Lead qualification system for purchasing

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hi there today we're going to talk about lead qualification we're going to explain what lead qualification means and explore different Frameworks that companies adopt to qualify their sales [Music] leads lead qualification is the process of determining which prospects in a company's sales pipeline have the potential to become customers based on specific criteria it's a way to calculate these leads likelihood to make a purchase this process is essential for sales teams as it helps them Focus their time and resources on the prospects who are most likely to convert thereby increasing efficiency and maximizing sales revenue lead qualification usually occurs after a lead has been generated but before the sales team engages in a detailed sales conversation with them there are various models and Frameworks to qualify leads and the criteria can be tailored to fit the needs of any company now let's go through some of the most common qualification Frameworks and the factors often considered during the lead qualification process the first framework is the band framework and this one focuses first on the budget does the prospect have the necessary budget to buy that product or service and the second thing it focuses on is Authority does the prospect have the decision-making power or can they influence the decision makers and the third aspect it's concerned with is the need does the prospect really have a need or a paino that the product really solves and the final thing it focuses on is the timing is the prospect ready to make the purchase soon now let's take an example to apply the band framework let's say a company selling Enterprise level software might only consider leads qualified if they have a budget of over $110,000 and have been in contact with a decision maker maybe like a CTO or a CIO they will also consider consider if the company is actively seeking a solution to a specific problem and whether they're looking to purchase in the next 3 months the second framework is the champ framework champ focuses on challenges Authority money and prioritization now let's go through that one by one first of all challenges what problems is the prospect trying to solve number two is Authority who is the decision maker this is a super important question in that framework and third is the money can they afford the solution and finally prioritization how important is solving this problem to the prospect is now let's take an example to apply the champ framework a healthcare technology company might qualify leads based on whether the healthare facility is experiencing a specific problem like for example inefficient patient record management they would also consider whether a decision maker is engaged in the process like the chief medical officer the next question is whether this company is willing to pay that that amount of money and whether they see that solving this problem is a top priority for them the third framework is the gpct ba acii framework this is more of a thorough questionnaire that the company takes with the lead to better understand their perception gpct BCI is an acronym that stands for goals plans challenges timeline budget Authority consequences and implications first question is about the goals the company here would try to identify the prospect specific goals next they would ask about the plans what plans do they have to achieve those goals the next question is about challenges what challenges are they facing in executing those plans and the fourth question is about the timeline when are they planning to decide and act another important question of course is about the budget do they have the necessary budget allocated and the next question is Authority Who's involved in the decision Mak making process and the last two questions are about the consequences and the implications the consequences of inaction like what happens if they do not achieve their goal and companies usually use this question to see how much the prospect values the solution and the last question is the implications of success like what could change if they really do achieve their goal now let's apply that to an example a consulting firm might qualify a lead based on the company's specific Revenue new goals and plans to expand to New Markets they would also consider the challenges with market research and the decision-making timeline of the next quarter the consulting firm would then confirm that the prospect has assigned a budget of at least $50,000 for consulting services and there needs to be a direct engagement with the CEO the fourth framework is the anom framework and this is similar to the band framework to a great extent this framework examines Authority which means it's the Prospect a decision maker it also examines need does the prospect have a strong need for the product or service and the third thing it examines is urgency how quickly does the prospect need a solution and finally money does the prospect have the budget for the product or the service the anom framework might be the ideal framework for a real estate agency a real estate agency might consider leads qualified if this Prospect is the primary decision maker like a family looking to buy home they would also consider whether the lead has a specific need and urgency for the product for example a family relocating and they need to move within 2 months and they have a pre-approved mortgage the fifth framework is not exactly a framework but rather some common qualification criteria and the first one is the demographics does the lead fit the Target demographic like the industry the company size and the job title another important aspect is the engagement level has the lead lead engaged with the company's marketing content in any form these are things like have they visited the website downloaded any content or even attended a webinar the third aspect is about whether the prospect fits with the product offering like does the leads need align with what the company is offering an example of that might be a B2B SAS company might consider leads qualified if they're from tech companies with more than 200 employees have downloaded a white paper and have a need that aligns with the features of their product lead qualification is a critical step in the sales process and it's essential that sales and marketing teams work together to Define what a qualified lead looks like for their specific organization this saves everyone's time and ensures that the process of acquiring new customers is optimized for the best results as the market the product and the company goals evolve regular revisiting and possibly adjusting the lead qualification criteria is a recommended practice now the important question is how can you create a lead qualification process for your small or medium-sized business number one Define your Target customer start by creating a detailed profile of your ideal customer sometimes known as the buyer Persona this should include demographic information pain points needs and behaviors too examples of that include the industry the company size the job title the geographic location the budget and the purchase Behavior step number two is to choose a lead qualification framework decide on a lead qualification framework that suits your business and customize this framework to fit the specifics of your business no two businesses are exactly the same and that's why any of the Frameworks will require some modification step number three is to set clear criteria and scoring system for what constitutes a qualified lead based on the chosen frame framework you should create a lead scoring system to rank the leads based on how well they meet these criteria an important part of setting criteria is to assign different weights to various factors based on their importance so say for the budget you will have 20 points Authority 30 points need 30 points and timing 20 points step number four is to align sales and marketing teams on the definition of a qualified lead you must regularly hold me between the teams to ensure that everyone is on the same page and to make necessary adjustments based on real life situations step number five is to capture and organize leads using a customer relationship management system is a great way to keep everything organized many CRM systems allow for automatic lead scoring based on the criteria you set crms also help you ensure that all relevant lead information is captured such as the lead Source the engagement history and the contact info and finally step number six is to nurture unqualified leads not All Leads will be sales ready immediately so you must set up a lead nurturing process often involving email marketing or retargeting campaigns to educate and engage leads until they're ready to buy by following these steps a small or a medium-sized business can set up a lead qualification process that ensures they're using their resources efficiently in order to grow their business now thank thank you very much for watching this video we hope that you now have a better understanding of lead qualification but if you have any further questions we're happy to help you just drop us a comment and we'll get back to [Music] you