Lead generation companies' success is reliant on the quality of the data they sell to its customers. The competitive nature of this industry has created a large appetite for accurate, real-time data on businesses and consumers. Historically, lead generators have focused on lead validation and verification, but in recent years the focus has shifted to lead scoring. Lead buyers choose certain attributes that model an ideal customer and then use the criteria to prioritize leads. There are two aspects of lead scoring: self-reported prospect information and prospect behavior.
The behavioral aspect is critical but the information gathered and the verification of that data is absolutely imperative. Lead generators often rely on vendors who provide data intelligence such as name, address, and phone number with match rates sometimes well below 65%. This creates a challenge for lead sellers and buyers as they are sometimes left with less than half of their lead data unverified. There's also been a general consensus in the market that a few select vendors have a monopoly in the market and have commanded customers to pay large transactional fees and monthly minimums, and then bind them into 2-3 year contracts.
Our new product, PhoneID Contact, has received incredibly positive feedback on the match rate and accuracy from its initial customers. We are leveraging proprietary data sources to provide unmatched data accuracy at a cost significantly lower than other providers. We'll return the name and address associated with phone number as well as phone type and location information. We're also committed to making it easy to do business with us, meaning we won't lock you into long contracts and large monthly minimums. It's simply a per-transaction cost model.
We're excited to help lead generation companies close the gap on data verification, enabling them to use this information for scoring models. For more on how TeleSign can help ensure the quality and integrity of your data, visit www.telesign.com or email me for more information.