Qualifying Sales Prospects
Qualifying Sales Prospects
To qualify a prospect, it means to assess whether they are a good match for your services. If they say yes, it is worth your time to convert them into customers. Qualified sales leads will have higher ROI and a higher close rate. First, determine which clients are the best and worst for you.
There’s a better way. Most successful agencies follow a strict sales process that they strictly adhere to. If you don’t know how to sell or aren’t sure where to begin when qualifying prospects, now is the time to learn.
What is Qualifying?
Qualifying refers to assessing whether the guy calling to inquire about your services is worth the effort and time it will take to convert him to a customer. You are worthy of your time and effort. Your time is precious. Time is an inexhaustible resource. It is irreversible once it is gone. It is important to make the most of it.
What is the importance of Qualifying?
You are maximizing your energy and time by qualifying sales inquiries in a systematic manner. Research shows that qualified leads result in a higher return of investment and higher close rates. Conference Board’s study found that 57% of sales is completed by the time you receive a call. Prospects today are more educated than ever. This is both good and bad
How to Qualify a Sales Prospect
A prospect that is qualified to sell your product or service is one who closely matches the personas of your target customers. They are familiar with the problems your product or service solves. They are actively searching for solutions similar to yours. They are a priority because they have higher chances of converting.
Without knowing your target customer, it’s difficult to qualify sales prospects. Salespeople can lose sight of the right leads, which could lead to great opportunities for them.
1. Awareness of the Need
Prospects must be aware of a problem in order to qualify. A prospect might not be able to identify the problem or tell you if your company exists, but they will know that there is a solution.
Salespeople should ask questions in the initial conversation to find out if prospects have a specific need. This can be checked by using an inbound marketing strategy to generate leads.
2. Does Decision-Making Power Exist?
It’s not a waste of time to speak with a leader at the bottom level of an organisation’s hierarchy. It is important to know the buying power and authority of prospects. You won’t waste your time on someone who doesn’t know the answer.
Your sales team should inquire about the decision-makers when they meet someone without much authority. This will save you time and allow your teams to decide if it is worth following up on the lead.
3. A sense of urgency
A company may not be aware of a problem, but that doesn’t necessarily mean they are ready to solve it. We are back to the awareness qualification. It’s great if you can help them understand a problem they didn’t know about. If they don’t feel the urgency to solve it, it could become months of back and forth with little to show for it.
You should pre-qualify potential sales leads based on their urgency. This can be done by asking how urgent they are looking for a solution. You can also request a call or schedule demonstrations to see if they are ready to go. If they aren’t, you may need to provide some nurturing.
4. Your Company and You Can Trust Each Other
Salespeople don’t have the best reputations. This is why salespeople need to work hard to build trust before striking.
Prospects meeting with you is like going on a first date. To win them over, you must listen and not talk. Make it personal and ask questions to show interest in their situation.
5. Willingness to listen
The last characteristic of a qualified prospect can be the most difficult to identify. Are they open to listening to your salesperson?
Keep in mind that while many people are willing to listen, not all people will buy.
It doesn’t necessarily mean you should sell everything to everyone. Sales reps need to consider the profitability of each account and whether or not it is a good idea for your company to pursue it.
6. Follow a formal sales process
Prospecting sales should be done within a sales process that specifies when and how to qualify prospects, before moving them onto the next stage.
Your salespeople should be able to use the right tools and skills for prospecting, so that they don’t depend on one source for lead generation. They must understand that qualified leads should be identified before moving on to the next steps in the sales process.
7. Identify Your Ideal Buyer Persona
Your salespeople should know who your ideal customer is. You can determine the traits of your ideal buyer persona from your client list.
8. Eliminate Unqualified Leads Quickly
Spending unnecessary time with unqualified leads will only result in wasted money. Your sales reps should be able to ask open-ended questions and quickly eliminate unqualified leads. Train them to let go of bad leads and move on to the next prospect.
Perfect timing can be the reason for many great relationships. This holds true especially for sales. This is why you need to have a clear process for generating leads of higher quality that feed into the lead qualification system that you’ve created.
A process and strict lead qualification process can improve forecast accuracy and reduce wasted time. This will allow salespeople to concentrate their efforts where they have the greatest impact.