Measuring the Quality of Leads

It’s useful to know how to evaluate a lead’s quality before following it when working in sales. High-quality leads are more likely to boost a company’s revenue and profits. Knowing how to gauge the quality of leads will help you guarantee that any leads you create are worthwhile for your firm, whether you work in sales or business. And it doesn’t matter if you outsource your leads through lead generation services. In this article, we define lead quality and examine several methods for measuring it.

Understanding Lead Quality

Depending on the lead’s quality, you may determine whether or not they have the potential to become paying customers and how likely they’re to make a purchase. It can also be perceived as a means of telling you about their compatibility with a company’s buyer persona. By determining the quality of a lead, a company may decide if a particular prospect is a good fit for it and whether it’s worthwhile to spend the time, money, and resources necessary to turn them into customers. 

While how each business handles leads may differ, it’s crucial to have a system in place to separate high-quality leads from low-quality prospects. Measuring lead quality is crucial while boosting leads through inbound and outbound marketing. Leads will probably come from your content marketing efforts or lead generation services, which provide you with sales leads in Canada. But you must decide which ones to pursue. You can target the proper leads by measuring lead quality. 

When determining the quality of a sales lead in Canada, keep the following checklist in mind:

• How frequently do they buy goods or services?
• What resources do they utilize to locate new websites, such as search engines or social media?
• What kinds of websites do they frequently visit?
• Length of time spent on each sort of website.
• Their degree of responsiveness to landing pages and submittable forms.

There are two methods to gauge the quality of leads provided by lead generation services: their likelihood of closing and their income potential.

• The ease with which a prospect may be turned into a client is called closing potential.
• The revenue potential is a term used to express how much money a prospect may make in their lifetime or during a specific time frame.

Return on Investment (ROI) is a crucial metric for determining if a lead generation campaign is for B2C or B2B lead generation companies. By fostering relationships and increasing loyalty with current customers, a focus on lead quality also increases the lifetime value of each customer. In turn, ROI increases over time as a result of this. 

Focusing on lead quality means directing resources to exclusively target specific leads. Although lead pools may be smaller, this also implies that leads are much more focused and well-defined, which will likely impact the number of leads. While you might not get as many leads overall, your resources will be used more effectively, giving you more value for your money.

Returns of Investing in Lead Quality

Only 4% of your leads, according to Klipfolio MetricHQ, are likely to convert into sales. Therefore, it’s important to carefully invest your time in high-quality leads. 

• Higher quality leads can result in satisfied consumers who spread the word about you.
• Setting excellent leads first helps to cut down on lead volume overall, which eventually saves time.
• Your team’s output and income rise when lead quality is improved.
• A lower click-through rate is often the result of having quality leads.

Lead Measurement Tools: BANT

BANT is a sales qualification process that aids salespeople in evaluating a prospect’s suitability based on factors such as budget, internal influence/ability to buy, need for the product, and timeframe for purchase.

Here are four things you need to ask yourself with regards to budget, authority, need, and time:

• How much can the potential customer afford to pay for your product?
• Who is the person in charge of this transaction? Who makes the final choice?
• Does the potential customer actually need my product? Is there a team-wide need for this?
• How much time will the potential customer need to decide whether or not to buy?

A lead is deemed viable if it satisfies at least three of the four BANT criteria, although each sales team is free to define what a viable lead means to them. Budget considerations are given to BANT sales lead generation first and foremost. A potential consumer is generally not a qualified opportunity if they lack the resources to purchase the item, you’re marketing. You may also approach lead qualification using BANT in any sequence; however, it may not be as acronym friendly. 

Discuss the prospect’s pain problem first if their time frame seems to be the most pressing (TBAN). Adopt a sense of urgency when a need for a solution outweighs a budget and pitch your product as a solution (NBAT). The acronym can be given any sort of priority to best serve the demands of your potential customers through lead generation services. You may better understand your contact and foster sales lead generation by asking questions and genuinely waiting for answers.

As your sales staff gains experience in identifying viable leads in a sea of possible prospects, lead qualifying aids in removing the element of surprise. It could be time to reevaluate your strategy and explore your chances with a different audience if you discover that your leads aren’t moving further. Take lead generation with your lead generation company a step further by ensuring lead quality over quantity for better conversions starting now!