Calculate the Cost of Chasing a Lead. Reduce it by Giving
Have you ever wondered what it would cost you to attract just one qualified lead? You may have lots of inquiries, but not all inquiries become customers. How then would an inquiry be upgraded to a qualified lead?
Before we can calculate the cost, we need to know what a qualified lead is. A qualified lead will have to satisfy four different criteria.
a) The person must need your product or service. There absolutely has to be a use for the item.
b) The person has to be able to pay for the item.
c) The person is a decision maker. Or at least can exert a strong influence to make a purchase.
d) The person knows when to make the purchase
Anyone who satisfies any of these areas can be a potential customer. And chasing this customer is called lead development. So how much must you spend to generate a qualified lead from among the people you target? Some examples of expenses incurred may be in the form of advertisements, labor, postage, or phone bills. Whatever method of customer interaction you use, they all cost money. If a meeting is required before a lead can be qualified,...
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