Qualifying Prospects

Once you have researched the market and who you are targeting, the next phase of BD is understanding what your sales process looks like. There are 4 Steps for qualifying each of your individual sales prospects that need to be actioned every time, otherwise you fall back in the trap of wasting time and money chasing leads that won’t go anywhere.

1. Money—does the target company have the budget for what you are offering?
2. Authority—is the person you are communicating within a purchasing position or is there someone else?
3. Need—can your offering really help the company?
4. Desire—does the company want your help?

If you can satisfy these 4 Steps then it’s time to execute the sales process starting with the highest value opportunities first—that means size, the likelihood of closing deals, and retention of business.