January 13, 2022

How To Know if Leads are Ready To Buy or Not

Scoring a lot of leads is really a good achievement that you should be proud of. If you've done this, then you might already be wondering if your leads are ready to avail your products or services. But usually, before a sale is made, a potential customer is first passed through a series of steps, also known as the sales funnel.

A sales funnel is a process developed by marketing and sales teams that begins with the first point of contact and ends with a conversion or a close. It has different stages, and each stage is important. Each lead is different, and not all of them will be ready to do business with you. But how can you determine if your leads are ready to buy or not? Let's find out!

Different Sales Lead Temperature

Once lead scoring is done, a lead qualification process should be conducted to determine the different stages that your leads are in. You can do this by establishing the different characteristics of your leads and using these to determine the temperature they are in. There are three major categories of temperature:

1. Cold Leads

Cold leads are those who are at the scope of your target audience but haven't engaged yet with your brand or company. In converting these leads, they are the most distant in the process. They still need to be educated about the value of your product or service, and how it can be the right solution for their specific needs.

It's best not to sell anything yet to these leads, but instead, show them the benefits first. Trying to make the sale during this stage will only push them away. So what you need to focus on is how you can warm them up to your brand with the help of your different content and strategies.

2. Warm Leads

Compared to cold leads, warm leads are closer to converting because they have been aware of your product or service, which piqued their interest. They may have been searching on some of your competitors, which led them to your website or any social media platform.

They are considered warm leads because the interest is already there, and they are willing to engage in a conversation to learn more about your business. It comes with the intention of buying products and services similar to yours in the near future.

3. Hot Leads

Also known as qualified leads, hot leads are those who are highly interested in what product or service you're offering, and already ready to buy. This type of lead has already talked to different people and businesses, and they've eliminated them and chosen yours.

If what you need is a quick conversion, hot leads are the best to approach because they're willing to sign up and purchase your products and services already.

No matter what type of lead they are, it's crucial to recognize the buying signals for each of them. This is to make you prepared for the buyer's journey that you're going to give through your sales process. Not just to ensure successful conversions, but also not to lose them before they become paying customers.

Buying Signals for Lead Types

There are different types of buying signals that you can look for. Knowing what to expect from your leads will guide you on how to approach them in the right manner. Also, having this in mind will help you determine which stage they're in and if they're ready to buy or not.

How to Determine a Cold Lead

A cold lead is a new lead that appears on your sales funnel, which has nothing more than a name or an email address. These people are not familiar with your brand or company and they don't know about you and your product or service yet. This means you have to start by educating them on why they should care about what you're offering.

How to Determine if Your Lead is Warming Up

Once a lead starts to interact with your brand more, they're likely warming up to you already. Some of them are giving you their email address to download your content, which is proof that they are engaging with your company. From here, you can already start to show your product or service's value, and convince them that it's the right solution for their needs.

In reaching out to warm leads, always check the type of content that they're downloading or subscribing to. This will let you know if your brand is satisfying them and it's giving enough value that they're looking for. Once you know this, then it's time to show them how you can take their experience with your brand even further and don't focus on sales yet.

This is also a good time to weigh in if they are going to be a qualified lead for your company. You can check if they're already showing positive reviews that you think are an indication of buying your product or service in the near future. Asking them simple questions will also help you out to determine where they are in the process.

How to Determine if You Have a Hot Lead

A hot or qualified lead is someone who engages with you and asks about specific details like pricing, contract, and so on. They're already showing interest in purchasing your product or service, which means there's a high chance that you can convert them. One of the best things to do in this situation is to ask them for their availability and book a time for them to meet with you or your sales team to present a sales pitch and close the deal.

If you're unsure if your lead is already hot, doing a soft close would work well. Let them know about your product or service one more time and ask how they feel about it. You can also tell them about the deals that you're currently running. What you should avoid in this scenario is by asking them to purchase your product or service right away. Let them take time to think about it, while you continue to build trust with each other, and let them tell you that they already want to buy.

How Does a Lead Temperature Change

Lead temperature changes when the buying signals that you're getting are not consistent. If your lead is giving positive feedback at first, but their engagement suddenly drops, they might be losing interest. This might also mean that you're not providing the right solution to meet their needs, so you should re-evaluate your sales strategy. Your sales and marketing teams should be able to determine this.

Consistently engaging with your leads can help you read their temperature as well. If your marketing team is doing customized content and showing value, then it's likely they're very interested. On the other hand, if you realize that their engagement with your brand is dropping and fewer people are signing up for your content, it can mean that they're losing interest in your product or service.

With this in mind, you should always go at your leads' pace and let them tell you when they're ready to buy. Don't force them to buy right away, but instead try to nurture leads with a relationship-driven approach. That way, you can make a solid case for why your product or service is the right solution and at the same time learn about their preferences in the process.

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