Looking at the growth rate of the SaaS industry, you’d think that people are more than willing to spend money on software solutions that promise to make their everyday lives (and professional endeavors) easier. Not quite, though. Despite projections forecasting the total SaaS spend to reach $171.9 billion in 2022, most buyers still prefer free solutions. […]
What is a Qualified Lead?
In organizations that sell products and services B2B, marketing and sales teams work together to build a marketing/sales funnel, nurture prospects through each stage of the customer journey and generate new revenue for the business. A typical customer journey consists of at least four touchpoints for the customer:
- First touch
- Closed customer
In most organizations, the marketing team is responsible for getting the attention of prospective customers, converting them into leads and turning those leads into opportunities for the sales department. The sales team is responsible for turning opportunities into closed customers.
A qualified lead, sometimes called a sales qualified lead (SQL) is a prospective customer that has met pre-determined criteria indicating they are sales-ready. An opportunity and a sales qualified lead are, for all intents and purposes, the same thing. Lead qualification is the process that turns an unqualified lead into an opportunity for the sales team by determining whether the lead meets the pre-determined criteria.
The biggest challenge associated with generating qualified leads is lead definition – the establishment of a formal definition for a qualified lead.