Necessity is the mother of invention.
And a changing market necessitates a change in go-to-market strategy.
Enter Expansion Qualified Leads (EQLs), your secret weapon for driving growth and revenue.
In our latest episode of Launch and Learn, Keith reveals the importance of EQLs, the difference between them and other lead types, and how Customer Success Teams should nurture these opportunities.
Check out the full episode to learn how to unlock the potential of EQLs and take your business to the next level.
Read on below for an overview of our discussion and some additional insights!
EQLs are current accounts in your existing install base that hold immense potential for upselling or cross-selling. These leads differ from Marketing Qualified Leads (MQLs), Sales Qualified Leads (SQLs), and Product Qualified Leads (PQLs) in that they require a more delicate approach.
Proceed with caution—there's a lot at stake, including the risk of losing a paying customer if the lead is mishandled or incorrectly qualified.
Keith recommends Customer Success Teams take charge of EQLs.
But, to do so effectively, they must shift their mentality. Rather than just pushing products, CSTs should sell solutions that drive desired outcomes for customers. This calls for a broader perspective on the relationship and a deeper grasp of the customer's needs and pain points.
EQLs encompass cross-sell and upsell qualified accounts. Identifying cross-sell qualified accounts demands a profound understanding of the customer's business, while upsell qualified accounts are easier to pinpoint as they involve offering more of what the customer already possesses.
Keith believes that success teams should be held accountable for both types of EQLs.
By prioritizing EQLs, you'll not only drive growth and revenue but also strengthen customer relationships. Equip your success teams with the tools and mindset to identify and nurture EQLs, and watch your business thrive. Remember, it's all about providing solutions tailored to customer needs and pain points—this is the key to unlocking the full potential of Expansion Qualified Leads.