Have you ever felt that converting some of the qualified leads takes longer than others? Sometimes that may be the case only for particular salespeople. You can boost your sales by hiring new salespeople, generating more leads, or by increasing conversion. The third option is extraordinary – it will simultaneously result in both lower costs and higher revenue. The optimization is not a point – it is a process.
B.A.N.T. is binary because it helps to decide whether a lead is worth your time or not. There are a couple of factors you can take into consideration to determine which leads should be placed in front of others. With such data, you can put leads in the right order and gain knowledge what you should consider before the first contact.
Inbound vs. outbound
If an inquiry is sent (inbound) you can assume that the lead faces some problems and the potential client is more or less aware how your product may work. When the contact is initiated by you then it is likely that your potential client has never heard of you. Most likely they are at an early stage in their customer journey. That means that if you aren’t lucky to have perfect timing you will have to help them discover their pain points. You will have to convince them that conversation with you is worth their time. On the other hand, your inbound lead probably is talking with a couple of your competitors. In outbound, once you build trust you may have a chance for an exclusiveness.
To gain deeper awareness you can ask:
Why did you decide to reply to my cold mail (or cold call)?
Why did you decide to get to us right now?
Why did you decide to follow the recommendation now?
Those questions will help you understand what motivates the lead. Usually, you will get one of three answers:
- A compliment (you have great case studies, reputation or portfolio).
- An insight into what you are doing well (for example they wanted to talk to you because they find your cold e-mail funny) so that you could know what works.
- An insight about the pain of your customer (they wanted to get in touch now because the problem you can help them solve got pressing)
CEO, CMO and HR Director (even in the same company) have different points of view and priorities. Let’s assume that CEOs think about growth, CMOs about marketing presence and generating leads, HR Directors tries to ensure that employees don’t want to kill each other on daily basis. Of course, this is a general simplification – you can meet for instance HR oriented CEOs etc. It is your job to understand customer unique perspective and his pain points. Based on the knowledge you should highlight different results of using your product.
Country of origin can help you predict what you can expect from your lead. Each country has its own specifics.
You should know where closing deals is faster or slower and focus on faster ones. You should know your deal size – and focus on the geographies with bigger deals. You should know if some countries tend not to pay in time – and charge them upfront.
Has your lead ever used a solution similar to yours?
A company which used to cooperate with one of your competitors is usually more insightful when it comes to your solution – they have something they know already to compare you to. The previous supplier might have generated good or bad experiences which you should ask about and then address if needed. Usually, leads which are buying a certain thing for the first time need more education so be prepared for longer sales cycles with those clients.
By lead qualification, you will have more data who is the most eager to cooperate with you. Then you will know which leads are your priorities.
Do they employ a particular specialist or teams of them?
If your product, for instance, solves HR problems check on Linkedin whether your lead employs HR specialists. That information will help you adjust communication and more efficiently manage the conversation. With data, you will know which leads should be more important than the rest.
Size of the deal
Having all those factors you will be able to estimate how long and labor-intensive sales process may be. Compare it with the size of the potential deal. According that you can do some maths and decide whether prioritizing a particular lead is worthwhile or not.
Remember that there are no 2 exactly the same companies so some of above factors will be more relevant than others. It’s always good to find out your own factors unique to the particular product.
By qualifying leads you will be able to estimate quickly how important some leads for you are and the likelihood of potential cooperation. If you have a sales team data will help to check who performs the best when it comes to a particular group of leads and effectively relocate sales opportunities. Then “lack of time for a good lead” won’t be the case in your company.