Generation
Alain Desmier, the founder of Efinity Leads, realised that there was a race to the bottom in the lead generation market. People in the industry were trying to do the right thing and create honest, bona fide leads for their clients, but they also had to charge more money for it. Business clients would say to lead generation providers, “why are you charging me so much for these leads when I can get the same number from a different service for a fraction of the cost?” Lead generation professionals would respond that they were generating quality leads, but the pull of lower prices often led clients to make the switch anyway.
Alain Desmier wants the best of both worlds. That’s why he’s in the process of setting up Contact State. Instant, cheap lead checking, in his view, is the key to resolving the industry’s problems. Scouring through thousands of potential leads to check for patterns and duplicates isn’t as a task suited to people. But it is something that could be done by an artificial intelligence-powered system.
This is the topic of the present podcast. Can we build artificial intelligence systems that will solve the quality problem in the lead generation market? If we can, then suddenly companies can inexpensively check cheap leads and avoid regulatory pitfalls.