The general public and society believe that closing the deals is the only point that matters in the business and sales avenues. This wrong conception causes huge loss and shock to the new businesses entering the market, as they do not have much knowledge and experience about how things matter. Surely closing the deal is the final target; however, it starts from the tricky part of qualifying leads. Explore this article in detail, and you will get to learn about sales qualified leads and marketing qualified leads and how you can identify the former to maximize your ROI.
Not every consumer is interested in every business or needs the product or services offered by it. If the sales representatives keep targeting a prospect or visitor that does not require their service, they only waste their time. The sales qualified leads help them invest their efforts rightly. The sales-qualified leads are the prospects that are deemed as ready to enter the sale cycle and close the deal by the sales and marketing teams.
Marketing qualified leads is different from sales qualified leads in terms that it is the prospects that show interest in the marketing efforts of the organization. The prospect might not meet the requirement to reach the ultimate goal of closing the deal.
Marketing qualified leads may or may not secure the status of sales qualified leads. Therefore, you cannot blindly invest your efforts into making marketing qualified leads your clients or customers. Even if they have shown interest in your service, you can use the sales qualifying lead parameters to check the suitability.
BANT is the most common parameter to identify the sales qualified leads. BANT stands for budget, authority, need, and timeline. The sales agents inquire the prospect about their budget if they have the decision-making authority, their needs and time requirement before declaring their qualification status. This is a lengthy process that requires professional skills, which is the main reason most organizations hire lead generation experts to complete the process efficiently and ensure the success of their business with the support of professionals.
CHAMP is another parameter to identify sales qualified leads. It stands for challenges, authority, money, and prioritization. CHAMP is basically the alternative of BANT, as the question asked first in it is asked in the end in the case of CHAMP. It is because the professionals and experts think asking a prospect about the budget can give a negative impression.
Most industry experts think that sticking to the basics like BANT and CHAMP does not allow the two parties to explore their needs and requirements clearly. Therefore, a new parameter GPCTBA/C&I was developed, which is more detailed. It stands for goals, plans, challenges, timeline, budget, authority, consequences and implications. Following this, the prospects are inquired about:
MEDDIC is another parameter to identify if the prospect meets the criteria to become a sales-qualified lead or not. MEDDIC stands for metrics, economic buyer, decision criteria, decision process, identifying pain points and champion. Following this parameter, the sales agents or experts ask detailed questions from the prospects that fall in the range of these concepts and then decide if the prospects meet the criteria or not.
Hand raiser is a unique parameter for identifying the sales qualified leads. In this type of parameter, the sales agents or experts do not contact the prospect, but the prospect contacts the service provider and shows interest in entering the sales cycle. Still, the sales teams cannot just rely on the prospect but have to follow the due procedure to finally close the deal.
The last parameter to identify the qualification of sales leads is behavioral analytics and lead scoring. This is simple and complex at the same time. The experts a lot scores to the prospects according to their behavior, which can be favorable or unfavorable. The scoring criteria depend on the experts. If it seems too complicated, you can hire lead generation Dubai based companies to attract, identify and secure leads for your business and help boost its success rate.
Exploring the sales qualified leads, marketing qualified leads, and their identification parameters must have helped you acknowledge their importance. You must invest your time, effort and resources in the qualified leads to get the return on investment; otherwise, you will only face loss. So, use it properly. If you are not confident, it is better to contact the experts instead of adding loss to your business account and reputation. Decide wisely to grow your return on investment.