Struggling with the Buyer’s Journey and what a “lead” really signifies?

There is much discussion on LinkedIn and elsewhere about the definition of a lead, what an MQL (Marketing Qualified Lead) or an SQL (Sales Qualified Lead) means, and even if these distinctions are valid anymore. The proliferation of similar sounding acronyms doesn’t help. What is the difference between an SQL and an SRL (Sales Ready Lead)? I suspect the only difference is that an “SRL” generates a higher degree of expectation in the sales organization and perhaps less responsibility for acceptance

Perhaps it is time to go back, if not to basics, then to remind ourselves about the essential objective of demand generation within the overall marketing function. It is simply this: develop awareness of your products and solutions within the total addressable market; identify those most likely to buy at some point and begin an engagement process; focus on those closest to purchase within a given time period; ensure they evaluate the offerings of your business; and push them along the road to revenue though direct or indirect sales or the channel.

How you do this will depend on both the tools and resources at your disposal, and how you construct the buyer’s journey. You can then call each stage of that journey by whatever acronym you wish provided it has a clear definition understood by all!

And while past performance is never a guarantee of future results, as the disclaimer in financial services always stresses, it is definitely worthwhile to look back at your past results – positive and negative – to make the buyer’s journey outcomes more robust. What worked and what didn’t?

Here is how you can do this:

  • Track a representative sample of accounts you won or lost over the last 12 months
  • What factors are different between success and failure? Here are some points to consider:
    1. Data sets including firmographics and relation to ABM strategy
    2. Prior interest via web visits and SEO
    3. Time spent on different pages on your website – and how quickly you identified this
    4. Engagement tactics – and time lapses between each stage
    5. How quickly you identify the decision-making unit
    6. Intent data deployed – when and how specific were the keywords
    7. Telemarketing interaction vs. purely digital
    8. Content including any video uplift
    9. Speed to sales engagement
  • Speed to sales engagement

There are obviously many more. And for channel partners it can be more complex. But the main point is not to overcomplicate! Keep sight of the main objectives.

Demand Studio can help at every stage from strategy to execution

Contact Judith Niederschelp (judith@demand-studio.com) or Robert Howells (robert@demand-studio.com)

Demand Studio deploys best of breed solutions to support every stage of your interactions across the buyer’s journey. From top of funnel leads through to highly focused ABM tactics our data, engagement, content and calling services will optimize and accelerate revenue opportunities