Finding sales qualified leads is a crucial component to generating more sales and revenue for your company.
Even if your current website is already creating several leads on a daily basis, they aren’t worth much if these prospects haven’t expressed interest in purchasing your product or service.
Unqualified leads that don’t fit your company’s criteria are a waste of money, time and resources for your marketing and sales team. To improve lead conversion and strengthen your company’s sales pipeline, leads must be properly analyzed to see if they’re worth pursuing. The marketers at Valve+Meter Performance Marketing explain what lead qualification is and the lead generation services that we offer.
What Is Lead Qualification?
Lead qualification is the process of determining whether a prospective client matches up with your ideal customer profile (ICP) and what the likelihood is that they will make a purchase with your company and become a long-term customer.
In order for your company’s sales and marketing teams to determine who is a qualified lead, they must first gather as many insights and data as they can about the prospect. Prospective customers pop up from several different mediums, including social media, email subscriptions, or visits to your site. But not all of them are necessarily qualified.
If an initial analysis indicates they could be a qualified lead, the next step in the lead qualification process is a call from one of your company’s sales representatives, who can glean useful information from the prospect, including what their company’s needs are, their budget and their timeline. This will give the sales rep enough information to determine whether the prospect or company is worth the time and investment, or if it’s time to look at another prospect.
Why is Lead Qualification Important?
Without measuring, your marketing and sales teams will spend the same amount of time on all leads, whether they’re qualified or not. Finding and managing leads saves your company time and money by only focusing on and prioritizing the best leads that fit your company’s criteria and offerings.
Budget, Authority, Need and Timeline
One of the most proven frameworks is BANT. BANT (Budget, Authority, Need and Timeline) is one of the most successful strategies to find leads. During a discovery call, sales reps follow the BANT framework to determine relevant questions to ask.
- Budget. The goal of finding new and quality leads – after all – is to generate revenue for your company. Learning about a lead’s budget is paramount before moving on. Even if the lead is interested in your product or services, they won’t buy from you if they don’t have a budget.
- Authority. Again, the prospect may love your company’s product, but if they’re not the final decision maker when it comes to purchases, the process could be significantly extended. Ask the lead where they fall within the organization and who else will eventually be involved in the buying process. Ask them what the past decision-making process was like and if it would make sense to invite other parties to a future call.
- Need. Can your product solve a specific pain point for the lead? During the call, determine how your products or services can help the company. Learn about the solutions they’ve tried in the past and why they worked or didn’t work and how your product might offer a solution.
- Timeline: In order for the lead to become qualified, you need to know when they are looking to make a purchase. Ask if they’re working with any time constraints and where the current project falls on their list of company priorities. If the project is too far out, it would disqualify them as qualified leads. If it’s several months out, don’t disqualify the lead completely, but move on to another candidate for the time being.
Yes, it’s a huge acronym, but GPCTBA/C&I is another strong framework that will help you find qualified leads during the sales process. GPCTBA/C&I stands for Goals, Plans, Challenges, Timeline, Budget, Authority, Negative Consequences, and Positive Implications.
This model puts the sales rep in more of an advisory role. They need to be informed about not just the product and services they’re offering, but also what the prospect’s business model is, their goals, and how you can help with the company’s larger picture.
During the GPCTBA/C&I method, sales reps should touch on the following questions.
- Goals. What are the company’s goals?
- Plan. Ask what they want to achieve and how they go about doing so. Are there resources in place to achieve the plan?
- Challenges. What are the company’s current challenges that are preventing it from achieving the mentioned goals?
- Timeline: If the prospect doesn’t want to purchase now or in the near future, it doesn’t mean they’re a lost lead, but they should be moved down the priority list. Ask what their timeline is for purchasing the product.
- Budget. It’s not a good idea to flat-out ask what their budget is. Instead, ask if there’s a budget that is already being used for the current problem.
- Authority. Does the lead have the authority to make purchasing decisions? If not, ask how to go about getting decision-makers on board.
- Consequences and Implications. Ask the prospect what the consequences of not solving this problem are and what hitting their target goal can mean for them professionally and for the company. Ask the prospect what the result – or positive impact – of solving this problem is for the company’s success.
Choose Valve+Meter for Lead Qualification Services
Valve+Meter is a lead-generation agency built to focus on prospects and outcomes that grow your sales opportunity pipeline. We work with B2B companies on qualified lead generation and prospecting campaigns to drive growth. We combine inbound marketing strategies with account-based marketing to build a repeatable, scalable lead-qualifying machine for your sales team. Ready for a new kind of lead-generating partner? Request a free marketing analysis today.
When Valve+Meter came into our company, they quickly realized that what we thought was marketing was really just chaos and wasted money. We are now quickly achieving much greater results with a lower spend. Engaging Valve+Meter is one of the best decisions I have ever made.MIKE KENNEY, PRESIDENT, KENNEY CORPORATION
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Valve+Meter is a Lead Qualification Agency B2B companies rely on to deliver sales meetings. If you’re ready to set more qualified appointments as part of a broader strategy to generate more revenue for your company this year and beyond, let’s get started on a conversation.