You have just generated a large volume of leads from sponsoring an industry conference and paid media in your latest marketing campaign. 1.5 weeks later your sales development reps finally get through qualifying the entire set of leads, only to find that just a handful of them are showing potential and likely to turn into solid opportunities. You have just wasted precious time, dollars and resources on a whole body of leads that are unlikely to convert into sales. Meanwhile, your sellers are clamouring for better quality leads that are sales-ready.
But wait, how can that be? The leads have clicked through our post-event emails, downloaded multiple pieces of our content assets and even visited our website three times a day. Our Marketing Automation platform has placed a high score on prioritizing these leads based on these interactions.
So where’s the disconnect?
What you are experiencing is the “Tinderization” of B2B buying. Swiping right on your profile in Tinder and having a few chats on a dating app hardly means the other person wants to have a relationship with you. Likewise, the usual indicators of engagement such as website visits, content downloads and so on are no longer reliable buying intent signals, even if you are seeing such behaviours coming from multiple contacts within the same company.
The missing piece in the lead qualification jigsaw puzzle today is account fit and propensity. This is particularly crucial for B2B technology marketing. There is no lack of interested buyers shopping around, but if your offering does not fit into or integrate with their existing technology environments, nor is there a compelling event that triggers an urgent need, they would not be inclined to make a change now. The growing number of stakeholders in the buying committee (6.8 persons according to CEB, now Gartner) reflects the level of risk aversion amongst B2B technology buyers. What you need are organizations that fit your Ideal Customer Profile and have the strong pre-disposition to consume your product.
The good news is, Predictive Lead Qualification (PLQ) is an innovative approach that takes away the heavy-lifting and accelerate processes to deliver faster, better results. Predictive Lead Qualification goes beyond predictive lead scoring by analyzing technographic data, firmographic data and historical customer data. With PLQ, you can easily prioritize and focus on the high value, best fit accounts first for lead follow-up. This could speed up your lead qualification process up to 100 times, while dramatically reducing effort and costs associated with the typical lead qualification cadence.
The new Leads module in FusionGrove enables marketers to create your own customized account propensity model by defining values to score leads based on account intelligence drawn from technology stack data (technographics), along with firmographic filters such as revenue and company size.
Here’s an example. You are an ERP vendor growing your SaaS business and expanding your cloud-based solution into the SMB market segment. You would assign +50 if the company is already on Microsoft Azure and +80 if it has less than 1000 employees. Conversely, you could assign negative values if the company has an attribute that would deviate from your ideal customer profile or introduce additional challenges in the sales process, for instance -30 if they have an incumbent solution from a competitor.
With this kind of predictive lead scoring, you are able to prioritize your leads into different tiers and export the results. Your SDR team can immediately engage with those accounts that have the strongest fit with your solution.
There are significant benefits in the practice of account propensity scoring during the lead qualification process:
- Reduce time, money and effort in prioritizing and qualifying leads.
- Improve lead conversion rate.
- Accelerate time to revenue.
- Leverage the enriched account insights to refine and personalize marketing content and messaging, increasing relevance and effectiveness.
- Improve marketing contribution to the pipeline
Learn more about Predictive Lead Qualification, or get in touch with us to discuss further.