Empower your business to prospect and qualify for Production

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prospects other people or organizations who might one day buy from you but all prospects are not equal you need to assess How likely they are to buy and if they do when that way you can make an intelligent decision about how much time and how much resource to invest in that Prospect the first and most important question to consider is will they buy at all this is really about determining the level of their need or their pain so a short list of the qualification considerations would include the size of their problem the potential benefit their financial strength they're buying history and the priority of this issue to the prospect the next question to ask is if they do Buy when will it be so some of the questions you might want to consider include the urgency of their problems impending events or deadlines the availability of budget and they're purchasing or approval process the third qualifying question to consider is if they do Buy How likely is it that they will buy from you here the sort of questions to ask include your past history with them the number of competitors you have and the natures of those competitors and finally if you're deciding whether or not to pursue an opportunity important question to ask is should we pursue this opportunity here you'll need to consider things like are there any ethical concerns or conflicts of interest around our relationship with this potential customer what's the potential strategic value of this win and what's the commercial value of this opportunity what would be its profitability what are the likely commercial terms that the buyer would seek to impose on us and what are the likely time resource and cost implications of pursuing the sales process do we have the right people available to pursue the sale or indeed to service the contract what other reputational impacts of success or failure and what about the politics of their organization or indeed the politics of your organization and finally if we do win this can we create a satisfied customer it makes a lot of sense to create a simple customer or lead qualification checklist maybe with a scoring system and I'll put a link to an example in the description of course after all the analysis you and your colleagues need to listen to your guts to your instincts your intuitions are there any other reasons why we should or should not pursue this Prospect or pursue this opportunity if you do decide to pursue the prospect or the opportunity then there's another question you need to answer how much time and resource should we invest here you should be thinking about your return on time invested for start there will be some long shot high value but low probability Investments that you could make the high value and the prestige of winning a few of these accounts makes it well worth having a small number of them in your portfolio but you do need to choose them wisely because you will need to invest a lot of time into each of these opportunities or prospects at the other end of the scale there will also be some high confidence opportunities where you believe you are highly likely to be successful in converting a prospect into a customer and a customer into a long-term and worthwhile relationship once again it is worth investing a significant amount of time into these sorts of prospects and opportunities most of the remainder of your opportunities are likely to be simple opportunities where pretty much any of a number of competitors have an equal chance of winning as a result you have a medium chance of being successful but the prize is not so great avoid the temptation to over invest in too many of these opportunities these are just a numbers game of course you should have some of them in your portfolio but you should not be investing substantial amounts of time this kind of opportunity the single most important thing to remember however is that from all of your prospects you need to filter them down with conscious decisions based on good judgment and the best data available if you do this if you qualify all of your prospects and make sound selections and learn from your experiences then you'll have more success on the other hand if if all you do is go for every opportunity and pursue every Prospect then you will dilute your Effectiveness and you will not be successful in the sales process please do give this video a like if you've learned from it or if you've enjoyed it I'll be creating loads more great management courses videos for you so please do subscribe to the channel and hit the notification Bell to learn about every one of them I look forward to seeing you in the next video and in the meantime keep learning