A lead is someone who has shown interest in a product or service and is familiar with the company. When lists are purchased, a person who is a good fit for the service or product can be classified as a lead. Are all these leads ready to go under the sales process? The answer is usually “no” because they are not all qualified leads. If they go under the sales process, the conversion rate will be very low. It is better to look for qualified leads that fulfill qualification rules for becoming a customer. For a company selling sports car accessories, a qualified lead will be one who owns a sports car. A person may constantly visit that company’s blog/site because of an interest in sports cars. If that person does not own a sports car, purchase of accessories is unlikely.
A better conversion rate results from a good lead management process that includes a well-defined lead qualification process. Lead qualification depends on a number of factors including adequate funds, the services or product being the best fit, and a desire to purchase the service or product.
Key factors for an efficient Lead Qualification Process:
- Be consistent and do high quality follow up with leads to understand their needs and pain points.
- Be proactive in responding to leads. A rapid high-quality follow-up will quickly provide the information to qualify or disqualify the lead.
- Focus on the quality of lead data. Accurate and complete data are necessary to make intelligent qualification decisions.
RightWave personnel are experienced in building highly-efficient lead qualification processes that provide a higher conversion rate. This capability allows customers to tune their funnel models.