<ul><ul><li>A good sales process requires one very important result—CONVERSION. </li></ul></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul>Lead Qualification: Three Steps to Success! Suspect Prospect Prospect Lead Lead Customer
<ul><ul><ul><li>First step to successful conversion is Lead Qualification. </li></ul></ul></ul><ul><ul><ul><li>Qualification is an information gathering process that begins when a suspect first crosses your path and continues until you've converted to a customer or disqualified the contact. </li></ul></ul></ul><ul><ul><ul><li>We often see sales and marketing professionals make a very costly mistake—not properly qualifying </li></ul></ul></ul><ul><ul><ul><li>Marketing is too quick to throw the ball over the fence to sales when they get a "name" or "inquiry" and the sales team is too quick to ignore the lead (feeling it hasn't been well qualified) or push hard for the close. </li></ul></ul></ul><ul><li>Result: Serious waste in resources or a completely ineffective sales process. </li></ul>
So what does it take to better qualify your suspects and convert them to good prospects and even better leads? create a Lead Qualification Checklist with this 3-step process Analyze Gather Rank
Analyze. Start with the exact information you need in order to automatically qualify or disqualify a suspect. To do this, take a very close look at the profiles of your best customers. Define their common characteristics. Are there similarities between them (i.e. their size, industry, market, needs, values/interests of the buyer, behavior patterns)? Be as specific as you can and include both psychographic and demographic attributes. Essentially you are hunting for what information you absolutely have to have in order to identify and move the contact from a suspect to a prospect, from a prospect to a lead, and from a lead to a customer?
Gather. Once you've determined the information you need, create a checklist to help you capture the information. Include contact information, and a list of the top 8-10 characteristics from your analysis. Make copies available to all of your salespeople Go back and use this checklist with the suspects, prospects, and leads in your current pipeline. Have you gathered all the critical information for each of the opportunities you're already working on?
Rank. Once you've gathered the necessary information, use it to rank each of your new and existing opportunities. Calculate how many of the 8-10 characteristics align with your prospect and use the data to calculate the quality of the lead (such as COLD=0-3, WARM=4-7, HOT = 7+). Test this against your current pipeline. Are there good leads you're neglecting and cold ones you're spending too much time on?
When a Lead Qualification Checklist becomes a permanent part of your process, you'll be able to quickly rank your leads and determine where you should be spending your time and efforts. Only after a lead has been qualified as a warm or hot prospect, you proceed with an investment in targeting their business.
Opportunity Ranking (Add a “1” in the right hand box for each condition met, and then calculate total.) *Ranking Key: Cold Lead (1-4), Warm Lead (5-7), Hot Lead (8-10) Client/Vendor fits within target? Requirement Flow within Target? # of Estimated placements/Quarter (10- 50)? Scope for growth? Annual Revenue matches target (>=$1mill)? Start-up Timeline < 3 months Decision-maker identified Need to increase office furniture (YES) Influencers identified # of new incumbents to be added >5 Total:
Unless you try to do something beyond what you have already mastered, you will never grow.