No matter how great your business idea is, if you don’t generate quality leads, you are not going to make any money. What you should remember is that not every lead you have will end up making business with you. This is exactly why you need to pay special attention to qualifying leads. Mentioned below are the key points to remember if you wonder how to qualify your leads.
Know for what problem your product serves as an answer
Marketing efforts indeed generate plenty of leads. However, only about one-fourth of those leads are good enough to be converted into sales. So, it is inevitable to understand for what sort of problem the prospective customers are looking for solutions. Then, decide if your product is the perfect answer to their problem. If it is, that’s a green flag. If it is not, that lead may not be converted into a sale.
Know the reason why they are looking for such a solution
Are your prospective clients looking for a solution to a certain problem? If yes, they might have already looked for solutions with other products. But they are still on the hunt because they have not found the correct solution. So, first, you should identify why the customer is looking for a solution and know whether you can address it precisely.
Know their budget
Indeed, money is not a decisive factor when it comes to qualifying a sales lead. However, the amount your prospective customers can spend gives you valuable insight. If you try to offer a very expensive solution to a customer who plans to stick to a low budget, you cannot qualify that lead. However, if you see a slight difference between your price and the customer’s budget, you can convince them by demonstrating the quality of the product.
Know their decision-making ability
You must check if the prospect can decide on their own or not. This is particularly true of the prospect is an organization or a company. You should find the decision-making hierarchy of the respective customer and address it accordingly. There is no point in trying to convince an individual who doesn’t have a decision-making capacity on behalf of an organization. Just find what burdens stand between your product and their decision and address it. That is a great approach to increase the speed of your lead qualifying process.
Know what challenges you have
If you have addressed all of the above points carefully, there’s still a chance for a lead to get disqualified. That is possible because they cannot implement the solution offered to them. Well, there’s a part for the customer to pay for a product or a service to fit into their requirement. For instance, if the customer doesn’t know how to handle the product you offer, they might be reluctant to buy it. In that case, you can offer training or a product demonstration for free as a value addition. Likewise, identify the other challenges and offer solutions to each of them.
The leads brought through different channels are very important for any business. However, you cannot qualify those leads and generate income with them unless you handle them with a good sense. The points we have emphasized above will help you qualify the leads and make the best use of them.