The term lead qualification refers to the process of assessing and categorizing marketing and qualified sales leads based on the likelihood of them making a purchase. In the process of qualification, the critical criteria to focus on are:
- Budget (How much can they spend?)
- Authority (Who makes the purchasing decision?)
- Need (Can your product or service solve their problem?)
- Timing (When are they going to purchase?)
The core goals of lead qualification are to determine the potential of your leads and divide them into categories based on their willingness to close a deal.
As a rule, there are three categories — hot, warm, and cold leads.
Also, lead qualification term stands for a process of collecting and analyzing leads’ data — the goal of this process if to define which sales leads are real and which are not.