What is a Lead?
There are many different lead definitions available, I use the following as a basis of a lead within ProAptivity: “a qualified prospect that is starting to exhibit buying behavior”.
Once we an agreed lead definition, there are other criteria that we can apply to assist us in qualification. One of these is Firmograhics.
Firmograhics: when are used as criteria by B2B companies, are organizational characteristics which help find your ideal customer organization, e.g.:
- Name of company
- Company size
- Company location
- Number of divisions
- Number of products/services sold
- Geographic markets served
- Products already owned
You can also often determine a prospect’s place in the buying process by analysing his or her BANT (Budget, Authority, Need, and Timeline) attributes.
BANT is a more advanced lead qualification practice than demographic and firmographic analysis alone.
- Budget: Can this lead afford your product or service?
- Authority: Does your lead have the authority to purchase your product? Is he or she the decision maker?
- Need: Your lead has to need your product or service. Is there a pain that your product or service can solve?
- Time: What is your lead’s purchasing timeframe? And does that align with your sales cycle?
The next stage is then to look at the lead stage definition
Lead Stage Definition
To agree on lead handoff qualifications, your sales and marketing teams must define together the two main categories of lead stages:
- Marketing Qualified Leads (MQLs): These prospects are considered viable marketing leads, taking implicit scoring criteria, explicit scoring criteria, and (if available) BANT (Budget, Authority, Need, and Timeline) into consideration.
- Sales Qualified Leads (SQLs): These leads are sales-ready, which often must be determined through direct contact with sales. Once sales has tested to determine the qualifications of an SQL, marketing can use that data to improve MQL quality.
“Act Now” scores, which elevate leads to “Act Now” status when they engage in activities that indicate buying intent. Examples of these include:
- Filling out a free trial form
- Filling out a “Contact Us” form
- Downloading key late-stage content
- Viewing a weekly live demo
- Viewing a “deep dive” demo
For assistance in your lead generation strategy, speak with one of the experts within ProAptivity today on 028 90735630