Part II - Sales v Marketing v Lead within Lead Generation Flashcards
What is the difference between a prospect and a lead?
A prospect is identified as a potential sales opportunity
A lead has shown active interest in your products or services
What is a prospect in sales?
A business/decision-maker identified as a good potential sales opportunity (by sales operations and data analysis teams)
Through what criteria are prospects typically qualified? (Examples)
-number of full-time employees
-annual revenue
-square footage of commercial space
What should SDRs do after identifying a prospect?
Reach out (via cold call or email) to ask sales-qualifying questions and verify credentials
What is a lead in sales?
A business/decision-maker that actively shows interest in your products or services, and you have their contact info
How can someone become a lead?
By showing interest in your business
(requesting sales/marketing materials, signing up for a newsletter, scheduling a demo, etc.)
Why is prompt follow-up important with leads?
-Reduces lead decay
-Establishes trust
-Maintains interest
What sales development process do prospects usually come from?
Outbound sales development
What marketing efforts usually generate leads? (Inbound or outbound)
Inbound marketing efforts (like digital marketing)
Why is it important to qualify leads as either MQL and SQL?
To ensure they fit the buyer persona and present a better sales pitch
What are MQLs?
MQLs are leads that have been identified as having a higher likelihood of becoming a customer
What are SQLs?
SQLs are leads that have shown direct interest in becoming customers, and are ready to move down the purchase funnel
Why are MQLs and SQLs important in lead generation?
They ensure that a potential sales opportunity has a need or interest in what your company offers and can provide a positive ROI
Downsides if a prospect or lead is neither an MQL or an SQL?
You risk wasting time on leads with little value to business growth or setting up sales meetings unlikely to convert
What is the role of marketing in lead generation?
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
Why is marketing essential in outbound appointment setting?
Engages prospects and keeps them interested
How does marketing serve as a follow-up method in sales?
It complements cold calling and email by providing additional information prospects research on their own
What percentage of prospective buyers spend time with a sales rep before making a purchase?
Only 17%
What are key components of digital marketing in lead generation?
-Creating user-friendly websites
-Writing SEO-optimized web pages/ blog posts
-Crafting social media content
-Targeted ads
What is the overall goal of lead generation in marketing?
To attract and convert potential customers into leads, so they can be nurtured into paying customers
Is lead generation part of sales or marketing?
Lead generation is a shared responsibility between the Sales and Marketing teams in the digital era
What are the six steps of the modern lead life cycle? (In the purchase funnel)
Awareness
Interest
Consideration
Intent
Evaluation
Conversion
What activities are involved at the Prospects stage of the lead life cycle?
Engaging leads through targeted personalized communication like email marketing or marketing automation campaigns and gathering data on leads
What actions should the business take in the Leads stage?
Inbound content marketing or digital advertising
(Top of the funnel marketing activities aimed at brand awareness and low-level engagement)
What defines a Marketing Qualified Lead (MQL)?
Leads that show a high degree of engagement and have provided contact details suitable to be passed on to the sales team
How are Marketing Qualified Leads (MQL) identified?
Using systems like lead scoring that quantify lead engagement through online activity or social and EDM engagement
What occurs during the Sales Qualified Lead (SQL) stage?
SQLs are vetted by the Sales team through direct contact to determine interest in becoming a customer
What defines a Sales Opportunity?
High quality leads that have a tangible relationship with the business and are close to becoming a customer
What is the Conversion stage?
Converting a lead into a customer
What follows after converting a lead into a customer?
Coordination of ongoing lead nurturing strategies by Marketing and Sales to maintain existing customers
What are the main reasons for conflict between Sales and Marketing departments?
-Limited understanding of marketing’s role
-Disagreement over responsibility for leads
-Differing languages
-Not updating CRM data
-No reporting between departments
How can conflicts between Sales and Marketing be reduced?
-Mediating expectations
-Establishing regular communication
-sharing knowledge of the buyer journey
-setting clear objectives
-implementing service level agreements
What is a major issue with lead generation between Sales and Marketing?
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
What is an SLA and why is it important in Sales and Marketing?
A service level agreement that acts as a common framework defining MQLs and SQLs ensuring both departments are aligned
Why is it important for Sales and Marketing to speak the same language?
To ensure effective communication and enable Marketing to adjust strategies based on Sales feedback
What role does CRM data play in resolving conflicts between Sales and Marketing?
Keeping CRM data updated helps improve lead attribution and informs lead nurturing campaigns effectively
What is the significance of reporting between Sales and Marketing?
Reporting helps:
-Allocate budgets
-Gather data on leads
-Identify top performing marketing initiatives
What must Sales and Marketing have a clear understanding of to work effectively together?
-Buyer journey
-SMART objectives
-SLA qualified leads
-Timelines
Why is understanding the buyer journey crucial for Sales and Marketing?
It ensures both teams accurately understand the customer and their journey which is crucial for effective collaboration
What are SMART objectives and why are they important in Sales and Marketing?
Specific, Measurable, Achievable, Relevant, Timely objectives that help align Sales and Marketing expectations
What is the purpose of a Service Level Agreement (SLA) in Sales and Marketing?
To define what MQL and SQL leads are ensuring both departments are aligned and understand their roles
Why must Sales and Marketing set clear expectations for qualified leads?
To agree on what constitutes an MQL/SQL and ensure both teams pursue leads effectively
What should Sales and Marketing know about the sales lifecycle?
What the sales lifecycle looks like, and the average time spent on each section of the cycle
Why might the Sales team have a limited understanding of Marketing’s role?
They often see Marketing only as support to help reach revenue targets through campaigns events or promotional materials
What long-term strategies in Marketing provide greater value than short-term results?
Content Marketing (inc. social SEO)
and regular content development
How does Content Marketing provide long-term value?
-Generates goodwill towards the brand
-Improves lead quality
-Increases transaction value
-Reaches new audiences
-Boosts perceived product or service value
Why is it difficult to convince management of the value of long-term Marketing strategies?
Because demonstrating ROI for activities like Content Marketing can be challenging because it’s intangible and slow growing
