No matter how precise your targeting is, B2B marketers are always going to have to contend with unqualified leads. Consider: according to research conducted by HubSpot, only 5% of salespeople said leads they receive from marketing were very high quality.

The question isn’t how to avoid bad leads entirely (not realistic), but how to minimize the amount of time you allow them to waste.

If you haven’t developed and documented a clear system for how to assess, assign and prioritize different types of leads (aka your lead qualification process), bad leads can easily eat up a significant amount of time. That’s an opportunity cost most growing businesses can’t afford.

In previous posts, we’ve covered a couple of tools that help address this challenge, including lead scoring best practices and creating a lead distribution process that drives revenue. In this post, we’re approaching this again from a highly actionable angle by looking at how to streamline your lead qualification process with the prospect fit matrix.

What Is a Prospect Fit Matrix?

A prospect fit matrix is a tool that defines how types of leads should be qualified and the actions to be taken for each corresponding outcome. This tool can take different shapes – usually, it’s in the form of a table, quadrant or spreadsheet – but the idea is to systematize lead intake so that it’s as efficient as possible.

(Related resource: download our free prospect fit matrix template here.)

Here’s one example of a relatively simple prospect fit matrix:

Example prospect fit matrix

In this example, the matrix is designed to help a company that most often sees a particular set of leads:

  • Good fits
  • Leads within their ideal customer profile (ICP) but too junior to be the decision-maker
  • Bad fits
  • Junk and spam

Within the first few segments, we’ve also defined whether there was a low or high interest as that influences how the lead should be managed.

Finally, for each type, there are guidelines on how the lead should be qualified and the steps to take.

This is just one version of what this can look like – some businesses will need something much more robust than this, and some may benefit from something even more simplified. Ultimately the format and particulars should be crafted to match your company’s leads, structure and existing systems and technology, but whatever direction you take, make it EASY to understand and use.

Developing Your Lead Qualification Criteria

Of course, your prospect fit matrix only works if it’s built on a useful foundation of lead qualification criteria. Whether you’ve already developed this or you’re starting from scratch, it’s worth revisiting best practices as you’re creating your matrix.

For starters, you’ll need standardized qualification criteria that differentiate between high-value prospects and leads who are less deserving of resources. Two of the most used frameworks for setting these criteria are the Ideal Customer Profile (ICP) and BANT (Budget, Authority, Need, Timeline).

Ideal Customer Profile (ICP)

The Ideal Customer Profile represents the perfect customer for a company’s products or services. Developing an ICP helps sales teams recognize which leads have the highest potential for conversion and long-term value. Here’s how to develop an ICP:

  • Demographics and Firmographics: Identify the basic demographic and firmographic characteristics of your ideal customer, such as industry, company size, location and revenue.
  • Psychographics: Understand the values, challenges, and priorities that drive your ideal customers’ buying decisions.
  • Technographics: Determine the technologies your ideal customers use and how these tools integrate with your offering.
  • Past Purchasing Behavior: Analyze the buying patterns and history of your best customers.
  • Feedback and Insights: Incorporate feedback from your sales and customer service teams about their interactions with various customer segments.

By documenting these characteristics, you can create a profile that can be matched against incoming leads to quickly identify the most promising prospects.

BANT Framework

Developed by IBM, the BANT framework helps sales teams qualify leads by assessing four key areas:

  • Budget: Does the prospect have the budget to purchase your product or service?
  • Authority: Does the contact person have the decision-making power, or do they influence the decision-makers?
  • Need: Does the prospect have a business need that your product or service can solve?
  • Timeline: Is there a defined timeline for the purchasing decision?

Applying BANT in Your Lead Qualification Process

  • Set Specific Questions: Develop a set of specific questions for each BANT category to ask during interactions with leads. For example, “What is your current budget for solving X problem?” or “Who else is involved in this purchasing decision?”
  • Score Leads Based on BANT Criteria: Assign scores to each category. A high score in all four categories indicates a high-quality lead.
  • Integrate with ICP: Use BANT in conjunction with the ICP to assess leads. A lead that fits the ICP and scores high on the BANT criteria should be prioritized.
  • Train Sales Teams: Ensure that all sales team members understand how to apply BANT and what each category means for the sales process.
  • Review and Refine: Regularly review the effectiveness of the BANT criteria and adjust based on new data and changing market conditions.

One thing to note: ICP and BANT work great in the background of a prospect fit matrix, meaning they should inform what is considered a qualified lead, but I would not recommend stuffing all of the variables into the actual matrix as it will make it overly complicated and, I’d bet, no one will use it.

Implementing the Prospect Fit Matrix in Your Lead Qualification Process

Integrating a prospect fit matrix into your sales process is not just about creating a document; it’s about redefining how your team qualifies and handles leads.

Here are a few recommendations to effectively implement the prospect fit matrix within your sales operations.

Integration with Sales Workflows

  • Map Current Sales Process: Start by documenting your current sales workflow. Identify all stages from lead generation to closing. Understanding your existing process is crucial for effective integration.
  • Align Matrix with Sales Stages: Align the categories and criteria in your prospect fit matrix with the specific stages of your sales process. Ensure that the matrix complements these stages, rather than complicating them.
  • Customize Matrix to Fit Sales Needs: Tailor the prospect fit matrix to address specific needs and challenges identified in your sales process mapping. Adjust categories, scoring and prioritization to fit your unique sales environment.

Training Sales Teams

  • Develop Training Materials: If needed, create training materials that explain the purpose, use and benefits of the prospect fit matrix.
  • Conduct Training Sessions: Organize training sessions for all sales team members. Ensure that everyone understands how to use the matrix in their daily activities.
  • Role-Playing and Scenarios: Consider using role-playing to help team members practice using the matrix. This hands-on approach helps solidify understanding and allows team members to experience the benefits firsthand.

Monitoring and Adjusting

  • Set Metrics for Success: Define clear metrics to evaluate the effectiveness of the prospect fit matrix. These might include conversion rates, sales cycle length and customer satisfaction scores.
  • Regular Review Meetings: Schedule regular meetings to review the performance of the prospect fit matrix. Discuss what’s working and what’s not. Use real data and feedback to make improvements.
  • Iterate and Improve: Be prepared to iterate the matrix based on feedback and changes in your marketing and sales operations.
  • Feedback Loop: Establish a feedback loop where sales team members can provide insights and suggestions for improving the matrix. This collaborative approach ensures the tool evolves in line with the team’s needs and experiences.

Leveraging Technology

  • CRM Integration: Integrate the prospect fit matrix with your customer relationship management (CRM) system. This allows for automated data inputs and easy access to matrix insights for all team members.
  • Automation Tools: Use automation tools to streamline the use of the matrix, such as automatically scoring and categorizing leads based on the predefined criteria in the matrix.
  • Analytics and Reporting: Use analytics tools to track the performance and impact of the matrix on your sales process. This data is crucial for ongoing adjustments and reporting to stakeholders.

What’s Next?

By creating a prospect fit matrix and incorporating it into your lead qualification process, your business stands to reduce time spent on bad leads, freeing up resources to focus on qualified leads.

To get help getting started, feel free to reach out (we’ve helped many clients develop their prospect fit matrixes).

In any case, we wish you luck as you work through the process – the time to set up your matrix is well worth the effort.