If I’m being plain and simple, a lead is someone who is interested in your product or service – this could be an individual or a company.
But you already knew that, and this is just scraping the surface.
There’s a lot more going on when it comes to leads – I’m talking about the ones on LinkedIn.
That’s why, today, I’ll be getting to the bottom of what is a qualified lead, what’s the difference between qualified and unqualified leads, questions you should be asking yourself and your potential leads, and many more useful tips you could use.
If you thought this was something you could just skip, hold that thought!
Leads are crucial for your LinkedIn platform, and generating them can make or break your business, so stay tuned!
What Is A Lead?
In my introductory “speech”, I’ve been referring to leads as a broad term.
It turns out that there has been a whole debate going around over the difference between sales and marketing leads.
And since it’s today’s topic, why not start from scratch and clarify this matter once and for all.
In sales…
A lead is someone who eventually becomes a customer or client of yours. Similarly, leads in sales apply to the very information that makes someone a “potential client.”
This whole process starts with a sales professional that examines the “lead” and uses their contact information that’s available to forward pitch emails and see if they’re interested in your service, as well as evaluate their needs and prospects.
In the past, this was done purely face-to-face or over a telephone call, which didn’t prove to be that fruitful after all.
However, with the emergence of the Internet, and the one and only LinkedIn platform, people have the opportunity to manipulate more information than before.
In marketing …
A lead is someone who purely shows interest in what you have to offer. With that said, the company’s main goal is to generate as many leads as possible. The goal is to expand the network of potential customers.
In marketing, they’re also referred to as a “warm lead” because they’ve shown an evident interest, and the next step would be for the company to deal with it and turn it into a qualified lead.
Companies target leads by:
- Choosing the right promotional tool
- Creating relevant content on their pages
- Subscribing and joining groups
- Creating “lead magnets” a.ka. baits
- Generating leads from blogs
I’ve actually covered a good deal of how to generate leads in one of my previous articles, so it definitely wouldn’t hurt to scroll through them as well.
And just like I told you, this is far from something you can just skip. Learning about qualified leads and how to generate them blends everything together – and you need compact info.
Now that we’ve covered the topic on the difference between these two, and dealt with the difference – it’s time to move on to something more serious and concrete.
Qualified vs. Unqualified Leads
It is time to break down the difference between qualified and unqualified leads.
An unqualified lead is a lead with a problem. These individuals or organizations are dealing with an issue that cannot be resolved with the solution that you are proposing.
In most cases, unqualified leads are not in control of their own budget, and therefore, are not in the position to make financial decisions and accept or decline your offer.
If this is a lead with a problem, what is a qualified lead then?
The apple doesn’t fall far from the tree – so it is with qualified leads in this case. These leads are also going through a problem with the current sale. However, what separates them from unqualified leads is that there is a solution.
With these leads, and with the right strategy, the matter can be handed over to the sales team, and once that’s taken care of, you practically have a done deal.
Can every unqualified lead be turned into a qualified lead?
Sadly, no. As I’ve mentioned, those that are not in charge of their own finances won’t be of much help to you. However, that doesn’t apply to all of them. Defining your lead and combining strategies help chase down qualified leads faster.
Moving on…
Questions You Should Be Asking
“How do you determine a qualified lead” is the next question I’ll be giving an answer to.
In order to categorize your lead as either qualified or unqualified, you should be asking yourself the following questions:
Is your lead able to make financial decisions?
Since your goal is to sell your product or service, it would be best to talk to someone who will actually make the purchase, and not a secretary or someone who has no authority in that deal.
Be wary, because if you’re dealing with a B2B sale, then you might have to directly search for the person who is going to make the purchase.
If your lead doesn’t have the authority to make a financial decision, it’s simple – you’re not talking to a qualified lead.
Why is the lead not closing?
When generating leads, there are generally three obstacles you will encounter, and they are: timing, budget, and the inability to see the value of your product or service.
Generating leads means you have to put in the effort and use your strategies in the right way. Certain situations give you the opportunity to pull some strings and facilitate the process.
If you see that it’s not working for you or for the person on the other side of the line and that you have tried to mend all the above obstacles, your lead is probably unqualified and that’s why the deal won’t be closing.
Here’s another thing you should remember. When you’re generating future leads (qualified ones), it’s not all about closing the deal and moving on to the next one. You must dedicate your time to maintaining those leads for future business.
How To Qualify Leads? Useful Tips
Since your goal is to qualify your leads, it would be appropriate to bring this article to an end with a few useful tips on how to qualify your leads.
Identify The Problem
First things first – you must know what you’re dealing with before you offer any kind of solution.
What I’m trying to say is that staying in contact with your lead and customer feedback, in general, is a very valuable tool indeed. Even though you’re in charge of the purchasing process, you have to listen to your customer.
The good thing is – they will probably tell you the problem themselves.
Find Out Why They’re Looking For A Solution
This is where it gets tricky.
If this is not the first time your lead has noticed a problem, chances are it will get on the line with you and work towards a solution. On your side, the key is understanding why they’re looking to solve the problem right now.
For some, it might be a change in the way your company does business, leadership, or even the product or service itself.
During your communication, if your customer is eager to find a solution and continue with your service – that’s a good sign. It means that they’d like to stay with you.
However, if they’re just “okay” or acting neutral, this may be an indication that they’ll leave you soon.
Let that sink in.
Work Out The Challenges
Try to give it your all and offer your lead a solution they can’t say no to. Also, be persistent when it comes to clients that have been with you for years now.
When working out challenges, make sure that your supervisor knows what you are offering and that you have approval for this. Don’t go way ahead of yourself and offer something you can’t really realize.
Final Thoughts
I believe we’ve covered a great deal on qualified leads, and LinkedIn leads in general.
Now, you have a clear picture of what leads mean in both marketing and sales, but also what questions you should be asking yourself when generating new ones.
You should know that there’s a way to turn unqualified leads into qualified ones with good strategies, but not all of them are going to make it – especially the ones that aren’t in charge of their own finances.