Written by Darren Rabie
Since we now know that turning a lead into a sale can often be a long term, sometimes slow process; we have to be certain that the fruit at the end of the journey is worth all of the effort.
I once heard an old saying that states, 'it takes just as much effort, if not more, to try and develop the wrong type of prospect than it does the right one’.
With this in mind, the question you now need to ask yourself is, ‘when do you want to find out they are the wrong fit for you?’
You have 3 choices:
Immediately before investing too much time.
During the intensive prospecting and relationship building phase.
Post sale. It is possible to close the wrong prospect - they just land up becoming the wrong customer.
The process of defining quality - at a corporate level - means that the entire corporation has a clear, agreed upon and confirmed definition of the types of prospects that the organization wants to spend time developing.
So what is the impact for a company that defines a quality prospect?
Less time wasted on the wrong prospects.
Better evaluation of a marketing investment - did you get the right prospects?
Better customers (which often means higher retention and profitability).
Increased close ratio - the right customers are easier to close.
Can the definition change or is it set in stone?
Not only can the definition be changed… it should! It is a dynamic definition.
All new definitions and additions to the definition should be documented for the entire organization to see.
How does one identify a "quality" customer?
Think about the organizations existing customers: Which of those are truly a great fit for the company? What size are they? What do they do? How do they do it? What does their current environment look like?
The more specific and clear the definition, the easier it will be to communicate and duplicate.
Just remember…. the quicker you find prospects that fit your company, the better off you will be!
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