Last week I shared with you the importance of a proper prospect qualification system.
What’s the fuss you ask?
Well, as a business owner or senior manager with P & L responsibility I know that you will want to maximise your ROI and profitability.
A proper qualifying system will dramatically improve these key business indicators – good news eh?
So you may ask, how do I qualify a prospect?
This is s a good question and it is vital to understand that while the product/service/technical knowledge for your business may be very specialised, the underlying elements and principles of a good qualifying system are the same, no matter what your business.
(May I suggest you go back and read that last paragraph again - it is hugely important.)
The Four Key Components of Prospect Qualification that will raise the roof on your conversion rates and completed sales:
1. NEED:
Does your prospect have a problem that your product or service will solve (and that they want fixed)?
2. IMMEDIACY:
In the event that the prospect was to invest in your product or service you need to know when they will be ready to get started. The only acceptable answer is NOW.
If they are not ready NOW do not proceed further along your sales process with the prospect at that time because clearly they are not ready to invest or make the purchase decision NOW and they do not qualify for you/your sales team to invest more time with them right now.
3. AUTHORITY:
Find out what the prospect’s decision making process is that they will follow in coming to make an informed decision. Do they have life or business partners with whom you will need to talk? Does the decision have to be ratified by their Board etc.?
Importantly, only make your presentation to a prospect when you have all decision makers present. You break this fundamental rule at your pain, peril and loss of sales dollars. And the corollary is NEVER EVER PRESENT YOUR PROPOSAL TO A PROSPECT THAT IS NOT PROPERLY AND FULLY QUALIFIED.
4. MONEY:
Does your prospect have the budget (or budget to move) in order to invest in your solution?
Yes, you will need to have the intestinal fortitude to ask questions about the money they have to invest and to qualify hard on this. Much better to find out now, at the qualification stage, that the prospect has a more restricted budget than first thought (so you can prepare your proposal to suit) or indeed no budget/budget to move. This will avoid you wasting time and resources preparing proposals for prospects who, although they have a need, are not able to afford your proposed solution right now.
Wimping out here will, I guarantee you be painful and VERY EXPENSIVE in terms of lost sales. Why? Well, you/your sales rep will invest several hours of their commercial time to prepare a proposal, only to return to present needlessly to a prospect who has not been properly qualified and hence NO SALE.
On the other hand, implement these four components into your prospect qualification process and you will have a structure to establish if you have basis to do business with your prospect.
So how do your sales team rate?
Do they qualify your prospects for -
• Need
• Immediacy
• Authority
• Money
Can you see how by doing so your sales team productivity and volume of business written will increase?
Yes, well, what are you waiting for? Rework/tweak your sales qualification process now and begin to enjoy the benefits.
PS: The Right Team in conjunction with the Results In Business Institute and Top Gun Business Academy are able to offer businesses anywhere in the world access to the world class online, interactive Top Gun Sales Coaching program which guarantees to increase your sales by 30%. Read more by going to this link
http://www.rightteam.com.au/LiteratureRetrieve.aspx?ID=12952
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