March 23, 2022

How to Improve Lead Quality

It’s a struggle finding quality leads that move your business in the right direction. Generating high-quality leads takes a lot of time. You can take several steps to improve your lead quality, including following predetermined criteria and analyzing data on inbound communication. You might also consider using a SaaS marketing strategy that helps you gather the data you need to ensure you’re finding the best leads. The lead quality in SaaS helps your sales team focus on prospective customers that are right for your product or service. Not only that, but you’ll be able to identify which sources bring you the best quality, like social media or website content. So what are quality leads, and how do you generate them?

How to Identify Quality Leads

You might find yourself speaking with customers shopping around with no real intent to purchase your product or service. How can you tell which leads are worth it? High-quality leads are built from data driven actions, leading to better sales and continued business growth. Let’s discuss some ways to identify leads that will boost conversion.

Define Lead Quality

Lead quality is a measure that evaluates the likelihood of your prospects becoming paying customers.

If your leads are higher quality, they are more likely to become clients. Considering their closing and revenue potentials will affect your conversion and income rates, respectively. The specific lead quality metrics may vary depending on your lead-generating approach and the items you offer. 

Lead Qualification Criteria

Evaluating leads is a critical way to ensure your team is speaking with the best potential customers. Lead qualification criteria are based on whether or not the customer is willing and ready to buy your product. Interest and the ability to buy your product are must-haves in determining whether or not a lead qualifies. Here are five general questions you should be asking to determine if a lead meets the criteria:

  1. Are they interested in your product?
  2. Do they have a use for your product?
  3. Can they afford your product?
  4. Is now the right time for them to buy your product?
  5. Do they make the final decision?

Overall, these questions will help weed out unqualified customers, but it’s not a perfect system. You’ll have to probe a bit further to see if this customer is the right fit for your product at the current time. More detailed questions like, “What are your current challenges?” or “What is your ideal price range?” will help you gauge the customer’s viability. Of course, you might need to adjust your qualification criteria if your sales department rejects many leads after this process. 

SaaS marketing with Statwax takes out the guesswork by providing clients with lead scoring and analytics. Your sales team can prioritize clients based on their viability and readiness to purchase your product or service using this data. This means more time with quality prospective customers and less time with unqualified leads.

Lead Sources

Where you get your leads is just as important as whether or not they qualify. There are several different lead sources: 

  • Marketing qualified leads (MQLs) reach customers directly through marketing campaigns like emails or content offers.
  • Sales qualified leads (SQLs) are customers speaking directly with the sales department.
  • Product qualified leads (PQLs) are customers who have directly used the product, whether a freemium model or other trials.
  • Conversion qualified leads (CQLs) are customers reaching out from the website by submitting a contact form.

Depending on your top-performing channels, you can see which sources bring you the best leads and which sources you might want to bolster.  You’ll learn which types of user behaviors signal sales readiness and which potential customers should be warmed-up as you evaluate the efficacy of sales efforts.

How to Generate Quality Leads

Generating leads It’s not as easy as sending an email and waiting for a response. Generating leads takes the initiative and research to better understand the market for your product or service and how your potential customers find you. Some ways to generate leads include:

  • Using search engine optimization (SEO) and paid digital strategies, your business can reach a large audience that explores your product or service. 
  • Once they’re on your site, ensuring your landing page is developed and optimized for performance and ease of use can drive them to provide their contact information.
  • Combining the real-time and historical data of predictive customer acquisition allows you to see what brings in customers and determine what gets them to take specific actions. 

To determine the quality of leads generated, using lead scoring and performance projecting will help you examine data in detail on your potential customers. By assigning value to each of your leads, you can determine what types of leads maximize conversion and utilize the data to find your ideal prospect. One way to increase a lead’s score is by speaking with a key decision-maker that oversees operations.

Using data allows you to generate and improve your leads to boost conversion and help your business grow.   

The SaaS Solution to Lead Generation: Statwax

Statwax delivers your business better leads, more customers, and higher revenue. We offer several services like paid digital strategies, data visualization and dashboarding, lead scoring and performance projecting, and more. We use company sales data to boost lead volume to customer volume conversion.  Our SaaS has helped return our clients an average of 5x amount on their market spending and raised the average revenue per customer by 37%. Visit our website today to see how we can help you generate better leads. Reach out to us if you want the highest quality leads backed by data.

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