5-step algorithm for picking the quality leadsMakarand Vaidya
As I started diving deep to find the bottlenecks in business with Raj, the first thing to focus on was Quality of leads.
“Should we not fine tune our offering, based on the needs of the customer?” Raj had a genuine concern. “Every lead is a lead, if we don’t service, it will be a loss of business.”
“Yes, it is, but every lead is not the same. It needs to be addressed differently depending on the situation.”
We came up with an algorithm to select quality leads.
- Most serviceable lead is the one which is in line with our current offering, and we have a spare capacity to service it. No brainer. This needs to be addressed with highest priority.
- Next one is in line with our current offering, but we don’t have spare capacity to service it. Would you like to pick it up, and fail to deliver? This can be picked up if the capacity can be increased within reasonable time.
- Here is an interesting one, this is mostly in line with our business, but a small part of it is not in our area of expertise. Should we pick it up? Yes, and No, depending on what that small part is. Maybe we can partner with someone.
- Here are some, which keep coming very often, but not in our current offering. Can we extend our offering? Maybe yes, but it needs to be a strategic decision based on overall market need, not just one or two enquiries.
- And the remaining ones are genuine needs, but not in line with our business. Can we pass them on to others?
Most often, the ability to say no to an opportunity that can not be serviced, or is not attractive enough, becomes a critical factor in success of a business.
Do you see any problem with the logic?