What is Sales Qualification?
Sales qualification is a process in which we determine whether a prospect or a lead is a good fit for the company, product, or services. All the questions during the calls determine whether a lead could be turned into a loyal customer or not.
You come across thousands of leads every day. But the sales qualification method allows you to take action on potential prospects and leads.
Importance of Sales Qualification
Without sales qualification, you risk using your content and resources to locate leads that are not going to convert. Hence, sales qualification saves you money as well as time.
Here are some reasons why sales qualification methodology is important:
- You can drop the lead if it does not qualify and take the best course of action for potential prospects
- Instead of a big audience, you can focus on smaller groups of people who are looking to buy from you while expecting a personalized shopping experience
- You can learn about the buyer journey’s challenges and deliver ideal solutions
- You can ensure that your efforts will lead to sales opportunities
- Sales qualification methods can be used in different processes where personalized becomes necessary to gain sales
The Process of Lead Qualification
The lead qualification process starts when the prospects and compilation list of leads are evaluated by the marketing, product, and sales teams.
The sales team recognizes leads in the following categories:
Leads that did not go further in the flywheel are known as the unqualified wheel. They were not nurtured in the initial stage and hence, are not forwarded to the sales team.
MQL, also known as marketing qualified leads are strong enough to build connections through content and marketing campaigns. They are qualified enough to see content offers, newsletters, and email campaigns.
SQL, also known as sales qualified leads are those that are fit to interact and engage with sales representatives. You can begin the sales process with them.
PQL, also known as product qualification leads have a strong interest in your products and services. You can test these leads by offering them free trials of your services.
CQL, also known as conversion leads are those that are converted by pressing a call-to-action or submitting a form on your website.
Levels of a Qualified Prospect
Big companies represent qualified prospects at three different levels:
Prospect qualification at the organizational level
The organizational level is where sales reps can’t tell whether the company should do more research on the lead. At this level, it is best to match the prospect with the buyer persona.
Prospect qualification at the opportunity level
This level is used to determine the specific needs and problems of the leads. The companies put their resources to find out whether their product or service would be a good fit for them.
Prospect qualification at stakeholder level
When the research is done and the needs of a customer are determined, it is time to reach the final step; initiate a point of contact to increase sales.
Ways to Qualify Leads with Frameworks
A framework is essential to determine whether the prospect will turn to a customer or not. Here are a few rubrics that the sales reps follow:
BANT stands for budget, authority, need, and timeline. This framework is developed on a stakeholder-level lead qualification process and revolves around the buyer’s persona.
MEDDIC is used to determine if an employee is capable enough to sell your product to a prospective company.
CHAMP is more of a call-to-action rather than a roadblock. It determines the leads that the company should reach out to.
GPCTBA and C&I
This framework determines dynamic changes in the buying behavior of customers.
ANUM is quite similar to BANT and is used to determine whether the sales rep is talking to a decision-maker prospect or not.
FAINT digs into companies that have the capacity to buy the product and services.
Good Signs and Bad Signs of Sales Qualification
Here are some of the good and red flags that you must consider during the sales qualification process:
Good signs of sales qualification
Here are the following ways to take the conversation forward with the prospects:
Legitimate excuses from prospects are important to consider and note down. They rationalize the reason why the prospect did not do anything about the problem they are facing.
Asking focused questions will help you to relate your product or service to the customers’ specifics.
Adequate knowledge of challenges, goals, and solutions will qualify your prospects at the stakeholder level.
Bad signs in the sales qualification process
Here are some bad signs to look for during the sales qualification process:
Inconsistent answers from leads show that they don’t possess any knowledge about your product or the industry, as a whole.
A prospect who is giving short answers means that they don’t understand the angle of the conversation.
Sales qualification is an effective process to utilize your time, money, and resources on qualifying leads. Take some of the guesswork out of the process and let Bython Media guide you to better lead qualifications and more highly qualified leads. Contact us today.