Sharing my thoughts on how to qualify leads and forecast target.
Over the years, I have successfully used the BANT framework across the Waterfall Model of Funnel.
Let's look at the stages of
By Stage 5, it will be interesting to see how leads/prospects qualify as an Opportunity. Also, funnel mix needs to be considered esp; how many opportunities are cross/up-sells and how many are new opportunities.
This will also give a good indication at this stage whether forecasted numbers can be achieved or not. This process will help to invalidate. Both bottom-up and top-down approach must be used for validation of forecast.
Since I don't know
Over the years, I have successfully used the BANT framework across the Waterfall Model of Funnel.
Let's look at the stages of
- Stage 0 (Demand Generation)
- Inquiry - via a demand generation campaign like email/social media/webinar etc. or a sales rep. driven
- I'm not sure how you have got these 22 leads.
- From here, 22 prospects needs to be qualified along with 3 existing qualified leads to be sure.
- Stage 1 (Lead Management)
- Awareness - customer says do I have a problem, root problem /or a symptom of a problem
- Exit
criteria - Marketing Captured Lead (MCL) which is data requests like
decisions makers, address, email, employees and other details of an
organisation
- Stage 2 (Lead Management)
- Consideration - mean buyers say I have a problem and a need
- Exit criteria - Marketing Qualified Lead (MQL) - BANT 1 can be used to exit to the next stage
- Stage 3 (Lead Management)
- Engagement - mapping buyers journey to engage and see if my solution can solve your problem and shall I try it
- Exit criteria - Sales Accepted Lead (SAL) - Tactical exit criteria are BANT 2
- Stage 4 (Opportunity Management)
- Intent - Customer is ready to learn more about it
- Exit criteria - Sales Qualified Lead (SQL) - BANT 3 or 4
- Stage 5
- Sales Opportunity is qualified and identified
- It's at this stage, sales rep starts his/her efforts
By Stage 5, it will be interesting to see how leads/prospects qualify as an Opportunity. Also, funnel mix needs to be considered esp; how many opportunities are cross/up-sells and how many are new opportunities.
This will also give a good indication at this stage whether forecasted numbers can be achieved or not. This process will help to invalidate. Both bottom-up and top-down approach must be used for validation of forecast.
Since I don't know
- how many leads qualify for Stage 5
- what is a typical size ($TCV) of a deal
- an average time of conversion from Stage 5 onwards to close
- Conversion ratio (say 25%)
