No need to remind anyone that the economic outlook is bleak. Rising interest rates. Inflation. Falling equity and bond markets. Energy crisis. Currency depreciation by almost all currencies against the US$, which in turn will drive inflation and impact reported earnings for American businesses operating globally.

In the face of all this, there is rather a contradictory picture from Gartner:

Because it is so hard to recruit IT specialists “CIOs now require more business value from the IT department………This is driving an increase in spending in software and services through 2022 and 2023. Worldwide software spending is expected to grow 9.6% to $806.8 billion in 2022 and global spending on IT services is forecast to reach $1.3 trillion.”¹

What explains this contradiction? And how can the circle be squared?

Demand Studio has created a four-part playbook to cover all stages of demand from early stage MQLs through to fully qualified leads that are ready to close even in this environment 

But first let’s look at what is really required to prioritize a lead.

Diving into BANT criteria

For better or worse the apparent contradiction indicated by Gartner  means that technology marketers will have to look really closely at bottom of the funnel leads, those that are usually qualified with the BANT criteria – Budget, Authority, Need, and Timing. And carefully examine and re-examine these variables through the sales process. Re-qualification is key. Let’s look at these in turn.

Budget

Someone, somewhere will have told inside sales or field sales that they have budget for a project. This usually ticks the budget box. But today that is not enough.

Has the budget been fully agreed and confirmed? Or is it just aspirational and simply a requested sum by IT? If this is an existing customer, do they have a history of cutting budgets even after final approval? Does the budget bake in expected discounts?

Authority

Again, as times get harder the decision and approval process typically takes longer and more people are involved.

Are you clear on the difference between influencers and decisionmakers? Is your outreach covering the whole DMU? Are the right messages going to the right people? Do you know the stages of the approval process? Is the dynamic between the components of the DMU changing? Are CFOs becoming more important?

Need

This is simple but very important. Does your prospect really need this, or is it a nice to have? It is essential to be realistic about this, so that you can convert desire into a crucial purchase.

Timing

This ties together when they need a product, when they must have it, when all the decisionmakers are agreed, and when budget becomes available. All of these things are likely to change, not always in alignment with each other, and in difficult times projects and purchases can and will be put off. The task here is to make sure your proposal is at the top of the list.

This is the first part of our review into how to optimize each stage of the funnel.

We will be sharing how to ensure that at every stage of lead progression we can focus on accelerating the outcome to a fully qualified lead that can lead to revenue.

This is how we look at funnel progression, and link it to the tactics needed to accelerate volume and velocity through nurture and engagement programs. Most b2b businesses have their own version of this – names don’t matter as much as the definition of each stage!

We will be looking at each in turn, but as a foretaste, here are the crucial components of each:

MQL – gaining attention, developing awareness, identifying website visitors, and segmenting for relevant nurturing. The right data and data integration techniques are a key focus

Intent based MQL – overlaying account based intent data which drives further action. We will be looking at how to make intent data – of which there are different types – work best. And how it translates to ABM tactics

HQLs – this is where marketers have to ensure that the leads they transfer to sales will realistically lead to revenue. Content and the right nurture tactics are important

BANT – as discussed above, this is more important than ever. Telemarketing, with the right skilled agents, is crucial as the buyer’s journey reaches the final stages

About Demand Studio

Demand Studio provides a unique and global approach to planning, implementing and delivering integrated demand acceleration solutions. Our global demand generation services deliver high quality leads at a global and large scale. Expertise in engagement with key decision makers ensures that our leads will convert into pipeline and sales.

Find out more by visiting www.demand-studio.com or reaching us at enquiries@demand-studio.com

1. https://www.gartner.com/en/newsroom/press-releases/2022-06-14-gartner-forecasts-worldwide-it-spending-to-grow-3-percent-in-2022