If you are rushing to sales to share the contact details of the person who just downloaded an asset on your site, hold your horses!
Very often, the need to immediately pass on these contacts, often referred to as marketing qualified leads (MQLs), to sales is counterproductive. These prospects who have just had their first interaction are not ready to be converted. They need to be nurtured for which it is essential to evaluate the lead to identify where they stand in the buyer journey.
The true value of a lead comes from further qualification based on other additional criteria, which ensure a greater possibility of conversion.
The dangers of premature lead contact
The purchase journey is a long and complex one, and a premature action can prove to be wasteful. Most often the first interaction is more of an exploratory research driven by curiosity. A prospect who is approached by a salesperson with a sales pitch at this stage, may actually resist or be completely put off by the outreach. This can be disastrous as not only is a potential lead lost, but it is also a wasteful experience for the salesperson.
Do the homework to prevent lead losses
The lack of adequate groundwork on profiling the lead is the shortcoming here. Besides identifying the name and the organization, a more advanced analysis of the target lead to check for a good fit is necessary.
Is the individual the right person to target? Does he/she have the mandate to make a decision? Is the individual in the right function? B2B buyers may also delegate this research and data collection to other individuals in the organization, making the lead a facilitator and not the target buyer. A detailed pitch to such a lead is often futile since he or she is not the decision maker.
Not everyone looking at a product may have the resources or budget allocation necessary to purchase the product or service. For instance, not every visitor to a high-end car website has the budget to purchase it.
A purchase decision is often preceded by significant data collection. A buyer could not necessarily be looking at a buyer to make an immediate purchase. It may be a more of a process of evaluation of available solutions and its suitability.
The way forward
An MQL is a lead who has expressed interest in your offering through a download, a form sign or a signup for a demo. While these are promising, it is still in a nascent stage of interest as a potential buyer. The lead needs to be vetted for relevance, fit and readiness and then nurtured till it is ready for conversion.
Among the best approaches to qualify these is BANT leads.
Nurturing MQLs with BANT qualification
BANT qualification helps identify leads who are most likely to purchase. These qualifiers are the most powerful indicators of the outcome of a prospect. These qualifiers are Budget, Authority, Need, and Timing.
The budget is a key indicator. Any MQL should first pass the test of budget availability. Understanding the budget constraint and availability is key to saving wasteful sales pitches on a target who does not meet your criteria.
Authority is essential to make sure there is scope for the progression of the lead through the buying journey. The lack of decision-making authority can be a bottleneck, making it a futile exercise. Authority is key to improving the velocity of movement toward the sale close.
Need is a powerful driver. If there is a clearly defined need for the product, it can open doors. Even budgets can be stretched, and an individual with little authority can also be influential. For instance, a junior-level executive can advocate for the purchase of a workflow solution to the individuals with authority based on its need and relevance.
Timing is of immense importance. Pitching to a prospect who is not ready to buy is not going to help convert, irrespective of how good the product is. Research into the urgency of a solution for the prospect can influence the speed of resolution. It can accelerate the closure process and also help you decide on the effort and resource allocation the MQL needs.
The cherry on top – psychographics
Once a lead has been qualified as a BANT lead, there is another layer of intent that can be revealed to enhance further and improve the chances of conversion – this is the use of psychographics.
Using psychographics on BANT leads can be the ultimate game-winner. Psychographics analyses the interests, values and behaviour of targets using publicly available data. The extracted insights from this information help create customized messaging that resonates with the lead. This becomes the next layer of qualifying leads.
The use of tailored content to engage with MQLs forges deep relationships. The congruence of ideas leads buyers to develop a deeper sense of connection and loyalty, building strong customer bases. Successful businesses thrive because of a large, loyal customer base. And the way to build this is by focusing on engaging and building a nurturing relationship from the initial touchpoint starting from that first interaction on your site.
To know more about how we help you convert better and build enduring relationships, connect with us at hello@thinkabm.com