Lead – a simple word, very powerful impact to YOUR business.

Does it mean the same thing to both your Sales and Marketing teams? As it turns out, the crux of most sales and marketing quarrels (read: logjams) are tied to this one unique issue – how do you define a lead?

Does it mean the same thing to your management team?

My suggestion is that it may be time for a brown bag lunch to find out what your company thinks and getting on the same page on that simple definition.

Here’s a list of things commonly tagged as leads and typically end up in your marketing database and/or CRM:

• tradeshow scans
• contact form downloads
• contact list buys
• sales rolodex contacts
• customer referrals
• cold calling contact discovery
• partner programs
• target company CEO
• webinar registrations
• partner’s customers
• inbound call
• event attendee lists
• advertising responders
• competitor’s customers
• target company with no contact attached
• contact with no company attached
• contact with personal email address
• whitepaper/eBook form downloads

Are some of these better than others?  Are some of these prospects?  Are they all?  It depends.

Depends on what you have defined as a lead and as a prospect?  Does one come before the other?  Are they the same thing?  It depends.  Depends on how you have defined your marketing and sales funnel (pipeline) and what it takes to convert from one stage of the pipe to the next.

The key to every solid B2B lead generation engine is the agreed upon definition of a lead, a prospect and a suspect.

If you’re reading this and you’re unsure if your sales team would define a lead the same way you would, STOP what you are doing right now.  Set up time for your marketing and sales team to get together and define each stage of the buying process and what a lead (or prospect or suspect) looks like at each stage along the way to becoming a customer.  Remember, this will more than likely cut down on the quantity of leads but the quality will make up for the difference.

Once these definitions have been defined for your company, decide as a team how contacts are going to be touched in each stage and by whom.

Interested in how others define leads and prospects?  Check these out…

Lead and Prospect -  Two words we hear a lot in marketing and sales roles so I decided to ask around and see how other people define a lead and a prospect.  Here’s what they said…

Dean Cruse, Internet/enterprise software VP of Marketing @deancruse:
Prospects are people who have shown some interest in your product or service, either by responding to a campaign, finding you through an inbound link, organic search, etc. They could also be subscribers to your blog, followers to your Twitter account, etc. who have an interest in your company’s point of view, or the market you serve. They could also be existing customers for one/some of your products who could be prospects for additional products. Prospects have opted-in to your message – until then they are just contacts on a list.

Leads can also come in from one of the above sources. Prospects can also be nurtured into leads through a variety of content-related programs (blogs, whitepapers, newsletters, events, articles, …). A lead is a person that has been qualified to a point where a sales person can take it over to work. Sales and marketing must agree on the definition of a qualified lead and it will vary based on the business.

Brande Bradshaw, Strategic Enterprise Sales Executive @bcoltb:
A lead is not yet a prospect.  Leads are people who you have some information on, you think they could potentially be a good fit, needs nurturing, someone you are cold calling and emailing with relevant information to get a meeting.

A prospect on the other hand is someone you’ve had a meeting or initial conversation with and this person can be categorized as a good fit.  Still needs nurturing and some coaching but they are engaged and moving through the sales process.

Mike Pilcher, SaaS VP Sales and Marketing @mike pilcher:
A lead is an individual contact with a person at a company who has the potential to purchase, or influence the purchase of your product. Usually in-bound focus.

A prospect is a company that has multiple stakeholders (hopefully represented by multiple leads) with the potential to purchase your product. Usually outbound focus.

In both cases a “lead” and a “prospect” are proxies for deeper definitions that change with your business cycle. Any definition needs to be company-specific incorporating concepts such as sales cycle, budget, existing customer, new product, product value, etc. @jonmiller2

Jon Miller, SaaS VP Marketing @jonmiller2:

This webcast from Marketo (presented by Jon) is actually what got me thinking about this.  Check out Marketo’s definition of each and be sure to watch all of this 45 webcast; it is PACKED with great information.  It’s worth your time, I promise.

Interesting…Which one do you agree with?  Or what do they mean to you?  And would your marketing and/or sales counterpart have the same definition?  Please share your thoughts!

Earlier this week we featured a post on Eloqua – what it is, what it does and why B2B marketers should care.  Well there’s more.  Eloqua not only has built a platform that enables marketers to execute but as a team they are committed to providing best practices that ensure results.

If you are an Eloqua customer, chances are you’ve recently received your copy of Digital Body Language by Steve Woods, Eloqua’s CTO.  If you haven’t read it, you should.  Here’s a preview of chapter 4 – The Profile of the New Buyer.

As expected the smart marketers at Eloqua have turned a few chapters from the book into eBooks.  Great idea!  Be sure to download the Digital Body Language eBooks for yourself.

The Profile of the New Buyer, we talk about it a lot here on The B2B Lead.  This chapter starts with this list of 5 key questions about a potential buyer that any sales person wants to know before engaging:

• How ready to buy is this person?  You’re probably thinking…uh yeah, if I knew that I wouldn’t be working so hard on the messaging for my next program…
• What role does this person play compared to his colleagues?  Roles, I love it.  We often refer to this buying group as the decision making unit (DMU)
• How interested is this person?
• What type of message best resonates with this person?
• What information on this person would be useful to obtain?

All great questions and today getting the answers to these questions is now marketing’s job.  Here’s where Digital Body Language comes in.  The goal is to create programs that help provide consistent, predictive insight into buying intentions.  This means tracking all engagement activities and trends aka digital body language.

To get the answers to these questions we must understand the following –

• Buyer’s Stage – At what stage of the buying process is the buyer?
• Buyer’s Role – Who is the prospective buyer?
• Interest Level – How interested is this buyer
• Communication Preferences – How does this buyer find information?

Woods goes on to further break down and explain how to use a prospect’s digital body language to build out the information needed to further qualify the lead before it is sent to sales.  For more, you’re going to have to get the book or at least download the eBook of this chapter.  It’s worth the quick read.

One of the best things about the Digital Body Language book is that it not only forces you to expand your thinking on marketing’s new and improved role of creating a sales pipeline of qualified, interested buyers but it also provides some great ideas and how-to’s.  Here’s a couple from this chapter:

Web Sites and Meaningful URLs
Avoid storing multiple distinct information assets on one page or using incomprehensible strings as URLs.  Instead, achieve the highest level of insight into the prospect’s interests based solely on their path through you Web site.

Web Site Hot Spots
Make sure you can view this traffic by area, rather than by individual page.  Tagging these pages with “meta” meaning will show you when a visitor views five case study pages and seven product pages – rather than 12 unique pages

For more on Eloqua, go to www.eloqua.com.  To get your copy of Digital Body Language, go here.