02 Aug How to Improve ROI by Lead Qualification
It’s all well and good to get a bunch of new leads, but if none of them ever converts, then you’ve wasted time and budget. More and more businesses are focused on generating new leads, but they’re unfortunately ignoring an essential part to the process: lead qualification.
Lead qualification can help you maximize the efficiency of your lead funnel, and ultimately, it’s the key to improving your overall ROI.
Keep reading to learn more about leads, lead qualification and the ways qualification can improve your marketing and sales ROI.
What is a Lead?
Simply put, a lead is a contact who could eventually turn into a customer. Leads are also known as prospects, and they’re often on the top of both the marketing and sales teams’ minds. However, the implications in the word “lead” go much deeper than this simple definition.
While it’s technically true that everyone in the world is a potential customer of yours, not everyone can be considered an actual lead. Essentially, a person becomes a lead when their contact information makes it into the hands of your marketing and sales teams. This can happen through advertising campaigns, online contact forms and more.
And who’s to say that your leads are “good”? Once they hit your sales funnel stages, they may not make it past the first step. This is where lead qualification comes into play.
What is Lead Qualification?
Lead qualification helps you determine the quality of the potential customers coming through your sales pipeline stages and is an essential aspect of your sales funnel management process.
It doesn’t do anybody any good to just forward any person’s contact information to the sales team. If the lead isn’t qualified, it’s highly likely that they won’t convert and they’ll just end up wasting your sales team’s time.
When your work on qualifying your leads before taking them out of your lead funnel, you set your sales team up for success. You can qualify your leads by finding out if:
- Your product/service meets their needs
- The contact is the decision maker
- The contact is ready to make the switch to a new product
If the lead is answering affirmative to these questions, you can finally forward them to the sales team. This makes it much more likely that they’ll convert into actual sales.
The Top Ways Lead Qualification Improves Your ROI
If you’ve never seen the benefits of lead scoring and lead qualification before, you might wonder if it’s worth it to spend the extra time going through the effort. Let’s take a look at the ways lead qualification can improve your ROI.
- Increased Conversion Rate: Perhaps the most visible improvement in ROI from lead qualification comes from the increased conversion rate. In fact, when you qualify your leads, you can expect to experience up to a 70% increase in your conversion rate.
- Optimized Lead Databases: One of the hardest things about managing your leads is keeping them organized and your databases optimized. Qualifying your leads helps you maintain cleaner records, which can lead to more efficient lead generation and qualification in the future.
- Improve Relationship between Sales and Marketing Teams: Sales and marketing teams can have a hard time getting along sometimes. When you start winning because of the qualification steps taken by both teams, their relationship improves, and they start working better together. In the end, this gets you more leads and more conversions.
How Aktify Revive Helps Lead Qualification
Our revolutionary product, Aktify Revive, can help you qualify your leads in a more efficient manner. Using automation, we can help you revive stalled leads and stay on top of all the tasks that both sales and marketing teams need to do.