Do you think that, pound for pound, TechTarget is able to produce more qualified leads? When I say more, I don't mean in terms of volume, but in terms of value or quality. Are they generating more qualified leads today than ever, based on their interpretation of the data? This includes third-party data that is not first-party or behind a registration wall. Is their productization of the data they are collecting today noticeably improved compared to five years ago? Would you be able to clearly point to an improvement in that area?

There are many pretenders in this market claiming to have acquired leads through various means, like telemarketing, which may involve simply saying, "You want to buy white paper? Okay great." The real challenge for the market is discerning what constitutes a quality lead—someone genuinely interested in the technology and likely to engage further once the lead is passed.

Do you think that, pound for pound, TechTarget is able to produce more qualified leads? When I say more, I don't mean in terms of volume, but in terms of value or quality. Are they generating more qualified leads today than ever, based on their interpretation of the data? This includes third-party data that is not first-party or behind a registration wall. Is their productization of the data they are collecting today noticeably improved compared to five years ago? Would you be able to clearly point to an improvement in that area?

In many ways, TechTarget's ability to deliver leads has improved slightly. They are continuously enhancing their membership. Although I'm not sure if they've made significant strides over the past five years, the longer trend in the market shows a gradual improvement in the attribution and understanding of where quality leads come from, which benefits the buyer. Historically, in tech markets, there's a return to quality during downturns, and TechTarget benefits significantly from this trend. Those producing less credible leads tend to fade away.