The $64,000 Question
Everyone talks about 'qualified leads.' But what does that actually mean? And how do you ensure you're buying (or selling) quality?
The Qualification Framework
A qualified lead has FOUR elements:
1. Need
They actually need the product or service. A roofing lead needs a roof replacement, not just a repair quote. A solar lead is interested in solar, not just reducing their electric bill generally.
Qualification Questions:
- What specifically are you looking to accomplish?
- What's your current situation?
- Have you done this before?
2. Budget
They can afford the purchase. This doesn't mean they have cash—it means they qualify for financing or have insurance coverage.
Qualification Questions:
- What budget range are you working with?
- Are you planning to finance or pay cash?
- Will insurance be covering any of this?
3. Authority
They're the decision-maker. No talking to 'the husband' or 'the board' later.
Qualification Questions:
- Will you be the one making the final decision?
- Is there anyone else who needs to be involved?
4. Timeline
They're ready to buy soon, not 'someday.'
Qualification Questions:
- When are you looking to get this done?
- What's driving that timeline?
Lead Scoring
Not all qualified leads are equal. Score leads 1-10 based on:
- Budget confirmed (+2 points)
- Decision-maker (+2 points)
- Timeline < 30 days (+3 points)
- Insurance/financing secured (+2 points)
- Multiple bids already obtained (-2 points)
Leads scoring 7+ are 'A' leads. Charge premium pricing. Leads scoring 4-6 are 'B' leads. Standard pricing. Leads scoring <4 are 'C' leads. Don't sell them—they'll frustrate buyers.
The Speed Factor
A qualified lead contacted within 5 minutes converts at 10x the rate of one contacted after 30 minutes. Speed is a quality multiplier.