Lead generation is key to business success and is the lifeblood of any business. But where do companies get high quality leads?
Effective lead generation is the sum of many moving parts, relying on planning and, frankly, a ton of effort. In this article, we will cover everything you need to know about Lead Generation.
Lead generation is the process of creating consumer interest in your products or services.
With lead generation, you can attract leads (your potential customer) into a marketing software system with the hope of nurturing them through the buying process.
Once a lead is generated, you can then instruct them about your offerings and begin converting them into a customer.
A lead generation strategy’s main goal is to attract interested prospects and convert them into leads. A lead is a potential customer who indicates an interest in your product or service by taking some action. They have shared their contact details or otherwise implied that they may want to do business with you.
Hot leads have met all the required criteria in the BANT lead qualifying system. BANT stands for budget, authority, need and timeline, and it’s a framework that can be used to determine how qualified a lead is to work with your company and determine which leads should be prioritized.
Warm leads have missed 1 or 2 criteria in the BANT lead qualifying system. The qualifying scale is that a need was identified and the other 1 or 2 qualified criteria should be able to support the first.
Cold leads have 2 or 3 disqualifiers in the BANT lead qualifying system and most of the time further nurturing is needed.
Information Qualified Lead often provide their contact information in return for some type of useful information, also known as a top-of-the-funnel offer. These leads are usually just beginning to research the solution to a problem. They usually don’t know your company and how you can help.
Product qualified leads exist for companies who offer a product trial or a free or limited version of their product with options to upgrade, which is where your sales team comes in. They are contacts who’ve used your product and taken actions that indicate interest in becoming a paying customer.
This type of lead is similar to IQL. Marketing qualified leads are contacts who’ve engaged with your marketing team’s efforts but aren’t ready to receive a sales call.
Sales qualified leads are contacts who’ve taken actions that expressly indicate their interest in becoming a paying customer. The conversation was deep enough to have identified that this is an actual opportunity as they have real pain and the fit for what you do is what they need.
Learn how to effectively use customer acquisition tools in 2021.
Download our free white paper here.