Companies are not making the most of the leads that arise from their business to business marketing campaigns despite spending an average of £28, 187 a year on marketing, according to new research.

British companies have huge marketing budgets but waste most of their money by not investigating and qualifying new business leads, according to business information company Marketsafe.

The research findings indicate that in nearly one in four companies, 50 per cent of the annual turnover comes from new business opportunities but despite spending on marketing,
many companies fail to successfully approach new business targets.

Marketsafe found that only 43 per cent of companies go to a potential target’s website and research their web services before contacting them and a similar proportion don’t even check who is the most appropriate contact to approach.

A surprising 16 per cent admitted to doing no research whatsoever into a prospective business customer prior to approaching them.

The most common excuses for failing to win new business were a lack of time (42 per cent), lack of funds (39 per cent), too much competition (24 per cent) and poor quality marketing data (13 per cent).

Andrew Harris, managing director of Marketsafe UK said: “British businesses pour billions of pounds into their sales marketing campaigns but staggeringly many do not take the time to learn about the companies they are targeting.”

He added that increases sales and investment value could be procured by “investing more time and money in developing customer intimacy”.

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