What is a Qualified Lead?
Qualified Lead is defined as a lead, or potential customer who meets the company’s general criteria for purchasing its goods or services.
Companies generally shape the criteria through a “BANT” model, which stands for “Budget, Authority, Need and Timing”:
Budget – refers to the lead’s financial resources and ability to pay for the goods or services.
Authority – refers to whether the lead can purchase the item or service on the company’s behalf or bind it to legal obligations. This depends on the job title, duties or position of the individual who expressed interest in the company and its goods and services.
Need – refers to those conditions or occurrences the happening of which would make the good or service valuable to the potential customer.
Timing – means the sales representative’s timeline for receiving commissions. This time window or horizon can shape the incentive of the sales force to cultivate a particular lead.
Soffront’s Sales and Marketing Automation Software has the functionality to score and rank leads that are “sales ready”. These qualified leads can then be passed on to the sales team to convert them into real customers – Learn More.