Subscription Business

How Subscription Businesses Can Qualify Leads

The success of every business is dependent on the number of customers that it caters to and the customer retention rate. In the case of the subscription business, the importance of customer acquisition and retention gets twofold. It is simple, more customers mean more revenue.

Lead qualification is the process that can help you onboard more customers and retain them for a longer time. Lead qualification helps you in a number of ways. For instance, you will not have to communicate even with those customers who are never going to onboard your platform. Also, lead qualification makes your marketing campaigns targeted.

In this article, you will find some of the best ways to qualify leads so that you can onboard happy and loyal customers who stay with you for a longer duration. Use your subscription management software to manage your subscribers in a better way and bring more customers on board.

Ask Customers Relevant Questions

It is a trend that people who visit the website or interact with the platform in any way, are asked to fill some form so that their preferences can be judged. The tip that you need to note here is to ask only the relevant questions to your customers. Irrelevant not only annoy customers but waste their time. Today, customers are equipped with knowledge. They are aware of the fact that companies offer them customer care. If they find anything annoying or irksome on your platform, they will simply leave. The forms that you ask your customers to fill are usually your first point of interaction with the customers. It has to be perfect. So, ask customers short and relevant questions.

Follow the Performance of KPIs

SaaS subscription management software based on AI algorithms are advanced enough to provide you with accurate business insights. There are some insights that can help you monitor if the customer is going to stay with you or not. these key performance indicators play role in setting the lead qualification criteria. For instance, bounce rate and lead conversion rate are helpful in identifying the customers that leave the web portal and the leads who turn to be customers. So, monitor these KPIs to have the right criteria to qualify leads. So, use your best subscription billing software to study KPIs performance.

Buyer Persona

Buyer personas provide you with the image of an ideal customer. Various factors can help in setting the right buyer persona. A buyer persona is just like a pilot project that you can use to see if you are going to onboard the right customers. Right customers mean the customers who will stay with you for a longer time. With your buyer persona, there are many things that you can test and try and see that how your ideal customer would react to these factors.

Test If You Have Set the Lead Qualification Criteria Rightly

Now that you have set your lead qualification criteria, it is time to see if the criteria that you have set is right or not. you need to observe the performance of the following leads to see if you have the right lead qualification criteria:

  • Lead conversion rate
  • Customer retention rate
  • Customer acquisition
  • Monthly recurring revenue
  • Net promoter score

Lead qualification is very important for revenue calculation. It somehow affects the monthly recurring revenue and annual recurring revenue. Because lead qualification helps in onboarding the customers who stay longer with you. When customers stay longer, he gets more customers, and more subscriptions mean more recurring revenue. So, you need to use your subscription management software so that you can qualify more leads and turn them into loyal customers.

If you are interested in coming up with the right lead qualification criteria, then SubscriptionFlow has a team of experts. It is the best subscription billing and sales tax software where the team also offers consultancy. You can contact them to come up with the lead qualification criteria that can help you bring more customers on board.