Lead qualification is the process of determining whether an account fits your ideal customer profile (ICP). It enables your sales teams to score and prioritize accounts so that they focus on those with high propensities to buy. Traditionally, lead qualification is achieved by account executives manually reaching out to leads over the phone and asking questions to determine if the leads fit their ICP. However, technology intelligence will streamline this process so that you can qualify your leads before ever picking up the phone.
Not surprisingly, reaching out to prospects over the phone is time consuming and can come off like an interrogation. Account executives want to find prospects that best fit their ICP but asking too many questions is a sure-fire way to frustrate prospective buyers. Lead qualification is not easy; in fact, 61% of B2B marketers find generating high-quality leads as their biggest challenge. Account executives use a few different frameworks to improve the process and still get the relevant information they need from their prospects. BANT (Budget, Authority, Need, & Timing) is a popular method for qualifying potential buyers. This is because it’s efficient and gives a good overall picture of the prospect. This article uses BANT to demonstrate how technology intelligence can determine if an account fits your ICP without direct outreach.
Budget: How much can the lead spend?
IT spend intelligence provides information on how much money a company is spending in a given category of product such as ERP, CRM, storage, SaaS cloud, etc.. This tells you where an account is spending their money and their likelihood of spending on your product. It also gives you an opportunity to identify the ways in which your solution can significantly reduce their costs. These are insights you can prepare to include later on in your targeted marketing campaigns or sales outreach.
Authority: Who is the ultimate decision maker for the purchase?
Technology intelligence won’t tell you who an account’s decision makers are. However, you can still find out this information before making a call. Conducting research on a platform like LinkedIn is a great way to do this. Keep in mind that if you are a B2B company, you may have to sell to multiple people. According to Gartner, the typical buying group for a complex B2B solution involves six to ten decision makers. Therefore, this will require multiple account executives researching and reaching out to several leads within a target account.
Need: Does the lead need your product?
Installed technologies information tells you what software and hardware products your accounts are actually using. If you see that they don’t have a product like yours, then you know they are probably experiencing a pain point that your product can solve for them, making your solution an attractive option. Knowing the technology stack of your accounts gives you another opportunity to identify cost savings, as well as find potential up-sell and cross-sell opportunities that will benefit them.
Timing: Is there urgency to buy?
The final piece of the puzzle is contract intelligence. Contract intelligence tells you what software and IT services contracts your accounts have and when they are up for renewal. This is important information you can use to reach out to your accounts at the right time. For example, if an account is nearing the end of a certain contract, they may be more open to exploring other solutions. Ideally, you will demonstrate how your product addresses their specific challenges so that they will switch to your offering.
With technology intelligence, you can streamline the process of lead qualification by hyper-targeting the accounts that best fit your ICP. This makes it easier to generate revenue faster from your sales outreach, because you can focus your efforts on:
- accounts with the highest revenue potential
- reaching prospects using products you compete well against or complement with your own solution
- accounts that are up for renewal or are working with an integration partner you prefer
Technology Intelligence from HG Insights.
HG Insights offers the most comprehensive technology intelligence in the industry. Tracking over 12 million companies globally, HG Insights combines highly accurate technology install, IT spend, and contract renewal data. The combination of these 3 elements, ensures that you are reaching out to leads who are your best fit.
Technology intelligence gives a much more in-depth profile of your leads compared to traditional firmographic methods. It narrows your sales funnel so that your can focus on the accounts that best match your ICP. Once your leads have been qualified, you can finally reach out and use these insights to persuade your prospects. These insights will show your prospect that you have done your research and can help solve their pain points.
Visit our Tech Intelligence page to learn more about how technology intelligence can empower your sales, marketing, and strategy teams to make smarter decisions.