Why You Should Qualify Every Opportunity
You have a new Request for Proposal to respond to. Exciting! Love that for you. So… what are you doing next?
If you said your next step is to get to work – pump the brakes.
If you said you’re going to fully qualify the opportunity before taking any next steps, you get a gold star!
When you receive a new Request for Proposal (RFP) or any opportunity that requires a response, the first thing you should do before any real work is done is fully qualify the opportunity.
What does it mean to qualify an opportunity, and why should you spend time doing it? Grab a fresh cup of coffee and let’s talk about it.
What is “Qualifying an Opportunity”?
Qualifying an opportunity means you’re going to fully review it, holding it up against your sales process, your user personas, your offerings, and your capabilities, to ensure that this is an opportunity you’re qualified to win and successfully deliver. Qualifying an opportunity also entails taking steps to clearly identify the client’s problem or need, to confirm that your offerings will meet the client’s expectations and that the client is a good match for your business.
Why Should You Qualify Every Opportunity?
If you read the paragraph above, it should be inherently clear why qualifying every opportunity is worth your time.
Qualifying an opportunity can take less than an hour. And, it takes significantly less time than fully responding to the opportunity via an RFP or pitch, only to realize it’s not a good use of your time.
You want to make sure that the opportunity being presented is worth the time and effort you’re going to put into pursuing it. You also want to make sure there’s a clear need identified or problem to solve, and that your offerings are a viable solution.
If these things don’t align, pursuing the opportunity formally may not be the best course of action. It’s best to determine this early in the process – in the qualification stage – rather than down the road once you’ve spent considerable time and effort on a response.
Qualification Basics
There isn’t one singular process for how to qualify an opportunity - rather, each company should create their own qualification process specific to its offerings and goals. However, there are some basic points that every qualification process should cover.
Identify the need
Identify the solution / offering you’ll provide to meet the need
Do you have specific criteria for a viable lead, such as minimum client budget, past work or relationship with the client, minimum project timeline, deliverables you can/can’t deliver, etc.? Check the opportunity against your criteria and make sure everything aligns.
TL;DR
Every company should have a way to qualify opportunities so that you spend your valuable time chasing the ones you have the best chance at winning. Your qualification process should be simple, aligned to your sales goals, and able to be used consistently with all incoming opportunities.
If your company doesn’t have a qualification process yet, and you want some guidance on creating a customized qualification process specific to your business – reach out!
