In sales, qualifying prospects is the backbone of your success. You can talk to as many leads as you want, but if you aren’t qualifying them properly beforehand you’re wasting valuable time and resources. The time spent on unqualified prospects could have been better spent on more promising leads with closer matches to your product or service. In this sales training article, we cover what you need to discover about a prospect to qualify whether it is worth presenting to them.
Pain points
One of the most important things you need to discover about your prospect is their pain points. What challenges or problems are they experiencing and how can your product or service help alleviate those issues? Pain points are essentially the driving force behind every purchase decision. Understanding a prospect’s pain points and how you can solve them will greatly increase the likelihood of a successful sale.
Budget
Do they have a budget in place for solving these pain points? If they don’t have a budget, it might be challenging to sell to them, as they may not have the means to invest in your product or service. However, don’t immediately dismiss them – they may be open to finding a way to get the funds, or they may know someone who can help them. In the end, it all comes down to whether they view your product or service as a priority, over which you have a certain degree of influence depending on how well you facilitated the discussion.
Decision-making power
Another essential factor to consider is whether the prospect has the decision-making power necessary to make a purchase. You may have had a great conversation with a prospect, but if they don’t have the necessary authority to make the final decision, you might be wasting your time. Inquire about hierarchical structures, ask who makes the decisions and request that multiple stakeholders be present for a meeting or presentation. This way, you can ensure that all parties involved are on the same page.
Competitor awareness
When you reach out to prospects, you’ll want to gauge how aware they are of competing products in the market. If the prospect is unaware of the product or services of your competitors, it may be easier to sell to them as you can teach them about what sets your offering apart. On the other hand, if the competition is fierce and your prospect is well-informed, you’ll need to work harder to show them why your product or service is superior.
Timing
The final factor to consider is timing. Sometimes, a prospect might not be ready to purchase right away. They may be in the midst of another project or dealing with other problems, leading them to postpone their purchase decision. Keep in contact, but don’t pressure them to buy immediately. You’ll have a better chance of making a sale when they are in a position to invest, and when they have decided that your product or service is the right solution for their needs.
Qualifying prospects is critical to the success of your sales efforts. By identifying (through sales training) a prospect’s pain points, budget, decision-making power, competitor awareness and understanding their timing, you’ll be better informed and can determine whether to present to them. Don’t be discouraged if some prospects don’t seem like a good fit. Knowing your prospects and their needs will help you create a more targeted and effective sales pitch and make the most out of every lead. Time is precious – use it wisely.
Looking to refine your lead qualification process further? We have comprehensive prospect discovery frameworks within our Sales Training programmes. Alternatively contact our team today!
