No matter the industry, there's one thing that everyone in every sales department wants: more leads. But, the reality of "more leads" isn't as simple as it seems. Getting your hands on all the leads in the world won't matter if none of them have conversion potential.
Successfully closing a deal requires you to determine several variables, such as budget and who is responsible for the final decision. Often, these variables need to be sussed out very quickly, as many people don't give sales reps the time of day unless there is a clear and present need.
Without clear qualifying questions asked up front, dealing with a constant influx of leads does more harm than good. For your sales team, sifting through leads can become an expensive game of whack-a-mole. For you, wasted time equals wasted profits. In today's business climate, where competition is higher than ever, this scattershot approach simply won't do.
Here are four questions that will empower your reps to quickly qualify those who are ready to buy.
1. What is your budget?
This question is the foundation of a successful qualification approach. Why? Because it cuts to the chase in a non-confrontational way, allowing your reps to see if there's a match before anyone's time is wasted. It is important to understand not only the budget dollars available but also when their budget begins/ends. Many times a lead can be unqualified today because of a lack of budget but highly qualified next month when a new budget cycle begins.
Here's an example: You may be dealing with a large, or notably successful company where your instincts tell there's a large budget ripe for spending. But in reality, that large budget is probably allocated for multiple initiatives and the opportunity potential is much smaller than you'd think. Asking for budget information also helps with accurate forecasting, by virtue of the opportunity value being known before it's too late to ask without sounding like a huckster.
Also, knowing budget up front allows you to tailor your services or other offerings much more closely to the prospect's needs, reducing "sticker shock" and other deal-breakers.
2. Who is involved in the buying/decision making?
Often, your reps will run into leads who are very excited about your solution. The sale seems to be in the bag and your hard-working rep is coasting to what feels like easy close. Then comes those dreaded words: "Let me talk to (insert anyone else's name here) and get back to you."
By asking this question, you'll get a good idea of the buying committee involved in the deal. Depending on the size of the company, you may be dealing with several stakeholders and any number of competing interests. Of course you want to be dealing with the person closest to the purse strings, but it doesn't stop there. How does the IT department factor in, or the operations manager?
Smart sales reps will identify these other influencers in the organization and support them with messaging tailored for their role, describing in detail how the solution uniquely benefits their job functions. Once some rapport is established, additional content can be used to help these influencers build the business case for your solution to those higher up in the food chain.
3. Who will actually be using the service/product?
This question goes hand-in-hand with the previous question. By determining who will actually be using the solution, you'll be able to arm your sales team with targeted messaging early in the deal. If your solution can be used by several roles, be sure you have very specific messaging that describes detailed benefits for each.
This is where concepts like buyer personas become very important. It helps to know as much as you can about the day-to-day functions of the people actually using your solution. What are their biggest pain points? What makes them feel successful? Identifying those pain points and building trust that your solution solves them will go a long way toward shortening your sales cycle.
4. How soon are you looking to make the decision?
This question is designed to give insights into the timeline of the deal. For smaller companies, it may be relatively short. For large complex B2B details, it may be several months or even more than a year.
Having a good idea of how long the deal may take will help you plan your opportunity pipeline. It also reduces anxiety around time to close for your sales reps and allows for proper resource planning.
The intangible benefit of this question is communicating to the prospect that the sales rep is out for something more than a quick sale. When posed early in a conversation, this question will help build rapport and position the rep as a partner, which is crucial for building trust and ultimately closing the deal.
If you go to bed at night with dreams of your sales team swimming in new leads, make sure you consider these questions in the cold clarity of the morning. Shedding "more leads, please" as a business goal in favor of proper qualification will go a long way toward making your sales reps more productive and your business more profitable.