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Sales qualification is the process used to determine if the lead is a fit for business or not. It involves a series of checks to determine if the prospect would get value from your product or service and whether or not would you make a profit in return. In the absence of qualification, the company would end up wasting critical time and resources in wooing prospects only to realize that they wouldn't get business from them. Hence, it is important to qualify your leads and here we will teach you how.
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We already discussed the importance of target market and need to stick to it in previous chapters. The first stage of lead qualification involves determining if the customer fits into the target market or not. You obviously selected your target market after careful analysis and identified the most profitable types of customers. If the prospect isn’t one of them then why bother to chase somebody who doesn’t fit the organizational criteria?
In sales opportunities exists in problems. We make a sale by solving a problem for our prospect. In this stage of qualification, we ensure that our solution solves the problem of the potential customer. If it is required to tailor the product to individual requirements then the effort involved should bring in sustainable profits for the company.
There might be a person with the need for our product in the target market but it is not necessary that he can initiate the transaction. While dealing with companies we need to know if the person in contact has enough influence to make a purchasing decision for a company or not. If yes, we check if he has enough budget to afford the solution.
Read More: Know how to warm cold leads
While the above set of questions satisfies all major qualification criterias, there are unstructured and confusing. Hence, to make the entire process organized there are many frameworks used for the qualification process. Here is one of them.
Read More: How to Find B2B Leads that Generate Revenue?
BANT - Budget, Authority, Need, and Timeline, is a framework that qualifies a lead using a broad spectrum of questions. It was originally developed by IBM, but is now popularly used by many companies. It offers information on following grounds:
Here are some qualifying questions classified into BANT segments:
BANT is a very popular framework practiced by sales executives across the world. You can always adjust it to suit your individual business needs. All these questions might seem overwhelming but is necessary that you ask them. Avoiding the qualification process can result in tremendous loss of time and effort. The further you take a person through the sales journey the more disheartening it is to face rejection. With qualification, you save your energy for the leads that actually convert and result in profits.
Jump to Chapter 6 of Sales 101 - Creating Sales Collateral
Get the complete handbook on generating leads and closing them. Our sales 101 eBook covers all the aspects of the sales process and brings out the best learning experience.
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