In our discussion of creating strong collaboration between sales and marketing teams, let’s start with strategies for improving Lead Qualification. What is lead qualification? It means assigning a certain lead quality based on several factors including level of interest, whether or not funding is available, the level of compatibility between what the prospect needs and what you provide, and the timeframe in which your product or service is needed. How to most efficiently collect this information from sales? Make it easy for them. Give them a lead qualification form in which they have to assign a number or a percent to each of these considerations, as well as any other lead qualification considerations that may be specific to your industry. Make this form a part of your CRM system, or simply make it the case that every lead has to have the accompanying form in order for the sales rep to be able to collect commission on the lead when it converts. Alternatively, you can assign lead qualification tasks to sales and marketing assistants, who must working closely with the sales team responsible for the lead or leads in question to make sure the lead qualification information is passed on.

When it comes time to put together a quarterly forecast, your job will be about a million times easier when you have this information. By knowing how many of your leads are actually interested (versus just literature seekers or curious people), in what timeframe they see themselves making a purchase, and what their funding status for the purchase is, you will have all the data you need for accurate pipeline forecasting. Example of data collection rubrics will be offered in future posts.

Top Seven Tips for Improving Lead Qualification:

1. Ask direct questions when communicating with a prospect. It’s ok to ask “What timeframe are you looking at for purchase?” or “Does your organization already have funds set aside for the purchase of a product/service of this type?”
2. Also ask direct questions that will help you evaluate whether/how you can best meet the prospect’s needs. Ask what problem they are trying to solve, or what need they are trying to fill. What’s the “business drive?”
3. While direct questions for lead qualification are important, they should not be part of “the push.” Make sure your questions come off as questions, not as pushy sales tactics. You’ll be more likely to get accurate, thoughtful answers.
4. Leads must be qualified in a timely manner. This means that leads must be qualified while the prospect still remembers asking for information or making an inquiry, and before the competition. Depending on your industry, a lead follow-up/qualification time between within one and twenty four hours may be appropriate. This not only puts you ahead of competition, but lets the client know you care to win their business.
5. Provide a standardized lead qualification method throughout your organization. All parties should be qualifying leads based on the same parameters.
6. Listening is an essential part of lead qualification. Aside from the questions you might ask as a standard part of your lead qualification process, it is essential that you include some guidelines and strategies to get the prospect to tell you in detail why they seek a product or service such as yours. People who have the sense they are being listened tend to give more information. If you’re lucky, that information will be just what you need to close the deal.

Early in the process, ask questions to figure out who the stake holders/decision makers are in the prospect’s organization. Is it the person you’re talking to, or are others involved?

Read More…

• Back to Basics Marketing
• Marketing as Company Wide Responsibility
• Mobilization: Reaching Outside the Marketing Department
• You Are Here Advanced Lead Qualification: Sales and Marketing Work Together
• Sales’ Feedback into Marketing: Profiling Prospects and Their Problems
• “Inside Marketing”: Marketing to Your Own Sales Organization
• Developing Unique, Customer-Focused Value Propositions
• How to Train an Entry-Level Marketing Employee
• When Return on Investment Doesn’t Paint a Full Picture
• Defining and Presenting Value Propositions in a Competitive Market
• Logos and Promotional Product Designs for “Difficult” Subjects
• Defining and Refining Value Propositions for Luxury Items
• Evaluating Return-On-Investment (ROI) for Tradeshow Activities
• Management Mistake in Small Business: No Investment during Trying Times