Why They Place Quality Over Quantity?
What is a lead conversion and why quality matters? Lead generation best practices.
We have discussed lead conversion and the importance of quality leads, in our recent blog “Lead Generation A Deep Dive In”. We will now discuss why B2B marketers always prefer quality over quantity, and what are the significant ways to measure the lead qualification process.
The battle between quality and quantity seems to occur over and over in the lives of B2B marketers, especially when we talk about content, customers, or leads. But most people easily get confused especially the inexperienced marketers, about how the quality of leads is important and quantity is not, in a lead generation strategy.
But marketers who are interested in more leads than the quality leads are the ones who do not have their metrics in order, we know more leads will be required to increase sales but once they start getting feed-backs and their metrics order reaches a certain maturity level, they will understand that it was never just about the numbers of leads but the quality.
Lead quality is nothing but an objective that allows you to identify the intent of your prospect and how likely is your prospect is to become your paying customer, the higher the quality of your leads, the more likely they become your customers. We would say this is the requirement of modern marketing that every marketer should think that they have a commitment to quality if the commitment is true then no service would result in a complaint.
“70% of B2B marketers cite improving the quality of leads as the most important objective of a lead generation strategy”._ Ascend2
Significant Ways To Measure Quality- Being a marketer it is important to understand that the quality of your work defines you and the working culture of your organization. Quality is made by people you work with and focusing only on the leads that show real intent to become a buyer can save your team's effort and time on the bad leads. When your focus will be on lead quality, the chances of converting a lead into an actual sale increases, this, in turn, improves ROI over an extended period. However, there are a few methods to determine whether a prospect is right for your business.
Identify What to Measure:
B2B marketers usually don’t deal with a single problem at a time, so we require different metrics that are equally useful for every problem we face. As not all metrics are useful for every business. We may have different accounts, an audience to target so your first step to measure a lead quality should be to identify your specific processes, target audience. Whether the leads you have scored are a good fit for your business or not Because every lead is different, identifying the right prospects for your business determines what actions should be taken next. Without proper metrics, effective lead nurturing is not possible.
Classification Of Your Leads:
The best way to measure lead quality for a successful campaign run is to classify your leads. Every lead you scored should go through a set of criteria. The number of qualifying criteria of a certain lead will determine its classification.
To better understand the classification of leads refers to the ‘lead classification graph’.
AQL- Last year several new stages were introduced to demand waterfall, among which AQL is one of the most popular stages. The AQL is the stage where inquiries, both inbound and outbound, are loaded into the marketing automation platform
MQL- A MQL qualified lead could be a visitor who visited your website and may have downloaded your white paper or opted into your email list. MQL only determines that a lead showed the interest to become a customer but is not a sales-ready lead that needs to be nurtured well. This is tracked by looking at the levels of engagement, only certain levels should trigger a lead to the MQL stage.
SQL- A SQL lead is the next stage of a quality process that indicates, a sales-ready lead which is the result of continuous nurturing efforts of marketing and has qualified by the sales team as a potential customer down in the funnel. That lead is ready to go further along the buyer’s journey.
SAL- A sales accepted lead is based on the agreement-upon criteria established between marketing and sales. Most often a sales qualified lead will become sales accepted, this is the most important transition in the funnel.
It’s time to shift this mindset of ‘getting the highest numbers of leads is the only goal’ and look at both metrics as critical to success. It's your most important job to ensure quality but the bottom line, if you’re not getting enough quantity of leads, there’s no point worrying about the quality. So being a B2B marketer you should plan your quality policy by keeping both metrics in mind to get the desired ROI.
“B2B marketers have demonstrated a clear preference for generating high-quality leads (68%) over generating a high volume of leads (55%).” bright talk.
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