In order to quality the leads into business prospects for the future, T should have some benchmarks to ensure successful conversion of the leads into sales. Also, having good criteria for qualifying the leads ensures better satisfaction for the potential customer as well as the seller. As it leads to sustainable business relationships, it is better for the long term planning of the business and its growth.
The following criteria can be used by the restaurateur in this scenario.
• Paying capacity: The paying capacity of the potential customer should be in accordance with the seller's expectations. In this case, the restaurateur, who is looking out for possible retailers, should ensure that the lead has the business and paying capacity to match restaurateur's expectations.
• Growth history: The growth history and trend of a business would ensure to the restaurateur that the deal would be sustainable and mutually beneficial. Also, associating with a retailer has a mutual effect on the reputation of the brand and the seller. Thus, restaurateur should ensure that the association would be beneficial for the brand name.
• Long term vision: The long term vision of the business gives an insight into their operations and professionalism. This information is necessary for the franchisor to associate with the retailers.
• Quality and market share: The market share and quality that the retailer/franchisee has in the market gives an assurance to the franchisor about the equitability of their association.
The prospecting activities are the steps that lead to selection of the best alternatives available for the business. Having a robust prospecting policy would help the business as it would enable the restaurateur select the best among the available alternatives.
The various methods that can be used by the restaurateur are mentioned below.
• Referrals : Through referrals, the restaurateur would solicit the help of their known aides to find suggest suitable businesses to partner with. Through this, the restaurateur would be easily able to find able business partners at a very nominal cost.
• Centers of influence : Using this approach, the restaurateur would search the forums wherein prospective business opportunities are available.
• Advertising : Advertising has a very wide reach at a cost higher than the previously mentioned methods. However, the benefits in advertising are that it offers a plethora of available prospects for the business.
• Enquirers : The enquirers about the prospecting business opportunities should be contacted as they have an interest in associating with the restaurateur.
• Directories : Business directories offer a lot of information and data about the various businesses that can associate with the restaurateur.
The pre-call information needed by the restaurateur in this scenario is mentioned below.
• Information about the prospect : The basic information about the prospect is important for the restaurateur as it would enable him/her to see the feasibility of carrying business. This information involves the business model, profitability, net worth etc. of the prospects' business.
• Information about the sales process : The sales process and the information about it should be clear to the restaurateur as it would enable him/her to make realistic claims and promises. Not having the knowledge about the same would make the prospect deem the marketer unprofessional.
• Information about the pricing trends : It is of utmost importance in making a good deal.
• Information about competitors : The various benchmarks of pricing and sales processes in the industry form an important aspect of the pre-call information. If the marketer is not updated with this information, the deal offered by him/her would be deemed unprofessional by the prospect.