Understanding the Qualified Prospect Formula
Your pipeline must be well qualified to set teams up for success with the right prospects. The only thing teams can control is where they spend their time, so we want to be sure it’s being focused on truly qualified opportunities.
The Qualified Prospect Formula® (QP Formula) combines elements of the ValueSelling Framework® to quantify the likelihood of a prospect buying at various levels. The sales professional assesses the value, power, and plan within a sales cycle to stop wasting time on unqualified opportunities.
Qualified Prospect = VisionMatchDifferentiated x Value x Power x Plan®
A well-qualified prospect should be continually evaluated on each of these criteria and you can use this dynamic, multi-dimensional process to assess any opportunity. If any of the four elements is underdeveloped or missing, there is a risk the customer won’t buy. The formula indicates the least amount of risk possible if your prospect is truly qualified.
The formula’s creator, Lloyd Sappington, a Navy pilot and mathematician turned business executive, found this approach to be the most consistently effective in qualifying prospects. Our award-winning clients agree, and it’s at the heart of the ValueSelling Framework®.
“In two days, Visualize transformed our company by unifying us around an actual framework that everyone could understand and immediately leverage. ValueSelling serves as an effective enabler…benefiting everyone in the company as well as our customers, by focusing efforts and energy where it matters.”