Qualifying IoT Business Leads

24 Oct
2017
IoT business

IoT Advantages

When it comes to IoT business, there are a lot of advantages that help sell the innovation. Many businesses have yet to make the transition, meaning there is a substantial sales “harvest” to be had. Projections have IoT devices outnumbering human beings on the planet 3 to 1 by 2024. Potential clients need the numbers on their side and you need to be able to make a presentation which demonstrates value to those prospective clients. But if said clients aren’t really qualified for your company, then your sales team will be “spinning their wheels.” They’ll be expending energy to no good cause. So, what you want to do is teach your salespeople to qualify clients.

Here is a downloadable list of 42 questions that you can give salespeople. This will help them inquire in a general sense to help narrow down whether a prospective lead is one you should seek to convert to your services or not. To abbreviate the proper approach:

  • Create customer profiles
  • Properly assess customer needs
  • Determine how clients make their decisions
  • Outpace any potential competition

 

Customer Profiles

The IoT business is going to have a window of effectiveness. Certainly, even the smallest business can benefit from, say, a security system which is accessible from a smartphone. But you’ve got to know whether your IoT solutions are advantageous both ways for clients or not. At a certain level, providing services to clients even if they close will be too expensive for your company to profit. You need to find a way of disqualifying service based on this initially. From there, you narrow down profiles based on the kind of business involved, and whether you can actually provide them value with your IoT solution or not. You can make a sell where value isn’t provided, but that’s a real long shot. You’re more likely to sell clients if you can directly demonstrate the savings and advantages of IoT. With a good customer profile, you can do this factually, which can be very convincing. Teach your team to create proper customer profiles and you’ll likely see an increase in closures.

Assessing Customer Needs

Once you’ve managed to acquire some qualified customer profiles, you need to be able to accurately assess their needs. With the Internet of Things, infrastructure, production, distribution, and expansion costs can all be curtailed even as profitability takes a jump. But if you can’t show the customer how this is specifically true in their case, then your sales presentation won’t mean anything.

Determining How Clients Make Decisions

Your client profile should follow a transaction history for your prospective clients— especially the larger ones. Sometimes, the acquisition agent meets IoT providers like your business for information, then heads back to the home office to run the data by his higher-ups. Sometimes, acquisition agents buy on the spot if they like what they see. You need to know what regularly characterizes their decision-making process. With that information, you’re likely to make more closures more successfully.

Outpacing Competition

If you’ve got competition, your salespeople need to be enabled to “scoop” them, as they say in journalism. A “scoop” is when a journalist gets a hot story before a bigger or different outlet and blasts it to the public preemptively. This gives that journalistic outlet an increase in readership, etc. Well, you need to know what your competition is offering, and you need to do it better. Include some flexibility in your IoT packages. Anticipate competition meeting prospective clientele prior you and be willing to offer a diminished price or a more competitive package.

Expanding Sales

The IoT business is sensible and competitive today. In 10 years, there will be three times as many IoT devices on the planet as people. In your home, this is already likely true. If you’ve got a laptop, a cellphone, and a smartwatch, there are three IoT devices against one you.  When you consider networks, manufacturing, distribution, Big Data, and all the other potentialities realized via IoT, it’s easy to see why streamlining client qualification processes is important. The harvest is ripe, and you want to reap as many plump clients as you can. So, qualify them for the picking!