Focusing on bottom of funnel (BOFU) leads is an intuitive choice for many marketing and sales teams and it is not difficult to see why. After all, to be categorised as BOFU, these leads will have been assessed based on their interest in a solution, the number of touchpoints with sales teams, and the subsequent lead score that will have indicated that they are sales-ready —typically, these are the leads that are the most likely to convert.
However, according to a 2022 study published by LinkedIn’s B2B Institute in unison with the University of South Australia’s Ehrenberg-Bass Institute for Marketing Science, the average percentage of a business’s total addressable market (TAM) that actually has intent to buy is an average of only 5%. This essentially means that overprioritising BOFU marketing may result in 95% of your potential leads becoming neglected, resulting in missed opportunities. Indeed, many of these leads may already be in your sales funnel at the top of funnel (TOFU) and middle of funnel (MOFU) stages, simply requiring the right strategy to avoid the risk of drop off.
This statistic also brings into question the accuracy of current methods being utilised to determine the purchase intent of the 5%. Whilst intent data and buyer behaviour are the foremost indicators used to drive outreach strategies with BOFU leads, care must be taken not to overemphasise these metrics in marketing strategies—even BOFU leads still require adequate nurturing and are not guaranteed to make a purchase.