When you’re trying to generate high-quality leads for your business, there’s nothing more frustrating than dealing with tire kickers.
These are the people who seem interested in your product and service and ask you lots of questions, but never seem to commit to a sale.
Tire kickers can waste your time, lengthen your sales pipeline, and mean you spend less time with prospects that are more likely to buy.
46% of all salespeople claim that determining whether leads are high-quality or not is one of the hardest parts of their jobs.
The good news is that there is a solution. You can qualify your leads to determine how valuable they are to your business.
Here are six simple ways you can identify the difference between a tire kicker and a genuine prospect.
1. Identify your target customer
When you’re selling a product or service, you need to know who you want to sell to. By identifying your target audience, you’re one step closer to identifying your high-value customers.
Before you begin to sell, build your customer profile. Some of the questions you can ask include:
- How old are they?
- Where do they live?
- What job and industry do they work in?
- What social media networks do they use?
- And most importantly, what issues do they have, and how will your product or service solve them?
Once you have this information to hand, you can use it to spot legitimate customers.
Want to take things further? Create an alternative customer profile detailing the customers that are least likely to buy from you. By identifying what makes them tick, you can easily spot tire kickers and low-value prospects.
2. Use the BANT model
BANT is an easy way to qualify your customers to see if they’re a good fit.
Used by salespeople around the world, BANT uses four criteria to split up good and bad prospects. These are:
- Budget – how much is your prospective customer willing to spend?
- Authority – does your prospective customer have the power to make a final decision?
- Need – does your prospective customer have a genuine need for your product?
- Time – how long will your prospective customer need to make a decision?
The weightings of the different criteria will depend on the product and service you offer. For example, let’s say that you offer a more expensive product. It’s likely more time will be needed to decide, and more people will need to be involved in the decision process.
Encourage your sales team to weave BANT into the discussions they have with prospects. The information you discover will give you the insight you need to determine if a customer is a good match or not.
3. Use lead magnets to ask the right questions
Lead magnets like eBooks, webinars, and white papers are used to get prospective customers’ contact details. You can take this one step further by asking additional questions to qualify a prospect.
Let’s say that you want to work with large enterprise companies. When prospects sign up for your lead magnet, you can ask them how many employees are at their company. You then know which customers are worth chasing and which aren’t a good match.
Make sure that the questions you ask add value and will help you qualify your leads. Unless you’re planning to send a prospective customer an email with a discount code on their birthday, do you really need to know their date of birth?
Don’t forget that some leads might not be ready just yet, but they may be in the future with a little bit of nurturing. Determine what constitutes a ‘warm’ lead and pass them through to your marketing team to look after.
4. Offer a low-cost Tripwire product or service
Offering a tripwire would be an excellent way to separate the buyers from the non-buyers. Essentially, a tripwire funnel is very similar to a lead generation funnel; it’s just you’re offering something for a low price rather than for nothing. By setting a price from the offset, you get a better indication of who could potentially become a customer.
5. Establish a price point
One of the easiest ways to weed out tire kickers is to determine a clear price point for your product or service.
When people know how much your product or service costs, they will do one of two things. They’ll either balk at the price and move on or contact you for more information.
The people who choose to contact you have shown that the price point isn’t an issue to them, making them a far more desirable prospective customer.
6. Focus on quality rather than quantity
Sales is very much a numbers game. When you have a sales funnel in place, you may be encouraged to optimize your landing pages and lead magnets to get as many leads as possible. However, when this happens, leads tend to be of low quality.
It’s better to get ten leads that are likely to purchase than 100 leads that are just looking to waste your time.
Audit your sales materials to ensure you’re attracting the right people.
Look at the SEO on your landing pages. Are the keywords you’re using relevant to your target audience?
If you’re using social media advertising, have you targeted your ads to focus on your key customers?
When you do this, you’re more likely to attract prospective customers with a genuine interest in your product or service.
In conclusion: throw those tire-kickers out with a well-thought-out sales funnel
According to sales guru Marc Wayshak, half of your initial prospects will turn out to be a bad fit for your business.
By using the strategies above and creating a high-quality sales funnel, you can qualify your leads and ensure prospective customers are the perfect match for what you’re selling.
Let’s review the six strategies:
- Create a target audience profile
- Introduce BANT to ask the right questions
- Use your lead magnets to qualify your prospective customers
- Offer a low-cost Tripwire product or service
- Bring in transparent pricing on your sales and marketing materials
- Focus on intent instead of volume.
If you’d like to know more about improving your sales funnels, we’re here to help. Contact us today to see how you can get those tire-kickers out of your pipeline.