Where Are Your New Business Prospects in the Selling Cycle?

When generating leads from various sources, how do you qualify them to see if they’re ready to buy? Not all leads are ready to buy, and it’s important to have a process in place to sort them out. According to Russ Hill from Ultimate Lead Systems:

  • 67% of all leads are legitimate prospects.
  • 34% have a need that must be satisfied in the next 6 months.
  • 70% of those prospects didn’t know you made that product.
  • It takes on average 5-6 sales calls to close a sale.
  • 80% give up after the first call and 90% plus give up after the second call.

Doesn’t it make sense to have a process in place to monitor and track?

Most capital equipment purchases, for example, have a buying team in place to make recommendations. You need to identify them through your initial contact (or at least the job functions) so you know what areas you need to cover. We’ve found that a quick survey along with what they asked for can help you find out if they are in the information-gathering stage or the PO stage and you can act accordingly. If you know what other type of information they may want to see, or if a demonstration would be in order to better show them the product, that would help you prioritize your salesmen’s efforts.

As you can see in the following chart, people at different stages in the buying cycle need different things. Once you understand where they are in the process, then you can start asking the appropriate questions about budgets, timelines, etc.

What kind of process do you have in place to qualify leads?

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