Phase 4: Qualification

Objective:

By the end of this lesson, you will understand the importance of the qualification phase in a discovery call and be equipped with strategies to effectively determine if the prospect you are speaking to is going to be a fit for the products or services you sell.

Introduction:

In this lesson, we will focus on the qualification phase, which is crucial for assessing the prospects fit for your products or services. This phase enables you to build on the needs you’ve just uncovered to ensure you know with certainty that your prospect wants to, needs to and is able to make a decision about making a purchase.

Purpose of the Qualification Phase:

The purpose of the qualification phase is to assess your prospects fit for your products or services. It involves asking qualifying questions, evaluating their needs against your offerings, and determining their level of interest. Properly qualifying a lead allows you to focus your efforts on the most promising opportunities and increase the chances of a successful outcome.

If during this qualification process, you determine that the prospect does not meet all of the five qualifying criteria below, you should stop the sales process because it is highly unlikely that they will become a client or sale.

One of the most important benefits from including a thorough qualification process is this positions you in the minds of your prospect. To be effective, ensure that this phase comes from a perspective of being genuinely curious so it isn’t perceived as an interrogation. You need to be thorough in this process, but make sure it’s done in a relaxed and professional manner.

Strategies for Qualification:

To effectively conduct the qualification phase, utilize the following strategies:

1. Asking Qualifying Questions: Pose questions that help you gather information about the client’s specific needs, challenges, and goals. This allows you to assess if your offerings can address their requirements.
2. Evaluating Client Needs: Evaluate the client’s needs against your products or services to determine if there is a strong alignment. Identify areas where your solutions can provide value and meet their requirements.
3. Determining Level of Interest: Assess the client’s level of interest and engagement during the conversation. Look for signs of enthusiasm and receptiveness to your offerings.
4. Dig into their initial answers: Always look to ask a follow up question based on your prospects answers to get a better understanding.

Best Practices:

To enhance the effectiveness of the qualification phase, consider the following best practices:

1. Curiosity and Interest: Approach the qualification phase with curiosity and genuine interest. Avoid making it feel like an interrogation. Create a comfortable environment that encourages open and honest communication.
2. Identifying Decision-Makers: Identify who holds the decision-making power within the client’s organization. Understand the decision-making process and involve all relevant stakeholders to ensure a smooth progression.
3. Budget Considerations: Explore the client’s budget considerations and assess if they have the financial means to implement your solutions. Determine if the cost of your offering aligns with the value it provides.
4. Timeline Assessment: Understand the client’s timeline for making a decision and implementing a solution. Assess their urgency and readiness to take action.

The Five Qualifying Criteria:

During the qualification phase, consider these five qualifying criteria:

1. Ability to Make Purchase Decision: Determine if the client has the authority and ability to make the purchase decision.
2. Strong Reason for Needing Products/Services: Assess if the client has a compelling reason or “WHY” behind their need for your products or services.
3. Willingness to Implement a Solution: Determine if the client is prepared to implement a solution to address their identified needs promptly.
4. Affordability and Value: Assess if the client can afford to implement a solution and if the cost of your offering is justified by the value it provides.
5. Fit for Your Business: Evaluate if the client is a good fit for your business based on factors such as industry, size, values, and strategic alignment.

When you discover that a prospect meets all of these qualifying criteria the outcome of the sale is now in your control. However if a prospect does not meet these criteria it is highly unlikely that they will turn into a client.

One thing which is really important for you to do before you end a sales call if a prospect doesn’t meet these criteria is to challenge them respectfully by stating who you work with and why you’re concerned.

For example, if you offered a $10,000 product or service and were unsure that there was enough value for the prospect in investing in this, you could say, “Our XYZ product usually requires a $10,000 investment and from what I’m hearing, I’m not sure if there is going to be a strong enough return to justify the investment. Can you share with me a little bit about how you are hoping our solution is going to help you with [Biggest Item you established in needs analysis]”

Let them speak now and give you what’s in their mind. This will tell you whether there is enough value in their mind or not.

Homework Assignment

Construct a series of minimum qualifying criteria based on your product or service which prospects must meet before coming a client. Then write a series of qualifying questions you can use to gather this information.