In the world of B2B, ever heard of people throwing our terms like MQL or SQL and you look around in confusion but nod up and down to avoid looking like you haven’t a clue? We have put this glossary of terminologies together to help lift your knowledge in the world of lead generation.
Key terminologies you must know in B2B marketing.
Subscriber – A contact who has signed up to receive communications from your business. The comms they receive will be dependent on their subscriber details. For example, some may be signed up to receive newsletters and some may be signed up to receive marketing.
Lead – a new or existing contact in your database or CRM that has filled in a form to download a piece of content. Ideally, the more information you have on this contact the better.
Bottom of the funnel – As suggested by the name, this stage is where the lead has identified your offering as a potential solution, and they are close to purchasing.
Top of the funnel – The lead has identified a problem and your asset can be used at an early stage to drive interest and nurture the lead in identifying their problem.
Middle of the funnel – After identifying a problem, the lead is now in the middle of the funnel whereby they are looking to find a solution to the problem. You can nurture these leads to drive interest to your solution by using assets such as case studies or brochures.
MQL (Marketing Qualified Lead) – A lead who has then gone on to fill in a bottom of the funnel form which shows interest in your product.
SQL (Sales Qualified Lead) – This is a lead that meets the criteria for sales to follow up on. They are deemed as an appropriate prospect for the product/service your business provides as a solution.
Opportunity – Once a sales member has spoken to an SQL and progresses them to the next stage of the sales funnel this is classified as an opportunity. It is important to note that an SQL that is not progressed should not be classified as an opportunity.
Asset – Content which is available to download/view. This could be a market report, an infographic, a whitepaper, or such like which your potential prospect can download. For lead generation purposes, usually, a form would need to be filled in by the recipient for you to collect their lead details.
BANT – A commonly used framework between Sales and Marketing teams to determine whether an MQL should be classified as an SQL by assessing the lead using the below factors.
Budget – Identify whether the lead has the budget to afford your product/service.
Authority – Are you speaking to the right person who can sign off and authorize the agreement?
Need – If the lead does not need your offering, then perhaps they are not the right fit.
Time – Is the sale likely to take place now or soon? If not, perhaps your lead should not progress further through the sales funnel at this time and should be retargeted later.