Over coming issues, I am going to write you about the importance of having a proper prospect qualification process in place in your business.
But first let me tell you a story. Recently I was speaking with someone on the speaking circuit about how they go about their business and I was “shocked” to find out how they defined a qualified prospect.
In essence their view was that after they had done their presentation, a person in the audience transitioned from being a “suspect” to a “qualified prospect” just because they came up to him and exchanged business cards after his presentation.
I was “stunned” to say the least but did not let on…I just kept listening. And it got me thinking about you…the average business owner.
How do you define what is or is not a properly qualified prospect for your business?
Do your sales team have absolute clarity around this?
Or are they running around doing quotes and/or presenting to prospects who aren’t properly qualified hoping that through some miracle their great presentation will magically turn the unqualified prospect into a qualified prospect so that the deal can be closed?
What exactly are you qualifying them (the prospect) for?
Hmm..stop and think about this…
The answer will become clearer if I ask you to tell me what your conversion rates for presentation to sales/business written is. Do you know? If you don’t know, why don’t you know (you should)?
In my view if you or your sales team are not writing business from 4 out of 5 presentations….then you are leaving money on the table and wasting your staff resources.
Yes that’s right an 80% conversion rate minimum.
For some of you right now you’re thinking I’d be happy if my sales team could lift it to a 50% conversion rate.
Understood. We all have to start somewhere and it is my intention in coming weeks to educate and inspire you with some practical things you can do to improve your conversion rate and thereby write more business, for less effort and greater profitability.
Interested…well make sure you continue reading this series of articles with the next part due next Thursday.
| 
