I bet you're a hell of a salesperson, but are you working on junk data and losing potential business?
Well, this is not a unique problem statement. It's something salespeople all across the world in almost every business industry face.
In simple terms, you won't be selling a car to a person who is looking for a motorbike. And so, qualifying leads is something anyone interested in a sales career should understand and master.
Qualifying a lead is quite crucial as you can focus on the most potential customers in a better way than accommodating every lead that you have got. A sales representative must know if the lead is going to be a good fit customer for the business or not. Understanding this can then help the salesperson plan out their sales strategy to close the deal.
Now the question is, how to identify or qualify a prospect/leads if they are going to be your potential customers or not? As a salesperson, I might have got something to share with you on this.
What does qualifying a lead mean?
Let's start with the basic question to understand what lead qualification is.
Let's say you might have a lot of leads. But are they all a good fit for the product or service your offer? Determining this is what is meant by lead qualification in sales.
With no sales qualification, you will be chasing leads that aren't a suitable match for the product because of financial limits, organizational difficulties, or other considerations.
Sales qualification is just a more effective method of closing sales deals. In addition, it saves you time and resources by only pursuing prospects who are most likely to acquire the product.
Why is qualifying a lead important?
Imagine your sales executives give equal attention to every lead though not all the leads are converted to potential customers. In the meantime, they also realize that they are not the ideal choice for your company. Isn't it a waste of time and resources?
When your sales team can concentrate on more productive tasks and improve the conversion rate, they are made to work on leads that do not have the smallest chance of becoming a potential customer.
This is where lead qualification finds its importance. When a proper lead qualification process is put into your process, the sales executives can easily filter out the leads that have the actual potential to become a customer. Also, this reduces the encounter with leads who have no chance of becoming a customer or have entered incorrect information.
This will boost the performance of your leads, enable your marketing team to focus on segments that have a greater customer pool, and prevent investments that ultimately lead to loss. According to a study, 80% of marketers believe that automation generates more leads than manual efforts. Therefore, a sales lead generation and lead qualification strategy combined with the right marketing automation tools is what you need to never miss out on a potential lead.
How to qualify sales?
Identify the problem statement
Sometimes you don't get a lead because they paid some attention to your marketing campaigns or because of your beautiful social media timelines. They reach out to get a solution for the problem that they are facing with the product or the service they are using.
So, your goal would be to identify the problem and how your business can solve it for the customer. That's going to be the first step if there is a chance for you to take the conversation to the next level.
Figure out why they want this solution now
There are strong chances that they are not trying to find the solutions for the first time, but the question is, why are they looking for them now?
There are possibilities that something might have changed for them internally, and they are moving fast to make a decision. This could be a good reason that they are finding the right partner to work with or probably are in a position to spend more.
In short, you need to figure out how badly they're seeking the solution.
Follow the BANT rule
The BANT rule applies straight away for the lead qualification process. BANT is Budget, Authority, Need, and Timeframe. The BANT rule applies here as you need to figure out how much the prospect is holding, who's the signing authority or the decision-maker, Understand their need, and what kind of timeframe they are looking for for this project.
So you need to ask clever questions that serve a dual purpose; they provide the BANT information you need whilst helping move the lead closer to a sale.
When the right tools are implemented along with a dedicated sales team, improving the conversion rate of your business turns out to be a simple task. Until and unless there is a proper lead qualification system integrated with your business, there are higher chances of mismanagement, and your sales teams may face more bad leads.
Further, the use of comprehensive lead qualification and sales lead generation processes will boost your company's productivity and increase the efficiency of your sales team.
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