TDAGEN-903300 Lead Generation Best Practices and Pipeline Examples

Lead Generation Best Practices and Pipeline Examples

What Are MQLs?

An MQL, marketing qualified lead, is a customer who has indicated interest in what a brand offers based directly on marketing efforts. You are more likely to land these leads as a customer. All MQLs are promising, curious leads who are considering you but have yet to make the step into a sales conversion.

What are the Stages of the Sales Funnel?

• This is when people first become aware of your product or service – The prospect has learned about your company for the first time • EXAMPLES- A click on your ad, reading your blog, found/ visited your website, etc.

1. awareness

What Do MQLs Do?

They take the initial step to engage with your business, but without buying. They make active contact action to pursue what you have to offer.

Identifying MQL Actions

• Downloading trial software • Using demos • Filling out forms • Submitting contact info • Adding to wish lists or carts • Repeating site visits • Clicking on ads • Requesting more information

What to Expect From MQLs

The number one expectation of an MQL is that they will turn into a SQL (Sales Qualified Lead).

What Are SQLs?

An SQL or Sales Qualifying Lead is a prospective customer. These customers have progressed past the initial MQL stage. Their behavior has been analyzed and deemed ready for the next stage in the sales process – a direct sales push. All SQLs have displayed interest and intent to buy and have met lead qualification criteria that determined they are the right fit for the product or service.

What Do SQLs Do?

SQLs are the most serious of leads and are ready to become valuable customers with the right convincing. They were previously MQLs.

What to Expect With SQLs

The number one expectation with a sales qualifying lead is that they are convinced about the company behind the product or service.

Identifying SQL Actions

• Fit your target demographic profile • Expressed previous interest in your product or service • Indicated that they want contact • Have specific questions • Have identified a particular pain point

How to Turn an MQL into a SQL

• Know the difference between MQLs and SQLs. • Have your sales and marketing teams work together to communicate with leads.

How to Start

• First Lead Nurturing Action – Thank them for their interest. Examples of this interest could include visiting your site, filling out a form or attending an educational event. – Provide a Call-to-Action. This can be a sign-up link or specific invite to another event. • Second Lead Nurturing Action – Send an event invitation. • Third and Final Lead Nurturing Action – Send them educational follow-up information. For example, what’s happening in the industry today?

How to Convert

Lead Qualification Checklist

Consider Their Profile Question: Does the potential customer’s characteristics align with your buyer personas? Goal: Understand your target audience

Evaluate Their Needs Against Your Potential Solutions Make sure you have something to offer that will benefit both you and the potential customer’s company

Ask About Their Decision-Making Process Discover who is involved in the purchasing decision and how you can influence them

Compare Yourself to the Competition in the Buyer's Eyes Know your market position. Ask your lead what they know about the market. Determine what it is that they like about you – what they prefer. Develop messaging that helps you stand out

What is BANT?

BANT is a sales qualification methodology that helps companies identify qualified leads by focusing on four considerations: Budget, Authority, Need and Timing.

What is the Main Goal of BANT?

The main goal of BANT is to save time and shorten their sales cycles. It can be used to weed out inadequate prospects and focus on leads who have high probability of making a purchase.

Reminders

• When looking for a lead with the BANT criteria, you are NOT interrogating your prospect • Instead, build a rapport and ask questions naturally • Be subtle • Highlight the value of your products or services

How to Qualify a Lead Using BANT:

Budget • Determine whether the prospect can afford your product – Does their budget align with your pricing? – Does the prospect has any budget flexibility? Authority • Determine if the prospect has enough power to approve any sort of purchase – You need your main point of contact to be a decision-maker at their company Need • Determine the problems your prospect may have and how your product or service can solve them – Ask for pain points, the challenges they struggle with the most, solutions they’ve already tried, and what they need rom your company Timeline • Determine and assess the urgency of the prospect’s timeframe – How urgent is it for the prospect to make a purchase? – If a year or longer, revisit and follow up later

What is the Sales Funnel?

A sales funnel is a marketing team’s journey that potential customers go through on the way to purchase.

Why is the Sales Funnel Important?

A sales funnel helps you understand what potential customers are thinking and doing at each stage of the purchasing journey. The insights allow you to invest in the marketing activities and channels, create relevant messaging, and turn more customers into paying customers.

The Seven Steps to Take in the Sales Cycle

• Take all the knowledge you have gained and present the best possible offer you can provide • Keep your offer relevant, targeted, and personalized to the prospect’s needs

Present Your Offer

• Prove your relevance to the prospect – let them know what problems you can solve for them • Educate the prospect about your product or service – personalize your communication • Establish a reputation for being helpful, responsive, and a reliable resource • Maintain regular contact

Nurture your Prospect

• Learn about their goals, challenges, budget, and other important decision-making factors • Establish that you’re speaking with the right decision-maker who can actually make decisions

Qualify your Prospect

• Identify the best method of contact – 80% of phone calls go to voicemail, 78% of decision-makers say they’ve made actions due to an email, best time to send emails is between 8-10 a.m. and 3-4 p.m. • You only get one chance at a first impression – when you reach out, make your object clear and use your outreach to introduce yourself, build trust, and start a conversation

Make Contact

• Look at your target customer profiles • Identify potential customers and consider how to approach them

Prospect

• The most common objections you may encounter is price vs. value, risk, content, contract terms, and more. • Be prepared with responses , be patient, and empathize. • Don’t be afraid to ask questions, but listen carefully when you do!

Overcome Objections

• This is where prospects begin to evaluate your brand based on their interest levels – They’ll begin to think about problems they’re trying to solve and how your company may be of use against competitors

2. interest

• This is where prospects will dig deeper in pricing and packaging options that you can offer • Some helpful ways to help sway these purchases could include sales pages, webinars and calls

3. Decision

• This is where all your work comes down to – Whether the prospect makes the purchase or not

4. Action

• Closing is an opportunity to remind your prospect of the specific result you believe you can achieve for their business • Make sure to follow up

Close the Sale

MQLs

SQLs

BANT

Sales Funnel

Click here for more Marketing Best Practices