How to Qualify Sales Prospects

This module focuses on qualifying sales prospects by assessing their need, ability, authority, and intent to purchase. By asking specific questions, salespeople can gauge the strength of each prospect across these four areas, leading to more efficient time management and a higher likelihood of closing deals with qualified leads. Salespeople should prioritize qualified leads and, if necessary, use automation tools to maintain relationships with prospects who are not fully qualified but show promise.

Prospect Need

• 00:01:44 Qualifying prospects based on need involves understanding whether they truly need the product or simply desire it. Salespeople can ask questions like ‘what motivated you to look at us today?’ or ‘what will happen if you don’t purchase our product?’ to assess if the prospect’s interest stems from a true need. If the prospect has a low need, salespeople should engage minimally while nurturing them in case their interest evolves into a need.

Prospect Ability

• 00:03:21 Assessing a prospect's ability to purchase centers around their financial resources and capacity to afford the product or service. Questions such as ‘what is the range you need your budget to stay within?’ or ‘have the funds been allocated to this purchase?’ can help determine if the prospect can realistically afford the product. Salespeople should prioritize prospects with sufficient funds and consider strategies for nurturing leads experiencing temporary financial constraints.

Prospect Authority

• 00:03:46 Determining if a prospect has the authority to make a purchase involves understanding who holds the final decision-making power. Salespeople should ask questions like ‘what is the decision-making process?’ or ‘who is the ultimate decision maker?’ to clarify roles and responsibilities. If the primary point of contact lacks authority, salespeople should strive to involve the actual decision-maker or become more guarded with their time.

Prospect Intent

• 00:04:42 Evaluating a prospect's intent to purchase focuses on their genuine desire to buy specifically from the salesperson's company. Salespeople can ask questions such as ‘what other options are you considering?’ or ‘how do you feel about the other vendors you're talking to?’ to assess a prospect's level of commitment. If a prospect demonstrates a lack of intent to purchase from the salesperson's company, it's advisable to conserve time and potentially decline further engagement.

Qualified vs. Unqualified Leads

• 00:08:51 A prospect is considered a qualified lead if they demonstrate strength across all four areas: need, ability, authority, and intent. A weak prospect in only one area may be considered an unqualified lead, with a lower probability of purchase. Salespeople can utilize the information gleaned from the qualification process to develop tailored strategies for each type of prospect.