LEAD QUALITY…
?? "Coffee is for closers…" "These leads are for closers…" These lines were made famous by Alec Baldwin in the classic "Glengarry Glen Ross." In the film, the salesmen complained about lead quality. Were the leads bad? Or were they bad closers?
To answer this we need to shine the spot light on the single most important revenue pipeline metric "SQLs" (or Sales Qualified Leads). The ability to generate SQLs is the lynch pin to a successful revenue operation and we need to be precise on what it means. When marketing hands a lead to sales, the lead has to show:
1. Demonstrated NEED for the product or service
2. Transactional buying intent, i.e., has BUDGET
3. Reasonable decision making influence or AUTHORITY
There are more qualifiers, but this is the baseline. Once a revenue team has a large enough sample of SQLs, data analysis can be taken to the next level to understand:
1. Attribution - where did we find the lead?
2. Return on advertising spend - what did I spend to get the lead?
3. Close % - seller skill or product market fit?
4. Customer acquisition cost - what’s my total return on sales and marketing?
5. Pipeline revenue forecasting - how should I budget the future of the company?
How do sales and marketing collaborate to get more SQLs? It starts with a consistent feedback rhythm between the two teams analyzing the above metrics. Once we uncover some 2nd-level analysis, we can make better marketing decisions on (1) what to say and (2) where to say it. ??
#InboundMarketing #LeadGeneration #DigitalStrategy #GlengarryGlenRoss
