Qualification
A simple process of lead qualification, an essential first stage requirement for qualifying a lead. Lead qualification will help you assess and measure the degree of interest for your product or solution. Lead qualification will also provide the essential pre-sales information that will assist you in prioritising your actions, moving effectively through the stages from lead to Invoice.
BANT (Budget, Authority, Need and Timeframe) a prospect is considered qualified if they meet three out of four of the BANT criteria.
BUDGET
Establish whether the prospect has a set budget for your solution, do not propose until the budget is understood, in place and you know what it is.
AUTHORITY
Asking the question straight out, i.e. Are you the decision maker? can be a bit awkward. Try to ask about the decision-making process and who is involved. Even though you should always aim to have a conversation with a decision-maker, speaking with an influencer in the decision-making process is often required, but keep in mind, at so point the decision maker will need to be involved in the process.
NEED
It is essential to understand the underling motivation for a prospect wanting your services. No need = No lead, or worse still an opportunity that never results in an order.
When you cannot close on the proposal, it is usually because the need is not strong enough. Don’t skimp on developing the NEED.
TIMEFRAME
Timeframe relates to when the decision to purchase is likely to be made and when the prospect is looking to implement the solution. The prospect may be showing interest in your service, but often that doesn’t mean that their final decision will be soon.
Asking the prospect “How will the decision making process work?”, “How long will the evaluation process last?” or “When is a final decision likely to be made?” will give you clarity on timeframe and allow you to manage the sales progression inline with your prospects needs.
Your sales funnel is built on BANT information, quality information at the qualification stage is essential.
