When you spend a little bit of time up front qualifying your leads, you know which leads have more potential, and you know which leads deserve more of your time and attention. When you know that, you can make better decisions about your most precious resource, your time.
67% of lost sales are as a result of sales reps not properly qualifying their potential customers before taking them through the full sales process.
This results in a substantial amount of wasted time and resources that could be better spent to generate revenue.
Imagine, you have one lead that you think will turn into a few hundred dollars worth of business, and another that can turn into a few thousand. You need to be able to focus on the lead that can turn into a few thousand, without sacrificing the one that could turn into a few hundred. Make sense?
- One key element in pre qualifying your leads is determining the answers to the following questions:
- Do they have (or can the get) the budget to buy your product if they find it to be worthwhile?
- Do they have decision making authority?
- What is their timeline for making a decision?
These questions are just starting points, you’ll have to decide what the most important questions are for your business. But, when you know the answers to those questions, you’ve qualified your leads and you can react accordingly.
Now would be an ideal time to work these questions into your initial conversations with your leads.