Entries Tagged as 'B2B lead qualification'
The growth of the Internet has changed B2B buyer activity.
Buyers don’t wait for a sales person to call them anymore. They get most of their education on the web. As B2B buyers increasingly use online channels to do their research, Marketing meets prospects earlier than ever in the buying process – often long before the prospects are ready to engage with Sales. This is one reason that, on average, only 25% of new leads are sales ready.
So you need a way to determine which leads are ready for Sales, and which need to be nurtured.
I was thinking about all the lead qualification criteria I’ve seen used in B2B lead generation programs and decided to list them by category. Here’s what I came up with:
- Firmographics (industry, company size, location)
- Demographics (contact’s title, job function)
- Contactability (phone number, email address)
- Action taken (attended webinar, downloaded whitepaper, requested pricing, spent time on certain Web pages)
- Frequency, quality, quantity, recency of actions taken
- Social media engagement (commenting on blog posts, joining social network discussions, retweeting)
- Need for your product or service (application or problem needing to be solved)
- Buying Stage (awareness, consideration, decision)
- Fit (your products or services meet or exceed their technical, performance, reliability requirements)
- Competition (what other competitors are involved? can you win against them?)
- Contact’s role in the purchase decision process (recommender, influencer, decision maker)
- Timing (purchase decision timing, implementation timing – how soon?)
- Availability of funding for the purchase (has budget, can get budget)
- Size of the opportunity (quantity needed, revenue potential).
In a survey conducted by Sirius Decisions, they found that companies who give fewer (better qualified) leads to Sales actually sell more. That means that if Marketing does a better job of qualifying leads, Sales can close more profitable deals, resulting in increased revenues.
Using the criteria I’ve listed above, plus the information in The Definitive Guide to Lead Scoring published by my friends at Marketo, you’ll be able to design a process that ensures Sales only gets sales-ready leads.
Lead scoring seems to be on everybody’s mind. My friends over at SilverPop have also focused on Lead Scoring with this blog post: Five Prospect Behaviors You Should Be Incorporating into Your Lead Scoring Process.
It’s obvious that lead qualification is growing in importance as Sales and Marketing productivity becomes more of an issue.
Do you have anything to add regarding lead qualification or lead scoring?