Course Slides
The emergence of the Product-Led Growth model has forever changed how we build, sell, and deliver software products to our target market. This try-before-you-buy model has also demanded that we change the way we operate a software business. One of these ways - and the focus of this post - is the way in which we qualify our “leads.”
In this course, you’ll learn:
Wes Bush:
Hello everyone. Today we're going to be digging into product qualified leads. And if you're thinking of yourself, first off, like what the heck is a product qualified lead? I'll just cover that first. If you do know, bear with me for 30 seconds while I explain it, and then we can go into figuring out what is your product qualified lead for your business? First off, what is a product qualified lead? A product qualified lead is essentially a lead who has experienced meaningful value using your product. When we hear marketing qualified lead, that's often a lead that has experienced some sort of value. Maybe they downloaded a white paper or guide. So the big difference here between a marketing qualified lead and a product qualified lead is that product qualified leads, a lot of it is about what people are doing within your product. But as you'll see, it's not just limited to what someone is doing in your product. You can look at many other factors.
Wes Bush:
I'll give you a few examples to get your thoughts thinking around what does a product qualified lead look like for your specific business? When we think of drift, back in the day, it used to be someone who had a hundred conversations with the live chat software on their website. And so, they noticed that whenever people had about a hundred conversations, when sales would reach out, the close rates would be sky high. And so, drift really focused on measuring this as their protocol for lead metric, because they found that there was strong likelihood behind people who had a hundred conversations to turn into closed deals. So they measured this.
Wes Bush:
Then there's slack. They measure [inaudible 00:01:42] religiously, the 10,000 message limits. So when teams hit this, that can be a very good opportunity moment for them to either reach out, or that's also when they can fire off different sequences to help you turn into a paying customer. Because by that point, you've experienced the value of slack to a whole new degree. And when we think of Facebook, one of their famous high moments and peak out moments is really once you have seven friends. They found and done a bunch of studies on this, that when you do connect with seven folks, you're way more likely to stay on their platform.
