Anyone running a business or working as a part of one is already familiar with what a business lead is.
However, we may all know leads by different names.
Sales lead, prospect, potential customer, candidate and an enquiry are just to name a few.
For the sake of clarity though, let’s swiftly recall the same.
What is a lead?
We can define leads in terms of a layperson simply as individuals or businesses that may benefit from the product or service your business is providing. I believe they are called so because they lead an enterprise towards new customers and clients.
Leads can be acquired through one of the many ways that marketers have applied traditionally or do now. These include word-of-mouth promotions, sales referrals, advertisements in print and digital media as well as queries generated through website visits.
What do we mean by “qualifying a lead”?
The process of qualification of a lead refers to analyzing a certain lead and then deciding whether it could be a useful one at this point in time.
For instance, if you’re an insurance provider, you would want to know the answers to a few questions beforehand so as to ensure that you do not end up wasting your time or someone else’s. This line of query may include crucial information like whether they already have insurance, whether they have any other asset that you could cover, their budget, their willingness or spending capacity at that time and so on.
Why is qualifying a lead important?
Knowing whether a query is even worthy of receiving as much attention as you’re giving it is an essential aspect when dealing with matters of business sales.
It saves time
Being able to ascertain the probability of a new inquiry turning into a successful sale saves you precious time that could be spent instead on servicing existing clients.
Helps pitch the sale
Understanding what your client requires and what he wants to hear are superpowers that every salesperson desires but are evidently available to only those who actually take the time to research or get to know the prospect before trying to pitch them a product or service.
Aids in grabbing opportunities
Missing out on a big-shot client because you didn’t know he/ she was a big-shot – trust me, it is significantly more common than you’d like it to be. The worst part is, you often don’t even realise you’ve missed them. A good way out of such situations is always checking your clientele’s profiles before you start with the day’s list so you know who to focus on.
Tips to qualifying leads
There can be several ideas you can implement in your strategies for successfully discovering the leads that are most beneficial to your business and/ or easiest to convert.
Some of them are listed as below:
Research customer profile
As we mentioned above, investigating a prospect’s background is an important step in ascertaining their needs, their budget and their strengths and weaknesses along with the correct way to approach them. If you already have this information available about the individual or business you’d like to pitch to, half your battle is won even before you begin, as you have the best strategies in place in advance. This can also help you in the long-term by supporting you in building a rapport with these customers more effectively. Remember, knowing your consumer is the key both before and after the delivery of your service.
Study their online behaviour
The number of times a candidate has visited your website and/ or social media channels can give you a glimpse into how interested they really are in availing your services. All you need to do is observe the online activity of your repeat visitors who are not a part of your current clientele.
It is necessary to ask some of the most important questions at the beginning of a cold-call to check how suitable your product or service is for the other party. Quiz them about their requirements, their budget and their willingness to spend at that point in time too. It is probable that even though they require your assistance, they do not have the funds to make that kind of expense at present.
Inquire the deal-breakers
We have observed a number of times in varied fields and industries that deals tend to break even after their closure, at a later point, owing to some terms, working style and more. While these seem like small topics, these can become grave points of contention in the future. To avoid this, make certain that all the deal-breakers are discussed prior to beginning the project. This way you would know exactly how suitable the client is for working with your company.
Now that you know how to get a well-qualified lead, start on it right away.
Work on them today, so they work for you tomorrow!
Hazel Raoult is a freelance marketing writer and works with PRmention. She has 6+ years of experience in writing about business, entrepreneurship, marketing and all things SaaS. Hazel loves to split her time between writing, editing, and hanging out with her family.