Generate new opportunities and qualify sales leads
Overview
This standard is about generating new opportunities and qualifying sales leads. It involves making initial contact with sales leads through a variety of different methods and establishing their requirements. The potential customers’ business situation and needs are assessed against your offering for fitness. The value to the potential customer of any products and services that can meet their need, is then presented through discussions, presentations and proposals. You need to obtain and record information about the interactions you have with customers, including any actions required. You should collect relevant information about other suppliers. You should also explore customers’ interests for up-selling, cross-selling or selling add-ons. This standard is for sales professionals who are involved in generating new opportunities and qualifying leads.
Performance criteria
You must be able to:
1. collate and qualify the leads that fit your products and services
2. contact potential customers who have been identified as sales leads and establish initial communication
3. identify and confirm the potential customers’ interests and requirements for particular products and services
4. qualify the potential customers’ level of interest and ability to invest in your products and services
5. explain how the features and benefits of products and services will help improve the potential customers’ business
6. respond to the potential customers’ queries, ensuring that any objections are handled, or alternative products and services are offered
7. identify opportunities for selling, up-selling, cross-selling and selling add-ons
8. provide details about the sales terms and conditions
9. convert cold leads to warm leads by securing agreement to further contact with a specific sales agenda, or qualify out
10. inform colleagues about possible opportunities for up-selling, cross-selling and selling add-ons
11. process information about potential customers and their business needs in line with organisational requirements
12. maintain records of contact with potential customers and note any further actions required
Knowledge and Understanding
You need to know and understand:
1. the current legislation, regulation and ethical codes of conduct relating to generating and qualifying sales leads
2. your organisation’s sales strategies and sales activity plans
3. your organisation’s processes and procedures relating to generating and qualifying sales leads
4. how to qualify and prioritise the leads
5. how to identify and collect information about customers and competitors
6. the variety of ways of contacting different types of prospective customers
7. the purpose of maintaining sales leads information at all stages and how to update systems recording systems
8. how to process information on potential customers
9. the communication channels for informing your colleagues about opportunities for up-selling, cross-selling and selling add-ons
10. how the information provided by potential customers is assessed, including for potential up-selling, cross-selling and selling add-ons
11. how to turn cold leads into warm leads through further contact and communication
12. the difference between benefits, features and value in the context of selling
13. how to provide alternative solutions to potential customers’ problems
14. how to handle potential customers’ queries and objections