Why Are Quality Leads Important?
A business is obviously nothing without a steady customer base, but where do they come from? Customers start out as leads or prospects, as the result of lead generation activities. There are many different ways they may have come into your company’s orbit, from simple customer referrals to a highly-complex SaaS marketing strategy with targeted outreach campaigns.
In a business-to-business (B2B) context, lead generation kicks off the sales process, and represents a sort of delicate balance. Marketers are driven to generate a substantial number of leads, but if the number of leads exceeds the capacity of the sales team to connect and follow up with them, then a bottleneck emerges. That’s what makes lead quality in SaaS so vital. Since this can ultimately hamper multiple areas of the business, it’s crucial that marketers work to pursue and prioritize high-quality leads.
What Are Quality Leads?
Defining a “quality” lead is quite simple: it’s a prospect that has a high likelihood to become a customer. The more likely a prospect is to become a customer, then, the higher quality the lead is.
What Is a Quality Lead in Marketing?
Depending on the nature of your business and what you promise your customers, a quality lead can be defined in a number of different ways. Maybe the prospect found your content online, is in the market for what you’re selling, and wound up filling out a contact form on your website. They might sign up for an email list, download a gated resource (like a whitepaper or ebook), or schedule a sales call or product demo.
How To Measure Lead Quality
Measuring lead quality is both an art and a science. As such, measuring lead quality comes down to balancing two components: the art of understanding customer behavior and buying signals and the science of tracking lead quality metrics like bounce and conversion rates and measuring what marketers can’t see.
The “Art” of Understanding Your Customers’ Buying Journey
The more you can learn about the behavior of prospects-turned-customers, the more you’ll be able to characterize your target customer segment(s) and identify the next best actions to take with prospects at various stages of their buying journey.
You can start by going through your CRM and finding accounts that were worth the most money and took the least amount of time and expense to convert. This can help you target those high-value customers in the future and, once they become leads, to close the deals with the right actions.
The “Science” of Measuring Lead Quality
With the right data, marketers can develop their own lead scoring system, largely based on the “art” described above. A lead scoring model attempts to attach a numeric score to each lead, based on its likelihood of conversion and potential value.
Factors that might indicate a prospect that’s likely to become a customer can range from demographic or company information for B2B, online behavior (like engagement with different pages of your website, for example), email or social media engagement, and more. One way to leverage the power of lead generation’s “science” is by partnering with a company like Statwax, who helps clients identify, qualify, and close leads.
Why Lead Generation is Important for Business
Lead generation is mission-critical for businesses for one compelling reason: without it, there’s simply no one to sell to. Everything that happens within the lead generation process impacts the quality of new leads—underscoring the importance of targeting the right leads, from even the initial stages of lead generation.
What’s More Important: Lead Quality or Quantity?
Rivaling the importance of lead generation is that of assessing their quality. Most B2B SaaS marketers would agree that quality is the more important—and more nuanced—objective. If lead quantity eclipses lead quality, then the sales team might feel like they’re just spinning their wheels, trying to keep up, and feeling overwhelmed by how many leads turn out to be fruitless.
How To Identify Quality Leads
It can truly be difficult to accurately assess each lead that enters the pipeline, especially in a B2B SaaS environment. Without systems in place to help identify high-quality leads, both sales and marketing teams will struggle with keeping up and giving their attention to the most promising opportunities.
Statwax provides B2B SaaS companies with innovative and data-centered tools for identifying and nurturing the right leads to grow revenue. More than just software, we work with teams to help them understand exactly what the data shows and identify ways to generate higher-quality leads. We are problem solvers, and partners. And we want to help you get better leads, more customers, and higher revenue.
Learn More About Statwax
Visit our website to learn more about our services today. Better yet, take a look at a few of our case studies to read stories of some of the transformative outcomes we’ve helped our partners achieve.
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