Sales Lead Qualification Standards
A successful company can have thousands of potential leads at the top of their sales funnel. However, only a portion of these leads will become customers. The process of filtering through those opportunities to find the best ones is an essential part of the sales process. Without it, your sales and marketing teams won’t be able to prioritize their activity and will waste time on dead leads.
In order to effectively qualify and score your leads, you need to know as much as possible about each one. You are essentially gathering data and insights that will help you pick the leads to focus on. There are a number of different qualification models created to help reps qualify prospects. The most popular model is the BANT model. The famous BANT approach invented by IBM stands for budget, authority, need, and time frame. Many companies today use BANT to rate leads as hot, warm, and cold. BANT is great when used with a mature market with short buying cycles and for high volume inbound traffic. BANT asks questions to determine the following information:
- Budget: Is the prospect capable of buying?
- Authority: Does your contact have adequate authority to sign off on a purchase?
- Need: Does the prospect have a business pain you can solve?
- Timeline: When is the prospect planning to buy?
Other qualification models include ANUM (authority, need, urgency, and money), ANU (authority, need and urgency), AN (authority and need), and more! BANT and ANUM are best for short buying cycles. ANU and AN are best for longer buying cycles. Just be sure you are choosing the qualification model that best suits your business and market.
Determining qualifying criteria is important. To qualify a lead, you need to prepare a list of qualifying questions. Be sure to weed out and disqualify leads as well. Disqualifying leads isn’t necessarily a bad thing, in fact it’s a must do. You don’t want your sales team wasting their precious time on leads that won’t ever convert.
Lead scoring would be your next step. Using a scoring system – you simply score the leads based on answers from the qualifying questions. This in turn determines your hot, warm, and cold leads. While a lead may earn a high score by qualification criteria, this does not guarantee that a sale will happen. Lead generation will allow you to find prospective customers, to evaluate their willingness to buy, and to create a pool of hot and warm leads. The rest depends on your sales team.
Although lead qualification isn’t difficult, it is incredibly important. Don’t waste time and money by NOT qualifying leads. Utilize your automated lead scoring system and qualify leads efficiently to ensure your offering your sales team leads they can count on.
Don’t have the team bandwidth to score and qualify your leads? Allow Gorilla to do it for you! We have the technology and the experience to do it effectively and efficiently. Let us show you how.