Driving Lead Generation Success through Vendor Partnerships
Setting goals & expectations with your vendor partners is a strategic step toward enhancing your recruitment efforts.
Finding qualified and reliable drivers is a constant challenge. In this landscape, forming effective partnerships with lead generation vendors can significantly impact your marketing and lead generation efforts. We'll discuss the key aspects and best practices for building a strong partnership with your vendors so you can take the wheel to drive future success with your company.
Setting Goals & Expectations for Lead Generation
The foundation of a successful vendor partnership lies in the alignment of goals and expectations. Clearly defining successful outcomes is the first step. Are you seeking a certain number of hires per month, or are you more interested in increasing the volume of leads that enter your pipeline? Defining metrics such as the conversion rate from lead to hire, average time to hire, and the quality of candidates can provide a solid framework for goal setting.
Collaborate with your vendor partner to establish realistic targets based on your historical data, market trends, and the capacity of your recruitment team. Regular communication throughout your campaign is key, as it allows for adjustments and refinements to the goals as the partnership progresses.
Types of Goals
Understanding the distinction between high-volume leads and high-intent leads is essential when considering the goals you want to set with your lead generation partners. Below is a breakdown of some of the most common goals.
Lead Volume: Achieve the most leads at the lowest cost per sent lead
Pros: Maximizing lead volume can help increase the overall pool of potential drivers and drive more hire opportunities.
Cons: Focusing solely on lead volume may sacrifice lead quality with vendors who don’t pre-qualify leads, leading to lower conversion rates and increased efforts to filter through less qualified leads.
Priority Positions: Prioritize high-need markets or positions to generate high-intent leads.
Pros: Prioritizing high-priority positions increases your chances of finding suitable candidates who align with your company’s high-need areas. It's a proactive approach that sets the stage for future hiring needs.
Cons: While focusing on priority markets can yield a more qualified candidate database, the overall volume of leads might be lower.
Down Funnel KPIs: Focus on trying to achieve the lowest cost per hire, scheduled orientations, or contact rates.
Pros: Focusing on down funnel KPIs as the primary goal ensures recruitment efforts directly impact operational capacity. More drivers on the road mean increased revenue and better service delivery.
Cons: A narrow focus on hires might lead you to overlook potentially valuable candidates - leads who might not meet all immediate hiring criteria, but could become assets in the future. Additionally, the hiring process can be time-consuming, potentially delaying your driver acquisition.
Finding the Right Balance
Striking the right balance between hires and leads is ultimately the key to a successful vendor partnership. A balanced approach ensures immediate hiring needs are met while also nurturing a steady pipeline of future candidates. Regularly analyzing and refining the goals based on performance data can help optimize your recruitment strategy over time.
Setting goals and expectations with vendor partners for lead generation is a strategic step toward enhancing your recruitment efforts. By understanding the difference between hires and leads and considering the pros and cons of each goal type, you can tailor your approach to maximize your recruitment success.
Don't miss Jacob Ridge's exclusive session at the Turning Point • CDLLife Summit 2023, where he identifies valuable tactics for building strategic partnerships with your lead generation vendors.
Transform your pipeline with highly qualified drivers by embracing a collaborative, data-driven approach.
If you are looking for a lead generation partner to collaborate with, let’s connect!
