Currently, we have a three tier lead source methodology (lead source, lead source category and subcategory) and our Sales Ops team wants to modify it slightly. The first tier is broken into 3 simple categories (Website, Events, and Other). Website/Events essentially covers all of the marketing activities, and the other category is quite broad, including outbound sales created leads, leads referred by customers/partners, and contacts created by CSMs.
Since the other category is quite vague and broad, we're thinking of restructuring to something like Website, Events, Referrals, and something that summarizes creation by internal employees. Do you guys have any suggestions or best practices here for major lead source buckets?
This is always a challenge. As long as everyone agrees and enforces it, it's ok. Just try to make the categories mutually exclusive.
If possible consider the Offer Channel Method where you separate out the Source, Platform, and Offer Type, and Content Name.
But to answer your question, I think Outbound, Inbound, and Sales Sourced may work.
One way to figure out your lead source values is to take the most granular tag you have (in your case it may be existing lead source categories) and do an affinity grouping exercise where you place similar values into groups and then label those groups. A couple of rounds of this with the appropriate people (marketing and sales), and you have your groups.
You could do something like prospecting, referrals, and customer initiated.
What is the best practice as it relates to lead source and forms. A contact may submit many forms during a time period with a unique lead source. Do you all overwrite the lead source value? Or do you have another field which captures that information ie lead source most recent?