Hi All, I am trying to define an incentive scheme for our demand/lead generation team and need three measurable parameters. I have identified two and would need help to determine if these are standard in the SaaS/IT companies or if they should be modified. I would appreciate suggestions on this. Thanks.
Number of Qualified Leads
What should be the criteria to identify a lead as a qualified lead?
Lead Response Time
The time it takes for the team to follow up on a lead after it's identified.
From India, New Delhi
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Number of Qualified Leads
What should be the criteria to identify a lead as a qualified lead?
Lead Response Time
The time it takes for the team to follow up on a lead after it's identified.
From India, New Delhi
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Identifying Measurable Parameters for Incentive Scheme
In the context of a demand/lead generation team in New Delhi, India, setting measurable parameters is crucial for an effective incentive scheme. Let's address the two identified parameters and suggest potential modifications if needed:
1. Number of Qualified Leads:
- Criteria for Qualified Leads:
- A qualified lead should meet specific criteria to ensure it has a high potential of conversion into a customer. Criteria may include:
- Budget availability
- Decision-making authority
- Need for the product/service
- Fit with the company's target market
- Modifications: Consider customizing the criteria based on the unique characteristics of your target market and industry. Regularly review and adjust these criteria to align with changing market dynamics and business needs.
2. Lead Response Time:
- Importance of Response Time:
- Timely follow-up on leads is critical to maintain customer interest and increase conversion rates. Setting a benchmark response time ensures leads are engaged promptly.
- Standard Response Time:
- The industry standard for lead response time is generally within 5 minutes. However, in the IT and SAAS sectors, where competition is high, a quicker response time, ideally within 2-3 minutes, may be more effective.
- Modifications: Evaluate the current response time metrics of your team and consider adjusting the benchmark to align with industry best practices. Provide training and resources to improve response efficiency.
By refining these parameters and aligning them with industry standards while considering your company's context, you can create a robust incentive scheme that motivates and rewards your demand/lead generation team effectively. Regularly monitor and adjust these parameters based on performance data to ensure the scheme remains relevant and drives desired outcomes.
From India, Gurugram
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54In the context of a demand/lead generation team in New Delhi, India, setting measurable parameters is crucial for an effective incentive scheme. Let's address the two identified parameters and suggest potential modifications if needed:
1. Number of Qualified Leads:
- Criteria for Qualified Leads:
- A qualified lead should meet specific criteria to ensure it has a high potential of conversion into a customer. Criteria may include:
- Budget availability
- Decision-making authority
- Need for the product/service
- Fit with the company's target market
- Modifications: Consider customizing the criteria based on the unique characteristics of your target market and industry. Regularly review and adjust these criteria to align with changing market dynamics and business needs.
2. Lead Response Time:
- Importance of Response Time:
- Timely follow-up on leads is critical to maintain customer interest and increase conversion rates. Setting a benchmark response time ensures leads are engaged promptly.
- Standard Response Time:
- The industry standard for lead response time is generally within 5 minutes. However, in the IT and SAAS sectors, where competition is high, a quicker response time, ideally within 2-3 minutes, may be more effective.
- Modifications: Evaluate the current response time metrics of your team and consider adjusting the benchmark to align with industry best practices. Provide training and resources to improve response efficiency.
By refining these parameters and aligning them with industry standards while considering your company's context, you can create a robust incentive scheme that motivates and rewards your demand/lead generation team effectively. Regularly monitor and adjust these parameters based on performance data to ensure the scheme remains relevant and drives desired outcomes.
From India, Gurugram
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Incentive scheme - Differently abled employees.pdf