Keyboard with Qualified Leads tag highlighting customer lead generation. Keyboard with Qualified Leads tag highlighting customer lead generation.

What does the Lead Qualification Process Look Like?

You might have hundreds of leads but only a handful of them convert to closed deals. So, pursuing the right leads is imperative to prioritize your resources and energy.

Moreover, you are more likely to convert prospects who fit your product or service. It also helps you close more deals by focusing on the most promising leads.

However, how do you determine the potential of your leads? How do you know which ones are more likely to convert?

A well-established lead qualification process can help you identify promising prospects. It involves many techniques, strategies, and frameworks that decide the potential of your leads.

Here is a complete guide of the lead qualification process to implement for your business.

How to Qualify Leads

The lead qualification process begins before making the first call to your prospect. It also extends to all the stages of the pipeline as a form of constant evaluation.

You can plan your outreach based on your lead qualification as it establishes the location of leads in the pipeline.

Businesses rely on data to qualify leads and establish contact. They also depend on conversations to understand if the prospect is worth pursuing.

Below are the steps to set up a sound lead qualification process:

Create Your Ideal Customer Profile (ICP)

You must be sure of who your ideal customer is to qualify leads. It is necessary to create a buyer persona or ICP containing the attributes you are looking for. Be specific and add as many traits as necessary to make your lead qualification accurate.

Some attributes for B2B sales would be:

  • Company size
  • Funding and revenue
  • Industry and business type
  • Number of employees

You can pitch your leads against your ICP to filter the ones that don’t match your offerings.

Implement Lead Scoring

Lead scoring assigns scores to your leads based on their interests and activities. You can create a custom lead scoring system or use the ones provided with CRMs and marketing tools.

The exact scoring system will vary based on your product, industry, and how you sell. Whatever your model, the total score of your leads can help you prioritize your efforts.

Let’s say a lead gets 10 points for checking out your service page. They gain another 30 points for browsing your pricing section.

Similarly, watching a podcast on your YouTube channel gives a prospect 25 points.

The leads with top scores are worth focusing on for most conversions. Now, it is time to connect with your prospects to take the lead qualification process forward.

Establish Contact

Your ICP and lead scoring gives you a shortlist of prospects to pursue. Now you must outreach to your leads to understand where they stand.

You will have a good idea of where to start based on your ICP and lead scoring. You should use those insights to ask the right questions to qualify your prospects.

 

It’s great if the leads are interested in your product or match your offerings. You can take things forward by engaging in your sales process.

 

However, some leads may be hesitant or not ready to buy. You must again ask the right questions to determine your next steps.

 

Some sample questions to ask are:

 

  • Do you plan to use any solution to achieve your business objectives?
  • On a scale of 1 to 5, how likely are you to buy our product?
  • How much are you willing to invest?
  • Can you make the final decision on this deal?

 

Final Qualification

 

You now have a good understanding of which prospects to focus on. Now, you must perform the final stage of the lead qualification process to move the right prospects to your sales cycle.

 

Doing research will come in handy to form your decision. You may consider factors about a prospect that determine their profitability and intent to invest.

 

For example, a company with recent hires and strong leadership might interest your salespersons.

 

However, a business with recent layoffs or insufficient funding may raise red flags.

 

Additionally, you can rely on frameworks to qualify your leads. Some of them are:

 

The BANT Framework

 

The BANT model lets you qualify leads based on:

 

  • Budget – the capability to buy
  • Authority – the power to make decisions
  • Need – pain points your product can solve
  • Timeline – when is your lead likely to buy

 

You can use this framework during research and outreach for lead qualification.

 

The CHAMP Framework

 

The CHAMP framework is a proven way of qualifying your leads. It lets you decide based on:

 

  • Challenges – pain points to be resolved
  • Authority – the power to make decisions
  • Money – ability to buy
  • Prioritization – the chances of making a purchase

 

The MEDDIC Model

 

The MEDDIC framework is suitable for high-value deals. It looks at several factors to help you qualify your leads accurately.

 

Moreover, you can make reliable sales forecasts based on this model. The MEDDIC framework facilitates decision-making based on:

 

Metrics – quantifiable gains from your solution

Economic buyer – the power to make decisions

Decision criteria – Criteria for decision-making

Decision process – how decisions are made

Identify pain – the existence of pain points

Champion– external parties to facilitate the sale

 

The ANUM Framework

 

The ANUM methodology prioritizes authority. The factors that help qualify leads are:

 

  • Authority – the power to make decisions
  • Need – the need for your solution
  • Urgency – how urgent is the need for the purchase
  • Money – the ability to invest

 

Final Thoughts

 

Keep our guide to the lead qualification process handy to serve as a reference whenever you’re confused. Establish and implement a robust qualification process to ensure optimal utilization of resources. You can also expect a boost in conversions and sales.

Last Updated on March 22, 2024 by soubhik

Author

Soubhik
  1. I really liked how the process was defined so smoothly. Like you said we need to think and have every details about the process to gain the most benefit from it.

  2. This guide on lead qualification is a game-changer! It broke down the complex process into simple steps, making it easy to understand and implement. Now I feel more confident in pursuing the right leads for my business. Thanks, Soubhik!

  3. The emphasis on research during the final qualification stage is particularly noteworthy, showing a commitment to understanding prospects on a deeper level. The article’s accessibility, coupled with its wealth of information, makes it a valuable resource for both seasoned professionals and those new to the intricacies of lead qualification. This guide serves as a great purpose for businesses navigating the often-intricate journey of lead qualification,

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