Classification of Sales Leads: Hot, Warm or Cold
A typical telemarketer makes at least 140 live calls, talks to at least 40 decision-makers, acquires at least 10 fresh contact emails, and sends out reference materials to at least 140 contacts – all in a day’s work.
That looks quite a lot to finish in a plate – unless you’re a foodie.
Do all these guarantee a Lead? Let’s see.
Each qualified lead follows a set of criteria. The number of qualified criterion of a certain lead will determine its classification. See below.
Sizzling and sumptuous to your eyes…
Yes, it’s a Lead! This type of a qualified lead that meets all the required criteria which most of time is set. So how to know if it’s a hot lead, apply the BANT lead qualifying system.
B is for Budget
The prospect has set or prepared a budget and is just ready for disposal at anytime a project proposal is approved by the management.
Qualifying questions for this criterion would be:
Do you have a budget? How much is your budget? Are you willing to expend? What is your budget range?
A for Authority
The contact person you speak to could either be the Person In charge, or the Recommender. He should have the final word to either say “yes” or “no” to the proposal.
Qualifying questions are:
Are you the person in charge/recommender on this project? What is your role on this? Do you solely make decision on this?
N is for Need
Need would always top the set of qualifying questions in a telemarketing script. When a need from the prospect is identified, this sends a signal of a brewing lead.
Qualifying questions maybe as follows:
Are you looking into this type of product/service to improve your process? What product/service are you currently using? Have you encountered any issue? Are there any initiatives from your company to evaluate/replace your current system? What functionalities are you looking at?
T is for Time frame
The point period from the time you spoke with the prospect to the planned or projected period of purchase or implementation of the new product or service.
Most qualifying questions would be:
When do you plan to purchase? When do you plan to implement the new system?
Well-plated and perfectly garnished, but tastes just fine… what’s the missing ingredient?
This qualified lead misses 1 or 2 criteria. But what makes it bagged the qualifying scale is that a Need was identified and the other 1 or 2 qualified criteria should be able to support the first. In most cases, the disqualifiers would either be Budget or Time frame.
But don’t get easily discouraged, these leads are not wasted. They could still be nurtured and you might be surprise in due time they’ll be contacting you again.
So, who likes a bowl of cold soup?
A qualified cold lead has 2 or 3 disqualifiers and the remaining qualifier would be supported by the prospects agreement to take a look or compare set ups between their current system and yours. This is the kind of lead which most of the time is set to KIV (kept in view), and further nurturing is needed. Business success is not achieved overnight. It takes time, effort, tools, skills and strategies to be able to reach your target results.
Look at every lead as an edible opportunity. Imbibe hunger for it. Whether it’s HOT,WARM, or COLD, it’s still comestible, isn’t it?
Here’s what you’ve missed: Curated: The 4Ws & 1H of a Qualified Lead
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