Empower your R&D with product qualified leads for research and development

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openview recently found that product like companies who leverage pqls have a free to pay conversion rate that's 20 higher than their peers in a year of doing less with more if you're not tracking pqls you're leaving revenue on the table here's how to define product qualified leads in three easy steps let's do it [Music] all right so one of the biggest mistakes made by rev Ops when implementing pqls is forgetting to start with a conversion event if you set generic pqls you'll have Lucy qualified leads and your reps will waste a lot of their time so step one is to pick a conversion event that you want to improve by tracking and monetizing pqls let's take notion as an example look at the pricing page a conversion event could be converting from free users plus to business or even consolidating smaller workspaces into an Enterprise account for the sake of this example let's say a conversion event is upgrading for free to Plus Step 2 is defining intent meaning what product actions does my user need to take to recognize its value and therefore have a willingness to purchase it's usually a combination of product usage thresholds and buying signals AKA hand raisers coming back to notion and looking at the pricing product users thresholds can be that the workspace is close to five megabytes of storage and is nearing 10 collaborators as for buying signal we can see here that notion paid plan users seem to leverage apis a lot whereas free users don't meaning that connecting integration shows great buying potential other signals can include decision maker signing up users going to your pricing page Etc if you're thinking about having sales reps in the mix then step three cannot be skipped and it's to prioritize your leads with ICP data while in 10 data shows you which users are qualified in your product and have perceived its value ICP data tells you which accounts have real Revenue potential in notion's case let's say that sales reps only engage accounts that have a potential to buy a hundred seats let's use employee count as greater than 100 as an ICP criteria for the account and title equals manager director for the ICP criteria for the lead itself note that this will widely change based on the nature of your business that's it here's the full pql formula given that we've used notion as a example for today and the final thought is to follow your gut it's better to start simple than not track anything so start somewhere look at your user's activity and analyze the results that you get from your first set of pqls don't forget that if ever you have no clue what your thresholds are or should be relative to your ICP data and product usage thresholds product like sales platforms like elixir leverage AI models to find them for you based on past conversions if you've liked this video make sure to subscribe to our newsletter called high intent to get a plg Roundup in five minutes every two Saturdays and the videos before they're published anywhere else and check out kalix's blog for other Frameworks and guides like this one see ya [Music] thank you