Latest / What is Business Development? / Episode 95...BD BOK Deep Dive: Chapter 11 Understanding Intent Signals
Transcript
- 0:00Speaker 1: Got bad leads. It's it's the question that keeps every
- 0:04Speaker 1: business development pro up at night. Absolutely, we've all seen
- 0:08Speaker 1: that huge pipeline where I don't know ninety percent of
- 0:10Speaker 1: the names, just they aren't going anywhere.
- 0:12Speaker 2: No matter how many times you call exactly.
- 0:14Speaker 1: That old brute force method hold call based on just
- 0:17Speaker 1: sheer volume. I think we can agree it's we are
- 0:21Speaker 1: now in the era of intent. So our mission today
- 0:25Speaker 1: is pretty simple. We want to give you a shortcut
- 0:28Speaker 1: a guide to finding the real high value prospects, the
- 0:31Speaker 1: gems in that big stack of leads. This deep dive
- 0:34Speaker 1: is about shifting your whole strategy, moving from you know,
- 0:38Speaker 1: a philosophy of pure quantity to the rigorous science.
- 0:43Speaker 2: Of quality, efficiency and effectiveness.
- 0:45Speaker 1: That's the game now, which means prioritizing the people who
- 0:48Speaker 1: are genuinely interested.
- 0:49Speaker 2: And to get that efficiency, we have to become experts
- 0:52Speaker 2: at well mapping the buyer's minds. So this deep diet
- 0:55Speaker 2: is focused on two main things. First, we're dissecting the
- 0:59Speaker 2: prospect journey map, the path of buyer takes, and second,
- 1:02Speaker 2: understanding the data science behind leads scoring, which is how
- 1:08Speaker 2: you rate the quality of the signals they leave behind.
- 1:10Speaker 1: And the goal for our listeners.
- 1:12Speaker 2: The ultimate goal for you is to maximize the conversion
- 1:15Speaker 2: of those let's call them lower temperature leads, the information
- 1:18Speaker 2: qualified leads or iq als into the hot ones into
- 1:21Speaker 2: the high temperature sales accepted leads, the sls that conversion,
- 1:24Speaker 2: that's the only metric that really matters.
- 1:27Speaker 1: And if you need some hard evidence for why we
- 1:29Speaker 1: have to focus on the journey, on that sales interaction,
- 1:32Speaker 1: we've got a killer statistic to kick things off.
- 1:34Speaker 2: Oh, this one's a classic.
- 1:35Speaker 1: Back in twenty twelve, the Corporate Executive Board the CEB
- 1:38Speaker 1: did this huge study. They surveyed five thousand corporate buyers
- 1:43Speaker 1: and what they found, I mean it basically redefined modern
- 1:47Speaker 1: sales strategy.
- 1:48Speaker 2: Their big discovery was that the sales experience was the
- 1:51Speaker 2: single greatest factor shaping a buyer's loyalty to a company.
- 1:55Speaker 2: Not the product, not the product features, not the price.
- 1:58Speaker 2: It was the quality of the interaction, action, the efficiency
- 2:01Speaker 2: of the engagement.
- 2:02Speaker 1: And the numbers are just they're stunning. A massive fifty
- 2:07Speaker 1: four percent of the buyers they surveyed rated the sales
- 2:11Speaker 1: experience as the biggest driver of their loyalty.
- 2:13Speaker 2: Fifty four percent and to put them into perspective product
- 2:16Speaker 2: or service quality that was only nineteen percent, only nineteen
- 2:19Speaker 2: and price was a tiny nine percent.
- 2:21Speaker 1: Wow.
- 2:22Speaker 2: So it shows that just focusing on features or you know,
- 2:25Speaker 2: cutting costs, you're missing the biggest opportunity. It's the way
- 2:29Speaker 2: you guide the prospect that's what drives commitment.
- 2:31Speaker 1: And that is why the activation phase, where that whole
- 2:33Speaker 1: sales experience kicks off, is so critical. So let's define
- 2:37Speaker 1: the train. We've got three main phases of prospect moves
- 2:40Speaker 1: through awareness, activation, and conversion. We need to map intent
- 2:46Speaker 1: across all three.
- 2:47Speaker 2: Let's do it.
- 2:48Speaker 1: So let's unpack this journey really track how intent progresses.
- 2:51Speaker 1: Because a lead isn't just a name on a list, right,
- 2:54Speaker 1: it's more like a temperature reading.
- 2:56Speaker 2: A temperature reading, that's a great way to put it,
- 2:58Speaker 2: signaling how close they are to purchase. And we start
- 3:01Speaker 2: in the coldest zone, the awareness phase. This is characterized
- 3:04Speaker 2: by zero intent.
- 3:06Speaker 1: Zero intent, so they're not even on the radar barely.
- 3:09Speaker 2: They might be aware they have a problem, or maybe
- 3:11Speaker 2: they saw your brand name somewhere, but the moment they
- 3:14Speaker 2: take a direct action, a click, a download, a follow, ah, okay,
- 3:19Speaker 2: that is brand activation and that signals their entry into
- 3:23Speaker 2: the crucial activation phase. At that point they graduate, they
- 3:27Speaker 2: become an IQL, an information qualified lead.
- 3:30Speaker 1: Okay, let's get practical for the BD teams listening. If
- 3:33Speaker 1: the IQL is the cold lead, why should we spend
- 3:37Speaker 1: any time on them at all? They're just browsing right?
- 3:39Speaker 2: That is a critical question in IQL is a cold
- 3:42Speaker 2: lead because their engagement is well, it's low effort and
- 3:45Speaker 2: low risk for them.
- 3:46Speaker 1: Like what kind of signals?
- 3:47Speaker 2: The signals are? Things like downloading a lead magnet, an
- 3:50Speaker 2: ebook or a white paper, or you know, following your
- 3:53Speaker 2: company on social media, tending a big industry event you sponsored.
- 3:57Speaker 1: Got it?
- 3:57Speaker 2: So your BD team engages them not to sell right
- 3:59Speaker 2: now away, but to nurture them, to keep them warm
- 4:02Speaker 2: and guide them to the next.
- 4:03Speaker 1: Phase, which is defined by perceived intent.
- 4:06Speaker 2: Perceived intent, this is the middle ground. Engagement is increasing
- 4:11Speaker 2: and you can see trust starting to build. This is
- 4:14Speaker 2: where the MQL lives.
- 4:15Speaker 1: The MQL correct.
- 4:16Speaker 2: The MQL or marketing qualified lead is your warm lead.
- 4:20Speaker 2: They've hit a specific score threshold.
- 4:22Speaker 1: So they've collected enough points from.
- 4:24Speaker 2: Their actions exactly enough points to be considered a viable
- 4:27Speaker 2: target for marketing to follow up with. They aren't just
- 4:29Speaker 2: browsing anymore. They're interacting with deeper, more targeted content.
- 4:33Speaker 1: And for BD teams that are using say a freemium model,
- 4:36Speaker 1: there's also the PQL the product qualified yes.
- 4:39Speaker 2: And the PQL is a hugely valuable signal because it
- 4:42Speaker 2: bypasses all the content consumption. Also, this prospect is actively
- 4:47Speaker 2: using a free version of your product or a trial,
- 4:50Speaker 2: and their usage patterns, what features they're using, how often
- 4:53Speaker 2: they log in. That gives you unambiguous, real time intent data.
- 4:58Speaker 1: It's a very clean signal, super clean.
- 4:59Speaker 2: At they are very close to needing the paid solution.
- 5:02Speaker 1: So the whole point of this activation phase is to
- 5:04Speaker 1: get them to declared intent. This is the hot zone.
- 5:07Speaker 1: This is where the prospect officially becomes an sal.
- 5:10Speaker 2: A sales accepted lead. This is the hot lid. They
- 5:13Speaker 2: have officially raised their hand.
- 5:15Speaker 1: But there's a catch, right there is.
- 5:17Speaker 2: And it's a key nuance. Declared intent just means they
- 5:20Speaker 2: are in market. They're actively looking to buy a product
- 5:23Speaker 2: in your category. It does not guarantee they will buy yours.
- 5:27Speaker 1: So this is where that fifty four percent loyalty factor
- 5:29Speaker 1: comes in. Your sales experience is what wins the deal.
- 5:33Speaker 2: That's the moment of truth.
- 5:34Speaker 1: So what's the strongest, most unambiguous signal we could possibly see?
- 5:39Speaker 1: The one that says, okay, stop nurturing and start customizing.
- 5:42Speaker 2: That would be the request for information or RFI.
- 5:46Speaker 1: The RFI.
- 5:47Speaker 2: When a prospect sends an RFI, they are past general research.
- 5:51Speaker 2: They are formally asking very specific questions to finalize their
- 5:54Speaker 2: requirements or to identify a short list of vendors to
- 5:57Speaker 2: engage with.
- 5:57Speaker 1: So using your answers to narrow.
- 5:59Speaker 2: The field precisely, that is peak high intent behavior. It
- 6:03Speaker 2: means they are ready for a serious, focused sales conversation.
- 6:06Speaker 1: Okay, so the journey is clear, but none of it
- 6:10Speaker 1: matters if we can't trust the map we're using. We've
- 6:12Speaker 1: figured out what the prospect is doing. Moving from eikul
- 6:15Speaker 1: to sal. Now, speaking of trust, let's talk about where
- 6:18Speaker 1: we get this data. Because the rules for data collection
- 6:21Speaker 1: are well, they're shifting under our feet as we speak.
- 6:24Speaker 2: They absolutely are. Prospecting teams classify the sources of these
- 6:28Speaker 2: intent signals into four main categories. Zero party, first party,
- 6:32Speaker 2: second party, and third party data.
- 6:35Speaker 1: Let's zoom in on the one that really defines modern
- 6:37Speaker 1: business development. Zero party data. The name itself feels a
- 6:41Speaker 1: little counterintuitive. Why is zero and not first if it's
- 6:45Speaker 1: the most valuable.
- 6:46Speaker 2: Because it defines the highest possible level of consent. The
- 6:49Speaker 2: term zero party data was introduced by Fatmeg Katiblu from
- 6:52Speaker 2: Forced to Research back in twenty nine ten. Okay, it
- 6:55Speaker 2: is data. The prospect voluntarily and proactively provides you with
- 6:59Speaker 2: the expectation that you will use it to improve their experience.
- 7:02Speaker 1: So it's more than just contact info. We're talking about preferences,
- 7:05Speaker 1: their problems, what they want to achieve, collected through surveys
- 7:08Speaker 1: or preference centers exactly.
- 7:09Speaker 2: And that voluntary act is why it's so powerful. It
- 7:12Speaker 2: gives BD teams direct, clear visibility into the prospect's unambiguous intent.
- 7:18Speaker 2: They are literally giving you the answer key to what
- 7:20Speaker 2: they need. There's no guesswork.
- 7:22Speaker 1: And this data type is vital now, not just because
- 7:25Speaker 1: it's high quality, but because everything else is getting so
- 7:27Speaker 1: much harder to get.
- 7:28Speaker 2: That's the other side of the coin.
- 7:30Speaker 1: I mean, I remember when half of my prospect thing
- 7:31Speaker 1: budget was just aggregated lists and third party tracking. It
- 7:35Speaker 1: felt like the wild West compared to today's regulatory landscape.
- 7:39Speaker 2: Well, that landscape changed dramatically. You had consumer privacy concerns
- 7:42Speaker 2: and then very strict legislation. We saw the landmark EUS
- 7:46Speaker 2: GDPR in twenty.
- 7:47Speaker 1: Eighteen right in the California CCPA also in twenty eighteen.
- 7:50Speaker 2: Both heavily regulating how you collect and use personal data,
- 7:54Speaker 2: especially data gathered without direct incent.
- 7:57Speaker 1: And then there's the tech side, the shift we call
- 7:59Speaker 1: cookie deprecation, where the BayTech companies started blocking third party
- 8:02Speaker 1: tracking cookies. That started even earlier, around twenty seventeen.
- 8:06Speaker 2: It did so if you can't track a prospect across
- 8:08Speaker 2: a dozen unrelated sites anymore, you have to prioritize the consensual,
- 8:14Speaker 2: high quality info they give you directly makes sense, and
- 8:17Speaker 2: that brings us to the others. First party data is
- 8:20Speaker 2: what your company collects on its own media, your website,
- 8:24Speaker 2: your app, your social channels, using your own tools like
- 8:27Speaker 2: first party cookies or pixels.
- 8:29Speaker 1: So it's direct engagement with your brand, but you're still
- 8:32Speaker 1: interpreting their intent you are.
- 8:34Speaker 2: Second party data is pretty straightforward. It's partnered data. It's
- 8:38Speaker 2: zero or first party data that you share, usually under
- 8:41Speaker 2: a formal agreement with a strategic partner.
- 8:43Speaker 1: Okay.
- 8:44Speaker 2: And finally, third party data the source that's under the
- 8:47Speaker 2: most pressure. This is data collected and sold by companies
- 8:50Speaker 2: that have no direct relationship with the prospect at all.
- 8:53Speaker 1: They're just monitoring behavior across tons of channels, using those
- 8:56Speaker 1: third party cookies exactly.
- 8:58Speaker 2: And while it's still used, its accuracy and its accessibility
- 9:02Speaker 2: are just they're diminishing rapidly.
- 9:04Speaker 1: So this whole structure of data sources, it paints a
- 9:07Speaker 1: very neat, controllable picture. Yeah, but we both know the
- 9:10Speaker 1: buyer's journey is often well anything, but it's messy. The
- 9:14Speaker 1: reality is we miss a huge percentage of what's actually happening.
- 9:18Speaker 1: And that brings us to one of the most compelling
- 9:21Speaker 1: and frankly frustrating concepts in modern prospecting, the dark funnel.
- 9:26Speaker 2: The dark funnel is the ghost in the system. It's
- 9:29Speaker 2: why even the absolute best lead scoring systems are never
- 9:33Speaker 2: going to be perfect.
- 9:34Speaker 1: So what is it?
- 9:35Speaker 2: It describes all the prospect intent signals that a company
- 9:38Speaker 2: is simply unable to detect or collect. The activity happens
- 9:42Speaker 2: in private, non indexed, or untrackable spaces.
- 9:45Speaker 1: What are we talking about here? Where is this shadow
- 9:47Speaker 1: activity going on?
- 9:48Speaker 2: It is everywhere you're tracking pixels and cookies can't go.
- 9:52Speaker 2: It could be research in a private Slack community or
- 9:54Speaker 2: an exclusive LinkedIn.
- 9:55Speaker 1: Group, reading detailed product reviews.
- 9:58Speaker 2: Reading product review sites, open source searches, and crucially, they
- 10:02Speaker 2: could be engaging with media that doesn't give off a signal,
- 10:05Speaker 2: like listening to a specialized trade podcast, you know, like
- 10:07Speaker 2: this one.
- 10:08Speaker 1: Ah, the irony. They could be actively researching us, even
- 10:11Speaker 1: naming us in discussions with peers, and we would have
- 10:14Speaker 1: absolutely zero visibility.
- 10:16Speaker 2: Exactly, A late can journey entirely through the dark funnel,
- 10:19Speaker 2: completing the awareness and activation phases completely in the shadows,
- 10:23Speaker 2: and then suddenly magically show up at the conversion phase
- 10:27Speaker 2: seemingly out of nowhere, declaring intent with a formal RFI
- 10:31Speaker 2: or a demo request. Just understanding that this shadow activity
- 10:35Speaker 2: exists means we have to make the signals we can
- 10:37Speaker 2: detect as accurate as possible.
- 10:40Speaker 1: That's a perfect transition. Yeah, because if our goal is
- 10:44Speaker 1: maximizing that equal the sale conversion, and we know the
- 10:47Speaker 1: dark funnel means will never have total visibility, then formalizing
- 10:50Speaker 1: our scoring is essential. It is we have to translate
- 10:54Speaker 1: the signals we do see into actuabal priorities.
- 10:56Speaker 2: Yeah.
- 10:57Speaker 1: And while every company builds its own system. The score
- 10:59Speaker 1: mythologies fall into three primary types.
- 11:02Speaker 2: The underlying logic for all three is the same, though.
- 11:04Speaker 2: You allocate points and assign weights based on the type
- 11:06Speaker 2: and frequency of the intent signal. Higher score equals higher
- 11:10Speaker 2: priority for sales.
- 11:11Speaker 1: Okay, let's start with the traditional, maybe more labor intensive,
- 11:14Speaker 1: but statistically rigorous approach, manual lead scoring. Walk us through
- 11:18Speaker 1: the steps.
- 11:18Speaker 2: Sure. Manual lead scoring uses a retrospective, multi step statistical
- 11:23Speaker 2: analysis that focuses only on your converted customers.
- 11:27Speaker 1: Okay, so step one.
- 11:28Speaker 2: Step one, your team calculates the overall baseline conversion rate,
- 11:33Speaker 2: so the percentage of all your sales qualified leads, your
- 11:36Speaker 2: sequels that actually became paying customers over a set period.
- 11:39Speaker 1: That's your overall success rate. Yeah. Then step two, you
- 11:42Speaker 1: analyze every single intent signal that downloads the visits the RFIs,
- 11:47Speaker 1: but only for the sequels that actually converted.
- 11:49Speaker 2: Exactly, you're figuring out what your winners did before they
- 11:53Speaker 2: bought from you.
- 11:54Speaker 1: And step three is where the magic happens.
- 11:56Speaker 2: That's where the action is. You compare the actions of
- 11:58Speaker 2: that converted group to your overall baseline. You identify the
- 12:01Speaker 2: most common signals among them, and you assign a weight
- 12:04Speaker 2: or a score proportional to how much more likely that
- 12:07Speaker 2: signal is to predict success.
- 12:09Speaker 1: Let's make this real. Let's use the sources statistical example
- 12:11Speaker 1: to explain the weighting. If your company converts, say, ten
- 12:15Speaker 1: percent of all sequels into customers, that's your baseline.
- 12:17Speaker 2: Okay, ten percent, But when you look at just the
- 12:20Speaker 2: successful group, you discover that forty percent of your converted
- 12:24Speaker 2: sequels attended a specific corporate webinar.
- 12:27Speaker 1: Wow, okay.
- 12:28Speaker 2: Since forty percent is four times your overall ten percent rate,
- 12:32Speaker 2: that signal completing the webinar is statistically proven to be
- 12:35Speaker 2: highly predictive.
- 12:36Speaker 1: So you assign it a huge weight.
- 12:37Speaker 2: A huge weight, maybe a multiplier four. It becomes a
- 12:40Speaker 2: massive point earner in your scoring system.
- 12:43Speaker 1: That's powerful because it's not a gut feeling. It's based
- 12:47Speaker 1: on proven behavior, pure mass. Now, the second method moves
- 12:50Speaker 1: us into advanced analytics. Logistic regression. What's the statistical engine
- 12:55Speaker 1: doing here?
- 12:56Speaker 2: Logistic regression is a sophisticated statistical model designed to predict
- 13:00Speaker 2: the probability of a binary outcome.
- 13:03Speaker 1: So, in our case, will the lead convert yes or no?
- 13:06Speaker 2: Exactly? It's an analytical approach often done with powerful spreadsheet
- 13:09Speaker 2: software or specialized data tools.
- 13:11Speaker 1: So instead of manually checking a few signals like the webinar,
- 13:15Speaker 1: what makes this method better It's.
- 13:16Speaker 2: The complexity it can handle. The regression formula simultaneously compares
- 13:22Speaker 2: all the intense signals we could be talking hundreds, alongside
- 13:26Speaker 2: all the prospect attributes like demographics and firmographics across all leads,
- 13:30Speaker 2: both converted and not.
- 13:31Speaker 1: So it finds the unique statistical signature of your best customers.
- 13:35Speaker 2: It does, and it assigned scores with a much higher
- 13:38Speaker 2: degree of precision than a manual method.
- 13:40Speaker 1: Ever, could that rigor definitely justifies the name? Yeah okay,
- 13:43Speaker 1: And that brings us to the third and newest methodology,
- 13:46Speaker 1: the one that promises continuous improvement predictive lead scoring. This
- 13:51Speaker 1: is the AI.
- 13:52Speaker 2: Approach, right. This method uses artificial intelligence predictive analytics technology,
- 13:57Speaker 2: specifically machine learning, and the primary vantage here is automation
- 14:01Speaker 2: and adaptability.
- 14:02Speaker 1: So the formula isn't calculated by a person.
- 14:04Speaker 2: It's not. It is automatically created by the AI which
- 14:08Speaker 2: analyzes this massive volume of historical conversion data and intent signals.
- 14:12Speaker 1: And the key benefit is that it's dynamic. It doesn't
- 14:15Speaker 1: get stale the day after you calculate it.
- 14:17Speaker 2: Precisely, the formula is continually updated in real time as
- 14:21Speaker 2: your company converts new customers and generates new signals. The
- 14:25Speaker 2: AI learns from every single success and every failure, which
- 14:28Speaker 2: means your scoring system just gets smarter over.
- 14:31Speaker 1: Time without your team having to manually recalculate everything every quarter.
- 14:35Speaker 2: Which is a massive advantage in speed and relevance.
- 14:38Speaker 1: Okay, so we've walked through the journey to find the
- 14:40Speaker 1: data sources and detailed the three ways to score intent.
- 14:44Speaker 1: Let's bring this all together now and focus on three
- 14:46Speaker 1: actionable takeaways for the business developer listening.
- 14:49Speaker 2: The core value here is crystal clear. It's about maximizing
- 14:52Speaker 2: the efficiency of your bad team by maximizing the conversion
- 14:56Speaker 2: of equals to sls.
- 14:57Speaker 1: You have to focus your time, your most valuable asset
- 15:01Speaker 1: on the highest scoring, highest intent leads.
- 15:03Speaker 2: So our first major takeaway goes right back to that
- 15:06Speaker 2: foundational CEB study experience over price.
- 15:08Speaker 1: Right.
- 15:09Speaker 2: Remember that split fifty four percent of buyer loyalty is
- 15:12Speaker 2: driven by the sales experience the activation phase. It dwarfs
- 15:15Speaker 2: product quality at nineteen percent and price at nine percent.
- 15:19Speaker 1: Your internal process, your follow up speed, the personalization you bring,
- 15:22Speaker 1: that's what drives commitment.
- 15:24Speaker 2: It's the biggest driver. The second critical takeaway is a
- 15:27Speaker 2: mandate for your data strategy.
- 15:30Speaker 1: The data shift is now with GDPR and CCPA plus
- 15:34Speaker 1: the reality of cookie deprecation.
- 15:36Speaker 2: Exactly, relying on aggregated third party data is becoming really
- 15:40Speaker 2: precarious and unreliable. Business development has to proactively shift to
- 15:45Speaker 2: prioritizing the gathering of zero party data.
- 15:47Speaker 1: The data of the prospect willingly gives.
- 15:49Speaker 2: You because that provides the clearest, most unambiguous picture of
- 15:53Speaker 2: their actual intent.
- 15:54Speaker 1: And our final takeaway focuses on the structure you need
- 15:57Speaker 1: to turn those signals into action. Formalize your scoring.
- 16:01Speaker 2: You have to have a mathematically sound system, whether you
- 16:03Speaker 2: use the rigorous approach of a manual score like that
- 16:06Speaker 2: four x waiting for the webinar signal.
- 16:08Speaker 1: Or the comprehensive depth of logistic regression yeah, or the
- 16:11Speaker 1: self updating power of predicted AI.
- 16:13Speaker 2: Formalizing this process is how you stop wasting time and
- 16:16Speaker 2: start pinpointing success.
- 16:18Speaker 1: All right, and now let's leave you with one final
- 16:20Speaker 1: provocative thought to consider. We spend some time today on
- 16:24Speaker 1: the dark funnel. All that undetected research happening in private
- 16:28Speaker 1: forums or on podcasts. So if your best, most loyal
- 16:32Speaker 1: customers are often the ones who bypass your tracking and
- 16:35Speaker 1: just magically show up at the conversion phase, what previously
- 16:40Speaker 1: undetected activity are you missing that is currently creating those
- 16:43Speaker 1: very high value leads you haven't even budgeted for.
- 16:46Speaker 2: That question suggests the perfect lead might just be the
- 16:48Speaker 2: one you never saw coming, the one whose intent was
- 16:51Speaker 2: strong but silent.
- 16:52Speaker 1: Thank you for joining us for this deep dive into
- 16:54Speaker 1: decoding intent and mastering the prospect journey. Now go apply
- 16:58Speaker 1: what you've learned to find those high scoring gems