Part II - Sales v Marketing v Lead within Lead Generation Flashcards

1
Q

What is the difference between a prospect and a lead?

A

A prospect is identified as a potential sales opportunity
A lead has shown active interest in your products or services

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2
Q

What is a prospect in sales?

A

A business/decision-maker identified as a good potential sales opportunity (by sales operations and data analysis teams)

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3
Q

Through what criteria are prospects typically qualified? (Examples)

A

-number of full-time employees
-annual revenue
-square footage of commercial space

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4
Q

What should SDRs do after identifying a prospect?

A

Reach out (via cold call or email) to ask sales-qualifying questions and verify credentials

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5
Q

What is a lead in sales?

A

A business/decision-maker that actively shows interest in your products or services, and you have their contact info

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6
Q

How can someone become a lead?

A

By showing interest in your business
(requesting sales/marketing materials, signing up for a newsletter, scheduling a demo, etc.)

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7
Q

Why is prompt follow-up important with leads?

A

-Reduces lead decay
-Establishes trust
-Maintains interest

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8
Q

What sales development process do prospects usually come from?

A

Outbound sales development

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9
Q

What marketing efforts usually generate leads? (Inbound or outbound)

A

Inbound marketing efforts (like digital marketing)

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10
Q

Why is it important to qualify leads as either MQL and SQL?

A

To ensure they fit the buyer persona and present a better sales pitch

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11
Q

What are MQLs?

A

MQLs are leads that have been identified as having a higher likelihood of becoming a customer

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12
Q

What are SQLs?

A

SQLs are leads that have shown direct interest in becoming customers, and are ready to move down the purchase funnel

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13
Q

Why are MQLs and SQLs important in lead generation?

A

They ensure that a potential sales opportunity has a need or interest in what your company offers and can provide a positive ROI

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14
Q

Downsides if a prospect or lead is neither an MQL or an SQL?

A

You risk wasting time on leads with little value to business growth or setting up sales meetings unlikely to convert

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15
Q

What is the role of marketing in lead generation?

A

Marketing creates and distributes engaging content to pique the interest of potential buyers and is involved in both outbound appointment setting and digital marketing efforts

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16
Q

Why is marketing essential in outbound appointment setting?

A

Engages prospects and keeps them interested

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17
Q

How does marketing serve as a follow-up method in sales?

A

It complements cold calling and email by providing additional information prospects research on their own

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18
Q

What percentage of prospective buyers spend time with a sales rep before making a purchase?

A

Only 17%

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19
Q

What are key components of digital marketing in lead generation?

A

-Creating user-friendly websites
-Writing SEO-optimized web pages/ blog posts
-Crafting social media content
-Targeted ads

20
Q

What is the overall goal of lead generation in marketing?

A

To attract and convert potential customers into leads, so they can be nurtured into paying customers

21
Q

Is lead generation part of sales or marketing?

A

Lead generation is a shared responsibility between the Sales and Marketing teams in the digital era

22
Q

What are the six steps of the modern lead life cycle? (In the purchase funnel)

A

Awareness
Interest
Consideration
Intent
Evaluation
Conversion

23
Q

What activities are involved at the Prospects stage of the lead life cycle?

A

Engaging leads through targeted personalized communication like email marketing or marketing automation campaigns and gathering data on leads

24
Q

What actions should the business take in the Leads stage?

A

Inbound content marketing or digital advertising

(Top of the funnel marketing activities aimed at brand awareness and low-level engagement)

25
Q

What defines a Marketing Qualified Lead (MQL)?

A

Leads that show a high degree of engagement and have provided contact details suitable to be passed on to the sales team

26
Q

How are Marketing Qualified Leads (MQL) identified?

A

Using systems like lead scoring that quantify lead engagement through online activity or social and EDM engagement

27
Q

What occurs during the Sales Qualified Lead (SQL) stage?

A

SQLs are vetted by the Sales team through direct contact to determine interest in becoming a customer

28
Q

What defines a Sales Opportunity?

A

High quality leads that have a tangible relationship with the business and are close to becoming a customer

29
Q

What is the Conversion stage?

A

Converting a lead into a customer

30
Q

What follows after converting a lead into a customer?

A

Coordination of ongoing lead nurturing strategies by Marketing and Sales to maintain existing customers

31
Q

What are the main reasons for conflict between Sales and Marketing departments?

A

-Limited understanding of marketing’s role
-Disagreement over responsibility for leads
-Differing languages
-Not updating CRM data
-No reporting between departments

32
Q

How can conflicts between Sales and Marketing be reduced?

A

-Mediating expectations
-Establishing regular communication
-sharing knowledge of the buyer journey
-setting clear objectives
-implementing service level agreements

33
Q

What is a major issue with lead generation between Sales and Marketing?

A

The problem of handing over MQLs to SQLs with Sales feeling they don’t receive enough high quality leads and Marketing feeling Sales have unrealistic expectations

34
Q

What is an SLA and why is it important in Sales and Marketing?

A

A service level agreement that acts as a common framework defining MQLs and SQLs ensuring both departments are aligned

35
Q

Why is it important for Sales and Marketing to speak the same language?

A

To ensure effective communication and enable Marketing to adjust strategies based on Sales feedback

36
Q

What role does CRM data play in resolving conflicts between Sales and Marketing?

A

Keeping CRM data updated helps improve lead attribution and informs lead nurturing campaigns effectively

37
Q

What is the significance of reporting between Sales and Marketing?

A

Reporting helps:
-Allocate budgets
-Gather data on leads
-Identify top performing marketing initiatives

38
Q

What must Sales and Marketing have a clear understanding of to work effectively together?

A

-Buyer journey
-SMART objectives
-SLA qualified leads
-Timelines

39
Q

Why is understanding the buyer journey crucial for Sales and Marketing?

A

It ensures both teams accurately understand the customer and their journey which is crucial for effective collaboration

40
Q

What are SMART objectives and why are they important in Sales and Marketing?

A

Specific, Measurable, Achievable, Relevant, Timely objectives that help align Sales and Marketing expectations

41
Q

What is the purpose of a Service Level Agreement (SLA) in Sales and Marketing?

A

To define what MQL and SQL leads are ensuring both departments are aligned and understand their roles

42
Q

Why must Sales and Marketing set clear expectations for qualified leads?

A

To agree on what constitutes an MQL/SQL and ensure both teams pursue leads effectively

43
Q

What should Sales and Marketing know about the sales lifecycle?

A

What the sales lifecycle looks like, and the average time spent on each section of the cycle

44
Q

Why might the Sales team have a limited understanding of Marketing’s role?

A

They often see Marketing only as support to help reach revenue targets through campaigns events or promotional materials

45
Q

What long-term strategies in Marketing provide greater value than short-term results?

A

Content Marketing (inc. social SEO)
and regular content development

46
Q

How does Content Marketing provide long-term value?

A

-Generates goodwill towards the brand
-Improves lead quality
-Increases transaction value
-Reaches new audiences
-Boosts perceived product or service value

47
Q

Why is it difficult to convince management of the value of long-term Marketing strategies?

A

Because demonstrating ROI for activities like Content Marketing can be challenging because it’s intangible and slow growing